In contemporary times, the MBA program has been accorded increased vitality owing to the increased advantages it exposes the individuals that go through the advanced academic training. However, to successful individuals that never made it to an MBA program, the increased disadvantages of getting an MBA program mainly due to the financial obligations that come with it form a major basis of their disregard to the program. Despite its major disadvantages that include high cost of training and lack of specialization, an MBA program enhances the acquisition of practical leadership and management skills, employability, and promotes career advancement (Thesis Statement).
MBA program facilitates the acquisition of practical leadership and management skills. The program helps in the development of interpersonal, time management, self-confidence, stress management, and decision-making skills among individual students. It also fosters the acquisition of research and presentation skills (Mihail and Panagiotis 217). Similarly, Barista affirms that the most vital advantage of an MBA program entails the ability to develop interpersonal and leadership skills with a team or group of peers in efficient experiential courses that expose students to current research (para 6). With the managerial and leadership skills acquired, it exposes students to increased opportunities within diverse industries.
Acquiring an MBA program also boosts individual employability within the business sector. In the highly competitive entrepreneurial sectors, most companies would not employ individuals without an MBA for a managerial position (Nagendra et al. 72). Having an MBA, therefore, increases the chances of getting a higher position that guarantees a pay rise. Similarly, Mihail and Panagiotis assert that students with MBA programs have higher chances of acquiring jobs after graduating to further enrich the content of their jobs by remaining consistent to a single employer (218). MBA curbs random change of employers thus provides graduate students with the opportunity to advance their career.
MBA program facilitates career advancement. It equips individuals with skills that expose them to potential rewards while effectively working with others. It facilitates the development and transfer of skills and knowledge among individuals thus career amelioration (Ronnie 514). In further fostering career advancement, acquiring MBA training provides increased promotional opportunities among employees. According to Mihail and Panagiotis, although most graduates record low rates of promotion at their workplaces, it is evident that individuals with MBA that have worked within a specific company for over 5 years have higher chances of getting job promotions (218). However, the MBA program also exposes students and future managers to the increased cost of training within the Universities and lack of specialization.
The MBA program is highly costly. The average cost for the program in some of the top schools is $100,000. The amount fluctuates depending on whether an individual register for part-time or full-time sessions (McCormick para 2). Although it exposes students to financial aids depending on their individual legibility, most of the bills incurred through the MBA program are usually foot by the student. It also exposes students to increased loans that may drain them of their finances in the future when they obtain employment status according to McCormick. Despite the high cost of training on MBA program, it does not guarantee the return of the funds spent after graduation, as job acquisition is not guaranteed especially in fields that barely deal with business or economics (Mihail and Panagiotis 220). It also does not expose students to more specialized fields.
MBA program lacks specialization. In most business industries, the ideal person for a managerial position is not always an individual with special skills and training in MBA but one with specialized training and skills relevant to the industry. A generalized MBA does not guarantee jobs that require specialized training thus highly recommendable for individuals to venture more into specialized MBA training (McCormick para 5). However, career specialization within a particular sector in the business industry may also limit available job opportunities to an individual. The decision to study MBA always exposes students to lack of opportunity to pursue job specialization. In most cases, an individual with vital training in a specific industry rather than the one with theoretical training with enhanced management techniques fills the managerial position (McCormick para 5). It would, therefore, be pragmatically recommendable for students to be advised at the undergraduate level that if they seek to advance their education by learning managerial skills at the graduate level, they should settle for a specialized MBA program.
In summary, the need to pursue an MBA program varies with individual consideration of its advantages and disadvantages. Evidently, the lack of enough finances and high cost of training deters most people from seeking MBA training. However, individuals that manage to go through the program acquire advanced management and leadership skills. They also have higher chances of employability. With increased skills acquired, such individuals experience career advancement that guarantees pay rise while rising ranks through promotion. Undeniably, an MBA program limits the opportunities of most graduates as it lacks job specialization and entails roles that can be played by individuals who have attained specialized training within the industry.
Batista, Ed. Should You Get an MBA? Harvard Business Review (2014). Retrieved on 20th July 2018 from https://hbr.org/2014/09/should-you-get-an-mba
McCormick, Maggie. Disadvantages of an MBA. Classroom. (2017). Accessed on 21st July 2018 from https://classroom.synonym.com/disadvantages-mba-4113.html
Mihail, Dimitrios M., and Panagiotis V. Kloutsiniotis. "The impact of an MBA on managerial skills and career advancement: The Greek case." The International Journal of Management Education 12.3 (2014): 212-222. https://doi.org/10.1016/j.ijme.2014.04.002
Nagendra, Asha, et al. "Is an MBA degree essential for successful entrepreneurship?" Procedia-Social and Behavioral Sciences 133 (2014): 68-73. https://doi.org/10.1016/j.sbspro.2014.04.170
Ronnie, Linda. "Dyadic processes in postgraduate education: Insights from MBA student experiences." The International Journal of Management Education 15.3 (2017): 513-519.https://doi.org/10.1016/j.ijme.2017.09.002