To do an MBA or not, this is a question
By Yvonne Wang
This year, a total of 52,000 students have registered for China' s MBA entrance exam, indicating an annual growth of 27.5 percent. In Shanghai alone, over 7,000 people have joined the intense contest for an MBA degree, although many famous business schools have announced to raise the tuition this year by as much as 10 percent. Obviously, the surging number of MBA pursuers is in line with the ambition for impressive salary, high position, and promising career promotion. However, some experts said it is advisable to watch your step before making such a decision.
One hundred years ago, the world' s first MBA program was set up in Harvard University. Since then, MBA, full name by Master of Business Administration, caught on quickly among America' s universities. Today, highly commercialized China is expected to reproduce America' s MBA dream. Statistics from the Ministry of Education show that up to now, about 127 universities have set up MBA programs since 1994, when China Europe International Business School (CEIBS) started to launch full-time courses, and 31 new universities were approved to enroll MBA students in 2007 alone.
Behind the igniting enthusiasm of MBA education is China' s great demand for experienced management talents, as well as the lucrative prospect of achieving an MBA degree. Many young people regard MBA as a shortcut to career success and multiplied salaries. However, after years of explosive development, China' s MBA education is more and more blamed for its outdated textbooks, inexperienced teaching staffs, chaotic enrollment standards, and so on. Is it still worthwhile to study an MBA course at the expense of high tuition and valuable time?
Richard Schofield, Director Personal Insurances, Royal & SunAlliance has "suffered badly" from MBA enthusiasm. " I have lost four people within two years. I am using the word 'lost', because they have been working for us for many years, doing quite good job. I have talked to them and tried to persuade them to stay, but failed. They think an MBA degree will give them more opportunities to get better jobs and higher income. However, it is not always the truth. Personally, I never got the chance to do an MBA. Technical qualifications are more important for us. Now, all the insurance companies are looking for a technical qualification. We have employed a couple of MBAs here in China, three MBA holders with experience, but they have been able to translate what they' ve learnt into practical skills."
For some people, the answer to the MBA question is yes. But one thing to bear in mind is to choose the right school for MBA study. Chris Torrens, Director of Corporate Investigations for Control Risks, a UK-based consulting firm, told the Shanghai Star Business Journal that he valued the experience and knowledge in CEIBS' MBA program.
"I am studying at CEIBS, a very famous business school in Shanghai. My primary drive to study there comes from career planning. " Torrens said in his work team, also everyone has an MBA except him. " One day, the people in charge of the group told me that ' if you don' t have an MBA and I' m not going to promote you.' I get promoted anyway, but I was forced to start it." After 22 months of study, Torrens felt lucky to study an MBA course. " I feel more confident in terms of my expertise and knowledge. Certainly that cost a lot of money, but I learnt a lot from. I will graduate in September. I think you never learn nearly as much as you learn from an MBA. From a work point of view, I' ve got moved quite quickly into a management position."
" Torrens' example is just a single case, not applicable to all MBA admirers," Shally Sun, a consultant from a Hong Kong based executive recruiting company, told the Shanghai Star Business Journal. According to her, experience in leading companies is more precious. " MBA is not a must, but only a degree that adds to your already career success. Many prestigious companies are fond of candidates with an overseas work experience in related fields, rather than an MBA certificate," she said. " From my perspective, I won' t encourage young people to study MBA. Instead, they should first concentrate on their profession and accumulate management experience," she added.
Sam Crispin, Managing Director, Crispins Property Investment Management is another people to resist MBA craze. " I am very glad that I don' t have an MBA. Five or six years ago, I took a contrast decision of not doing an MBA, and to do something completely different that to start my own business. Business schools are extremely successful in creating this aura in the last fifteen or twenty years, that MBA is a bachelor people must get in their way towards business career. However, I see it in a completely different angle." Crispin held that MBA is just an easy way for HR directors to choose people. "You can start your own business. I promise you learn a lot through the process, you' ve learnt about setting up a company, you learn about HR, marketing, packaging yourself, so many things," he said.
Dr. Darryn Mitussis, Co-Director of MSc International Business, Nottingham University took a more balanced attitude towards MBA. "One of my father' s favorite expressions is ' horses for courses.' Choosing whether or not to study a Master' s level, or a program at Master' s level, is the same kind of problem. What is the obstacle I' m face in my career, have I developed the skills and capabilities to advance as fast as anyone? You need to find out what is lacking in my skill set to date that I need to advance. How can I choose the right course? Think about where is my career going, what skills do I need to develop, and then make the decision," he concluded.
To do or not to do an MBA, you should weigh out a better choice.
