How can an MBA help with career change

Career change has become a new normal in the 21st century. With so much going around us in terms of technological breakthroughs, digital transformation, fast-evolving company and customer behavior, it is unrealistic to expect the type and level of employee loyalty that were common a couple of decades ago.

More than half of Americans quit their jobs to make a career change in 2021. In India, 4 out of 5 employees considered swapping jobs in 2022. Similar trends are observable in Europe, Canada, Asia, Australia, and some South American countries.

These are pivotal trends reflecting the growing influence of ‘Great Reshuffle’ with employee revaluating their personal priorities and realigning their careers to ensure that the two align to give their career a new lease of life.

Types of career changes

Some decide to stay in the same industry but try a new or a different role therein. For them, industry and technical skills are of paramount importance. It is these very skills that they build on to keep climbing the hierarchical ladder within a company.

Others go for a more challenging move when switching to a new industry altogether, and they rely on transferable skills more than others. These skills are often industry-neutral, and they help people adjust to new roles more quickly and less painstakingly.

For instance, your emotional intelligence, leadership skills, analytical thinking, time management, ability to learn and resilience may prove more important than a set of specific technical skills. When relocating to a new geographical location or a foreign country, one’s adaptive, interpersonal, and cultural skills take center stage.

There are the lucky ones who manage the MBA triple jump – change of function, industry and location.

MBA for career change

If you have made up your mind to pursue an MBA, it clearly indicates your long-term and far-reaching aspirations, including career pivoting. You are not the only one considering career changes. According to a survey by the Graduate Management Admission Council (GMAC), 51 percent of MBA-pursuing respondents stated career pivoting was their ultimate goal.

They decided to apply for the MBA program because it offered the degree of flexibility and adaptability that could make them competitive across jobs, industries, and countries. Interestingly, 38 percent of alumni changed industries, and 38 percent changed job roles following graduation.

Consulting leads other industries in terms of taking in the majority (70 percent) of those moving in from other industries. Other metadata, including more than 1,100 data points, reveals that 87 percent of MBA graduates in the U.S. switch either job functions or industries. Sixty-nine percent change both job functions and industries.

Benefits of an MBA for career change

Indeed, an MBA can make a huge difference when switching jobs, industries, or countries. It helps lay a solid foundation for a successful change. It broadens your knowledge and expertise across disciplines, hones your strategic decision-making and leadership skills, increases your earning potential, to name a few.

You get the chance to connect with a diverse student body and alumni working across industries and functions. This networking can work to your advantage during job hunting. You could end up starting your own venture with your batchmates or alumni.

The business school careers team can provide resources, guidance playing a crucial role in help you locate the right career opportunities through various events and their industry connections. These are all important factors to consider because career transitions can be painful too.

Career change statistics at top MBA programs

Let’s do a reality check to see what various top MBA program career statistics reveal.

University of Cambridge – Judge Business School had an amazing 98% students switching either function, industry or country. Again, an impressive 47% managed the very challenging post-MBA triple jump wherein there’s a change of all the 3 factors – location, function and industry. Here’s the data shared by a few other top MBA programs.

MBA career change statistics at top business schools

Business School	Change of Function/Role	Change of Industry/Sector	Change of Country	Post-MBA Triple Jump
HEC Paris	65%	77%	74%	35%
INSEAD	66%	57%	49%	27%
IESE	72%	61%	62%	33%
IMD	84%	73%	73%	Not available
ESADE	–	77%	–	39%
ESMT Berlin	92%	89%	64%	61%
Rotterdam	64%	92%	73%	47%

HEC Paris had a high number of MBA grads (35%) who managed the tricky post-MBA triple jump, and 79% changed at least 2 out of the three. ESADE had 95% of its MBA grads changing either function, sector or location. At Wharton, 54% changed both industry and function, 16.9% changed only function while 14.2% changed only industry.

Switching careers with MBA

While change is broadly considered good and positive, a poorly planned transition does not bode well for your career aspirations. Nothing should be taken for granted in today’s highly competitive professional world.

The degree to which you are able to find the right balance between your industry, technical, and transferable skills determine the likelihood of success when pivoting to a new career, a new industry, or a new country, for that matter. That’s why many make a conscious effort to undertake an MBA program to make sure that an ensuing career pivot is a boon rather than a blight.

As an MBA graduate, not only are you better equipped and positioned, but you are also well-trained to rise up to new challenges, keep pushing the envelope, and stay ahead of the game at all times. If the transition is well-planned and strategically timed, it can be an intellectually rewarding and stimulating experience.

It bolsters your personal and professional growth, broadening the range of choices and reinforcing your standing in the related professional domain.

Surely, timing matters. The younger you are, the more likely you are to take up new challenges, explore uncharted waters, and embrace failure as an opportunity rather than a total and irreversible fiasco. You might also find it easier to make new connections and broaden your network.

As you get older, you naturally become increasingly risk-averse, finding it tougher to fit into certain roles. At times, job security may prevail over career advancement opportunities, which can be costly because you might deprive yourself of the opportunities to grow and learn.

