Laid-off: Should you do your MBA?

You just lost your job. Should you start looking for a new one or do the overstated MBA? After all, IIM grads do seem to be raking in all the moolah these days.

An MBA is not for everyone

An MBA makes sense if you are doing it as part of your education i.e. before you start your career. However, if you are doing an MBA to boost your career, you must make sure you have sufficient years of experience.

An MBA after just two years in a field is not completely worth it. It makes more sense to do an MBA after about five to seven years. This is because by that time you will have sufficient experience in the field and are looking for a break into a managerial role.

"If you are an engineer or any other professional, you could take a break for an MBA after about four years of working. This helps you get a feel of the industry and the MBA will help you refine your thought process," says an expert.

Does an MBA make a difference?

When companies are hiring, the harsh reality is that they would consider an MBA grad rather than someone with just talent for the job. "In my experience, I have noticed that MBA graduates from top B schools in the country have more structured thinking skills and require less inputs as compared to those who have not done an MBA," says Nupur Bhargava, VP Staffing, PepsiCo India Beverages.

Therefore, an MBA degree does give a person some edge over her contemporaries. However, at the end of the day it is only a starting point. What matters after one is hired is what one brings to the table, she continues.

Today, promotions are more performance-based than based on qualifications. So definitely people with talent can get ahead in the long run but it might take a little more time.

Money wise

If you are planning to get married and start a family in your late twenties, you are probably wondering if investing so much money in an MBA is worth it? Well, if you plan it out well, an MBA could work for you.

Say you start your career by 21. It would be a good idea to do an MBA by around 23 years. This way you can afford to take a break for marriage and post-pregnancy as well five years down the line.

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Do a recognised MBA

Gayatri Parameswaran, Senior Officer, ADFC (a subsidiary of HDFC Bank) is pursuing a part-time MBA from Welingkars. She is specialising in Human Resources and hopes to get into senior level management.

But did you know it is not so much the MBA degree that counts as the institute from where you get it. Yes, any old MBA degree won't be worth anything.

"Very few companies accept any MBA certification for a managerial position," says an expert. If you want to really grow in designation, it is important to do an MBA from a B school or a reputed international institute.

Also, it is important that you do a full time MBA because merely mugging textbooks isn't going to do you any good. It is the interaction with like-minded people and learning from them that will help you broaden your own knowledge.

But if you want to continue working, Manoj Varghese, Director of Human Resources, Google India says that you can pursue a part-time satellite based MBA through video conferencing. It is equally good as you get to interact with peers and learn from their experiences.

Arun Rajendran, Senior Account Manager with Adfactors was doing a part-time MBA from NMIMS but is now doing a part-time MBA from XLRI. "The XLRI MBA is a satellite based course. It is twice a week and hence, does not interfere with my work," Arun explains. "I am pursuing it primarily to better my prospects and gain perspective on dealing with my team."

Foreign MBAs

Doing an MBA from a foreign institute does not really give you an edge over your contemporaries. It is more important to do an MBA from a reputed institute than just a foreign one.

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Fresh talent v/s experienced

Do companies prefer to hire fresh talent from B school and other MBA institute campuses? Well, it depends. Companies that hire from campuses are recruiting for various job profiles.

Every profile requires different qualifications. There are some openings that require more mature and experienced individuals while others require fresh talent that can be moulded into the organisational set up.

Company sponsored MBAs

Many companies offer their employees the chance to do an MBA while they work. This is great if you always wanted to do an MBA but couldn't because of lack of funds etc. However, you will not be able to do a fulltime MBA or choose the institute you want to do it from.

Often many people take up this kind of opportunity. Once they have completed their MBA, they have a degree in hand and usually wait to jump one level higher in their present organisation before they move on to higher ground.

Considering funds and a break

Opting for an MBA after working for a couple years makes sense if you do not have the funds to pursue an MBA immediately after a Bachelor's degree. However, after accumulating sufficient funds, you will probably be able to afford an MBA and take a planned break from work.

Also, if you plan on rejoining your old company, you must make sure that your company is okay with the extended break you plan to take. But if you are doing an MBA from one of the top institutes in the country you will be looking for a fresh start so that won't be much of an issue.

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