por While studying for an MBA degree has been widely considered a good option that can help professionals advance into management-level positions, it is important to consider the disadvantages of earning an MBA before investing in such a degree.
An MBA degree is not the best course of study for everyone, and it is important to consider the characteristics of studying for an MBA degree in the context of your unique professional situation.
Common Criticisms of MBA Programs
Working towards an MBA has quite a few disadvantages. Earning any type of academic degree inevitably requires investments of time, hard work, and money. Keep the following disadvantages of studying an MBA in mind when you’re deciding what your next career move should be.
Study costs: Studying for an MBA can be expensive. Estimates of the average cost of completing an MBA program are around $100,000, and those who study full-time and have no income while studying should plan to possibly have accumulated even more than $100,000 once they have graduated.
Limited skill development: Students studying for an MBA typically work on a specific skill set while earning their degree. Some authorities in the business world have argued that studying an MBA makes an individual more likely to resort to old techniques and solutions that other companies have used in the past to overcome problems rather than inventing their own solutions that perhaps best fit your company’s unique situation
Lack of specialization: those who decide to study an MBA lose the opportunity to acquire more specialized skills. Sometimes it is better for a person with training in a specific industry to fill a management position rather than someone with a very theoretical training in management techniques.
Uncertain return on investment: Due to the high costs of MBA studies, the return on investment of an MBA degree is uncertain. Although people will likely be able to advance their careers with an MBA, it is important to do some predictive calculations to estimate whether the benefits you will enjoy will outweigh the costs.
When to opt for a different degree
Any professional situation in which specialization is important precludes the marketing of an MBA as a recommendable course of advanced study in a field. If you want your graduate studies to provide you with practical, applied skills, an MBA program is probably not right for you. Those working in technology-focused fields where skills and competencies relevant to a specific industry are highly valued should definitely opt for a more focused course of study. While MBA programs can sometimes be customized to focus on certain specializations, such as accounting or economics, they generally do not include specialization options in technical fields such as science or engineering. Anyone considering an MBA should do careful research on how an MBA is perceived in their particular industry. Remember that the disadvantages of earning an MBA may make studying in this type of program unlikely to further your career interests.
