Achieving a Master of Business Administration (MBA) from a great Business School only comes from hard work and dedication. Here are the top ten myths that I, as a graduate from a high ranked MBA School, often encounter people reciting:
Anyone can complete an MBA
Perhaps anyone can complete one of the many poor quality MBA programs available. To attain an MBA from a respectable Business School will mean a lot of hard work and dedication. Attaining a reputable MBA is not easy and takes a lot of focus and study.
All MBA Schools are Good
If you are looking to further your career, enhance your salary or develop yourself then only a small proportion of MBA programs will be of any use. There are thousands of MBA programs and business schools however most are not known nor recognized by the ‘business world’. Top business schools are ranked highly in reputable MBA rankings and/or are accredited by AMBA, EQUIS or AACSB,
MBA Rankings are not Important
There are good and bad MBA ranking guides available. Attaining a top ranking on one of the influential MBA rankings such as those produced by The Economist, Financial Times or Business week is extremely valuable to the reputation of an MBA program. People who have attained an MBA from a top ranking school are generally paid more and receive more employment offers than those who have attended non ranking schools.
An MBA guarantees Career Progression
Having attained an MBA from a reputable Business School certainly assists in communicating that a certain level of competence and knowledge is possible from an MBA graduate. There are no guarantees however and career progression, even having attained an MBA, still relies on hard work and being great at your role.
An MBA guarantees a high salary
Attaining a good MBA makes achieving a high salary more attainable however there are no guarantees. Just as career progression isn’t guaranteed by having an MBA so a high salary isn’t guaranteed. Those who attain MBAs from good Business Schools have had to work very hard and make the correct business decisions in order to attain their MBAs. These same skills are necessary to attain a high salary
Distance/Correspondence MBA Courses are just as good as others
Learning is about experience as well as hard fact. A great part of MBA programs is learning from others in your class and learning to work in high performance teams. Distance learning and correspondence MBA programs (i.e. those where physical attendance at classes is not mandated) miss this significant part of an MBA course.
MBA Programs are expensive
Good MBA programs are costly to attend. The Return on Investment (ROI) from the good MBA programs (which are usually the most costly) is significant and will be far higher than attending a less expensive but not as reputable MBA program. An MBA is a big investment and should be treated as an investment rather than an expense.
Competent business people don’t need to do an MBA
Self development is necessary to better oneself and employers frown upon people who do not enhance their skills. There are few, if any, better ways of developing ones business skills than completing an MBA program. I haven’t met an MBA graduate (from a reputable Business School) who has not benefited from attending an MBA program. Sure, an MBA is not a prerequisite to succeed in business however having an MBA will make the chance of succeeding a whole lot better.
Experience isn’t necessary to attend an MBA Program
The highly regarded MBA programs make use of Case Studies to work through practical examples. Without work experience the benefits and contributions of the practical Case Studies become nullified. Having relevant experience, and being able to apply that experience to MBA studies, is essential in getting the most from MBA programs.
An MBA Program teaches everything needed to succeed in business
Wrong! Natural ability is essential and MBA programs don’t teach one absolutely everything. MBA courses focus on abilities and competencies which may be taught and which are specific to MBA programs. If for example, you are a terrible communicator, then completing an MBA won’t necessarily make you any better at this essential business competency.