In a survey carried out by Harvard Business Review & INSEAD, 40% of the CEOs in India have an MBA, 60% don’t. That’s a big number in favour of one degree that dominates the business world.
Statistics such as these might be among the compelling reasons for ambitious Indian students and professionals to ask on various MBA forums (like ours) if an MBA is absolutely essential for their career.
The short (and obvious) response is No.
At this point, as is the norm while responding to hypothetical questions like these, we could cite some obscure examples of famous folks who didn’t have an MBA but were able to carve achieve name, fame and money anyway.
Who are we to fight convention? So, here’s an imaginary conversation that may give you some food for thought.
Is an MBA absolutely essential for name, fame and success?
Going back in time (always a good idea to drag in historical data to build credibility), Adam and Eve managed to create a name (and fame) for themselves without an MBA. All they needed were the right resources – an apple, a snake and raging hormones.
But in all fairness, despite all the, er, public exposure that they got, they didn’t make too much money or launch a startup either.
Why? Is an MBA necessary to become an entrepreneur and start a business?
No. In fact, your odds of starting a business immediately would probably drop. Due to many factors at play, most grads will not take up entrepreneurship after completing their MBA.
But an MBA can help you navigate the complex contours of big, established businesses where the complexity is much more than smaller startups. That’s the main reason why big companies are so selective in recruiting employees with the right skills.
Unlike in a startup, where the founder is the quintessential one-man-army, juggling everything from sales to quality to finance, in mainstream business having the right person for the right job is very important.
So you are saying it’s needed to succeed in business?
No. But it can help if you are trying to become a good manager in a business that’s already successful. The company might have excellent employees with specialist skills. But unless there’s a conductor to guide and manage them, it won’t sound like an orchestra. The uncoordinated individual contributions of the specialists would go waste. That’s why management is so important.
Ah, ok. Got it. I just need an MBA to become a good manager.
Nope. Many students who apply to bschools (specially in industries like technology, manufacturing, software, retail) are already in mid-management levels.
A majority of the employees start off their careers after a basic graduation degree (such as science, commerce, engineering).
Some of those folks might have gone for a traditional 2 year Indian MBA immediately after engineering to get a head-start in the race.
Do you think an MBA is necessary for engineers after B tech?
No. Though many prefer an MBA immediately after their engineering, we are of the opinion that a management course makes sense only after gaining a few years of managerial experience. Life after an MBA as a fresher may not give you the bang for your invested buck.
Damn you and your convoluted logic. Give it to me plain and simple. Is an MBA necessary for success in life?
We addressed that in the first paragraph.
To recap, you don’t need an MBA to succeed in life.
You can get along just fine if you have an apple, a snake and raging hormones…or if you prefer the sanitised terminology, we’re referring to the good ol’ fire-in-the-belly.
If that basic ingredient is missing, an MBA is irrelevant. However, all other aspects being equal, an top MBA degree on your resume could tilt the scales in your favour when the board of directors faces the tough job of hiring the next CEO to run their company.
Whether you become a CEO in India / abroad or not, nothing changes the fact that a good education is always a solid long-term investment. If you go for a top MBA from a globally recognised university, at the right time and for the right reasons, there’s generally not much to regret.