Your working and learning styles, as well as your personality style and preferences, can also have a bearing on how you plan your career and whether you choose to pursue an MBA to support it. Those who are more outspoken, leadership-oriented, and competitive will find it easier to tackle emerging challenges head-on. If you are more of an analytical type, feeling more comfortable in a supportive role, you would probably think twice before making any change whatsoever.

Choosing the right MBA program for career change

While applying to business schools, make sure you’ve done your research. Choose an MBA program that’s a good fit for you and would help you pursue your dream career.

Consider the choices of electives and concentrations offered by the program in the areas you wish to specialize. Also, check the employment report of the previous years to know how many students have successfully managed career transitions and which are the top recruiting companies. Speak to alumni to obtain feedback about the program and their experiences.

Some programs are more popular for certain industries. For example, INSEAD is one of the top choices for management consulting aspirants whereas those wishing interested in Human Resources (HR) might choose Vanderbilt Owen for offering an in-depth HR specialization.

The geographical location of the college is also an important factor to consider as it’s easier to explore jobs or pursue internships in and around while completing your MBA.

Also read: How I got a job in the UK after my MBA as an international student

How do top business schools help students change careers?

We posed this question to HEC Paris, Europe’s premier business school. Their last MBA class had an impressive employment outcome – 77% changed sector, 65% changed function, 74% changed location and 35% changed all three. In simple terms, 3 out of 4 students managed a career change in one form or another.

Nadia Crobeddu is the Talent Development & Corporate Relations Manager at HEC Paris. She shared the following 4 ways in which the top MBA program helps students.

How to manage a career change after MBA

Our MBA students take part in the Explorer Program: This three-step approach to Know Yourself, Know the Market and Match Yourself and the Market, helps our students to reach their full professional potential.
The first step includes a series of workshops and 1-to-1 meetings to deep dive on self-awareness during the first term of the MBA program to help them better understand their personal profile, including strengths, weaknesses, preferences and motivations.
MBA participants and encouraged to broaden their horizon by attending presentations hosted by HEC Talents, our career center, that will give them insights into various sectors at the beginning of their program.
Students should attend presentations from a wide range of speakers and experts representing various industries. Students can benefit from online or in-person presentations, career fairs, treks to companies, and workshops. Workshops can include anything from CV writing and interview preparation to international business etiquette and job-search strategies.
Company connections are made through multiple on campus recruitment fairs, standalone company presentations and corporate onsite visits with the Treks. MBA participants are able to meet and connect with a very diverse numbers of employers from all sectors.
HEC Talents offers mandatory 1-to-1 career coaching to provide personalized career guidance and to help our MBA students craft their career strategy and to grow their key soft skills (communication skills, self-branding…).
And, of course, students are always encouraged to network with our more than 70,000 alumni across 150+ countries.

Choosing the right post-MBA career path

A lot depends on your pre-MBA experience too, when trying to find the right combination of choices made. For instance, a finance professional from India would probably find it easier to look for and find a finance-related role in the U.S. owing to the overlapping and transferable skills in the same industry.

The same would probably apply to someone with consultancy skills. This is especially true when these core skills are amplified by their ability to adapt to new circumstances quickly and ease into a new culture effortlessly.

The caveat is that you should do your due diligence to consider your options in light of multiple factors. These include your pre-MBA knowledge and experience, personality type and learning style, career aspirations and an evaluation of your strengths and weaknesses. An honest assessment of these factors will lead to a flexible and quickly adaptable professional development plan to apply your academic knowledge and skills to your career goals and priorities.

The corollary is that you should certainly expect, if not seek, multiple career pivots throughout your professional career. MBAs are a perfect means to not only weather the storm of change but to turn the tide to make the career change work to your advantage.

Two-year vs one-year MBA: Which one to choose for career change

A two-year MBA has candidates with lesser work experience. The two years at the business school can be a rewarding experience in terms of exploring various job roles across industries and with plenty of time for networking, multiple internships and job hunting. This would work in favour of those aiming for a career change.

A one-year MBA, due to its shorter format, is a good option for senior professionals looking for career advancement or transition. It is fast-paced and very intense. The higher experience and better understanding and knowledge of the industry translates into more clarity about long-term career goals and a good chance to be placed in senior management roles. However, due to time constraints, there could be limited opportunity for career exploration through internships.

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Post-MBA career goals for MBA application

Career change is one of the top reasons for pursuing an MBA. That’s why business schools place a lot of focus on the applicants’ career goals in the MBA application essays. They want to be sure the applicant has practical career goals and the MBA program would be able to help them achieve it.

So, while coming up with your MBA application essays, it is important to have clarity of the career you intend to pursue after graduation. It doesn’t matter if your career goals change during the course of the program.

We have helped applicants with their storyline so that they could put in a strong application. If you’re looking for MBA application help, reach out to us at: info(at)mbacrystalball(dot)com

References: 1, 2, 3, 4, 5, 6, 7 | Image source: HEC Paris