NEWS | Frequently Asked Questions About Graduate Business Education

Since the MBA programme was founded in 1908 by Harvard Business School, it has been widely regarded as the top choice of business education for career advancement. It’s fair to say that very little is the same in today’s business world as it was when the MBA began, but is business school still worth the time, money and effort and is it still regarded in the same way? Here we address some frequently asked questions about getting a business education.

Is an MBA still relevant today?

An MBA is a practical degree that exposes students to all aspects of business. Instead of concentrating on one component, it is designed to provide cross-functional leadership skills that help you strategically manage a business.

MBAs from top international business schools are still highly sought-after in today’s market as they not only show a level of accomplishment, they also place a large emphasis on improving students’ leadership and interpersonal skills. These skills are invaluable and can make all the difference between a business thriving or failing. Something that is unlikely to change in the near future.

Despite huge changes in many areas of the commercial world in the last century, especially with technology, business education is just as important in the modern age, especially given the global nature of business today. An MBA teaches graduates how to manage a business in any field, market or geographic territory – they have acquired skills that are both strategic and portable.

Why should I consider going to business school?

Studying for an MBA equips students with critical business skills, including different ways to approach and analyse business challenges and opportunities, and create effective solutions. These skills can then be utilised in your future career either working for a company/organisation or managing your own business. Skills learnt at business school take away the guesswork so that thought-out strategic decisions can be made. In addition to new skills, you may be looking to increase your earning potential by attending business school and this is highly likely, even immediately after graduation, and certainly in the medium term.

Getting your MBA will help you secure more senior positions and therefore higher salaries. It can also increase your employers’, co-workers’ and industry peers' perceptions of you which, in turn, will give you added confidence to take on more ambitious stretching roles. As the MBA is cross-functional it will help you understand the importance of every aspect of an organisation which will allow you to best address challenges and increase efficiency. Studying for an MBA will help you expand your network of contacts including tutors, mentors and fellow students which can be invaluable for career advancement as well as produce lasting friendships.

How can I best fund my MBA?

There are grants, loan schemes, fee waivers and other forms of assistance to help students fund their MBA. Studying for an MBA is a big financial commitment. To find the best source of funding, research is the only way to discover what support is available. You must devote a considerable amount of time to desk research and reach out to recent MBA graduates via LinkedIn to ask about their experiences. Engineers in Business Fellowship has a blog that runs through various funding options that will get you started.

Can I study for an MBA if I am employed?

Yes. There are hundreds of Executive MBA courses which allow you to study while working - you can learn more about the different types of MBAs in our previous article. Many companies support employees who wish to study for an Executive MBA because the knowledge and skills they acquire enhance their performance in their current job. Also, some employers support full-time MBAs via sponsorship with the caveat that the student returns to the company post-graduation.

Many others opt to do a full-time MBA course after working for several years – this is a great asset to students and the business school, because having gained valuable work experience, the students bring a wealth of knowledge into class discussions. This helps students to engage and learn more from each other.

What does it take to succeed at business school?

As well as working hard on your studies, it is good practice to immerse yourself in the professional and social networking opportunities offered at business school. As well as your tutor’s advice, you will meet mentors who are keen to help you progress in your career. Joining student organisations and networking with fellow students will also widen your experience and knowledge.

You will need to be totally committed to getting your MBA which will take organisation and application to juggle the many aspects of school study as well as your day-to-day living arrangements. Your study should be your main focus throughout your degree and there will be times when you will have to keep your eyes on the prize of an MBA and shut out other distractions that could eat up valuable study time.

However, it is not all work and because of the diversity of students at business school, you will have the opportunity to mix and network with people from backgrounds and countries you would not have met otherwise. Employers are keen on graduates with good interpersonal skills as well as academic brainboxes so achieving a healthy balance of work and social is good for your future career plans.

What will I learn in business school?

In essence, the MBA curriculum can be described as a time-tested, cross-functional, and leadership-focused curriculum. Students are encouraged to learn and become engaged with all aspects of running a business. You will be exposed to and asked to think critically about certain situations which might occur in a business - problem-solving as varied as crisis management, re-energising employees, or dealing with supply chain issues.

You will also be encouraged to think creatively in a classroom environment about how to improve or re-invent current products and services. Students are taught how to work through practical issues which businesses face on a day-to-day basis.

Research and data are the cornerstones that help to determine the direction of most organisations so you will learn how to best use the information a business holds and how to bring in new data for the most efficient results.

Above all, students will learn how to communicate professionally at all times and how to use the power of communication to move their future organisations forward.

So, is business school worth it?

For most, the answer is a definite yes. In terms of career opportunities, your business degree will put you head and shoulders above candidates without an MBA. Employers are going to be keener on an employee fresh from business school who understands the workings of commerce and is up to date with new ideas. A crucial early start that should also positively influence your earnings in the future.

You may also gain experience via an internship which will take you out of the classroom and let you perform the role you are studying for. Some graduates end up working for the company where they did their internship. Whatever you decide to do in the future you will gain valuable experience in real-world business situations and the opportunity to use some of your newly learnt skills.

A business degree offers greater flexibility and therefore opens more doors. You will become a valuable asset to employers as your degree will have taught you to perform in a diversity of situations. The flexibility also means that you will have more choice if you wish to work in a specialised field, for example, finance, where many financial institutions are looking for people who understand finance but also have all-round business acumen.

Last but not least, your MBA will prepare you well if you are interested in starting and running your own business. Without study, you may have great ideas but not the knowledge to run a successful company. An MBA prepares you for the competitive business environment and will give you the confidence to make decisions that will benefit an organisation throughout your career.