Should You Consider an MBA?
(Continued from 1)
Job Experience Needed First
The key to success, according to experts, is getting
relevant job experience before beginning your MBA. According
to Storrie, An MBA can always be valuable, but
I believe at least a few years of experience is best,
and five or more is even better. Storrie explained
that students can relate more effectively if they have
already been exposed to similar situations and
can identify first-hand with the situations being discussed.
Brady said he uses an analogy of a carpenter when
advising students to get experience before getting their
MBA: If I give you a hammer, nails and wood, and
tell you to nail the wood together, even though you
have never done this in your life, you will probably
find a way to accomplish the instructions. If instead
I give you the instructions and have you go watch a
journey carpenter, you will see the carpenter reach
in the tool box, pull out a staple gun and nail the
An MBA is roughly a box of business tools. If
I give you the tools after you have some experience,
you will probably see practical applications and use
more of the tools, explained Brady.
MBA Applications Dipped
Nagy said that the overwhelming reason that people
went back to business schools for an MBA in the 1990s
through early 2000 was to obtain the magic ticket
to help those stuck in business careers they did
not like move into more attractive careers.
But the color faded from this bloom after the
dot-com bust and post 911 and applications started to
dip, Nagy said, yet there was still an attractiveness
to the MBA, especially from a top school, that it could
help career changers. Nagy predicts that the MBA
will regain some of the attraction lost in recent years
because of the market rebound. Also, consulting firms
and I-banks are returning to his campus (the Fuqua
School of Business) in big numbers to
recruit students. Typically half of the hires in the
late nineties came from those two industries, Nagy explained.
According to the 2004 GMAC survey, improvement in
the economy has allowed more companies to hire new MBAs.
The number of recruiters unable to hire recent MBA graduates
dropped by half this year - from 23 percent in 2003
to 12 percent in 2004. Top jobs for hiring by recruiters
were finance, marketing and accounting - a continuing
trend from the previous year. A total of 1,300 recruiters
representing 1,004 companies participated in the GMAC
In another recent survey, the MBA
Career Services Council also concluded that the
job market is improving for MBA graduates. On-campus
recruiting has increased by 81 percent and a higher
percentage of 2004 graduates received at least one job
offer within 3 months of graduation. Ninety-three percent
of the 57 schools surveyed predicted that the 2004-5
job market would be even better than this past year.
Top industries for recruitment included finance and
Options for obtaining an MBA include full time and
part time traditional programs, evening programs, weekend
executive programs, and online
programs. Costs vary widely and some companies will
reimburse their employees tuition for MBA study.