The Ten Best Schools For Career Services

Stacy Blackman is the founder and managing director of Stacy Blackman Consulting.

Bad Reasons to Get an MBA

“I want to make more money.” “The curriculum prepares you to assume a leadership role.” “I plan to change careers.” “The alumni network will really open doors.” “I need to fill my gaps before starting my own venture.”

Many applicants cite these reasons to justify heading to business school. And they’re not wrong by any means. Take salary, for example. In an exclusive 2014 Poets&Quants study conducted by PayScale, an MBA from a top 50 school is worth nearly an additional million dollars more in earnings over 20 years. And that numbers jumps to $1.45 million at a top 10 school and $1.7 million within the top three over the same period. If you looking for boost pay, an MBA yields a great return.

But an MBA doesn’t automatically confer wealth, expertise, and reverence. It is part of a larger plan. To borrow a cliché, “if you fail to plan, you plan to fail.” That’s the theme behind Stacy Blackman’s latest U.S. News column. Here, Blackman, a consultant and author specializing in the MBA admissions space, notes that the MBA creates a quandary. “Unlike a law or medical degree,” she writers, “an MBA is not an absolute requirement for any career path. But be aware that many companies treat the MBA degree as a pseudo-requirement for the applicant pool, and not having one could effectively lock you out of the leading companies in your industry.”

In other words, you may want to consider other alternatives before investing in an MBA. Intentions often equal results – and partnering poor planning with fear is a sure recipe for regret. According to Blackman, one of the biggest mistakes applicants make is being unsure what they want to do. To get the most from business school, you need a strong rationale for being there, beyond just hoping to sort things out when you get there.

Before you can become aware of what’s around you, start by understanding who you are and what you ultimately want. “…taking a two-year break as a placeholder activity doesn’t make a lot of sense professionally or financially,” Blackman points out. “A better bet would be to take time to travel the world and find yourself.” That said, business schools tend to weed out applicants who lack self-awareness and a plan. “If you aren’t 100 percent sure that an MBA is what you need to succeed,” Blackman notes, “the admissions committee isn’t going to take a chance on you either.”

Second, research whether your career path even requires an MBA. For example, it is easier to make some transitions, according to Blackman, with a specialized master’s degree instead of an MBA. “MBA programs emphasize practical application and will train candidates in the various functional skills related to running a business… For folks who want to immerse themselves in one specific area, such as business analytics, accounting or supply chain management, and who plan to stay in the same industry and function long term, a specialized master’s degree in an area like finance or technology would be a better choice.”

Sure, an MBA is an asset. But it doesn’t carry equal appeal among prospective employers. As a result, Blackman encourages readers to evaluate an MBA on “how it would develop your core strengths” and how much it will help you get “where you want to be in five to 10 years.” Focus on the outcome and the path will eventually reveal itself.

DON’T MISS: OBVIOUS AND NOT-SO-OBVIOUS REASONS TO GET AN MBA

Source: U.S. News & World Report