Is an MBA worth it?
This, this, and this will tell you that an MBA isn’t worth it. They are examples of a growing chorus of critics that argue an MBA is a relic of an old economy doomed for obsolescence. Most of these articles can be boiled down into a phrase – go be Mark Zuckerberg. Which, if you can be Mark Zuckerberg, works great – e.g. have a great idea, the skill set to make that idea a reality, and a strong network for support.
Transitioning veterans, however, typically do not have the ability to do this straight out of the post-military gate. Our great ideas are generally focused on what we have been doing for the past 10 years – fighting insurgencies. Our primary skill set is usually in leadership, and businesses simply are not going to give someone right out of the military a leadership position equal to their experience. Finally, our networks may be international, but the police chief in the Thawra One district of Sadr City is not giving out great jobs. For all these reasons, the value of an MBA for veterans is much higher than for the audience of those articles.
I was reminded of this fact as I spoke with a group of veterans this weekend. We were all from West Point’s Class of 2004 only one of the seven of us had stayed in the military (and was getting ready to go teach cadets at West Point). Two had gone straight into industry (but were pursuing part time MBAs), one started a new branch of a family business, one had just finished business school, and one was getting ready to start business school. I finished business school in 2011 and have been working in consulting since. From our group experience, a couple things became apparent:
-An MBA gives you access to a tried and true career path
Consulting, banking, industry. These careers are intellectually challenging and financially rewarding. An MBA is your ticket to breaking into these jobs and getting on a career path that can lead to senior level leadership. Often, veterans can get jobs in these firms without an MBA; however, they usually are not on the same track as MBA applicants and vets may find themselves facing career roadblocks that they need an MBA to overcome.
-An MBA gives you options
As NYU Stern’s dean, Peter Henry has often said, “An MBA is a chance to reinvent yourself.” From healthcare to technology to chemical manufacturing, many companies from many industries recruit on campus. The MBA gives you the chance to explore the sector that could become your passion.
-An MBA gives you the opportunity to decompress
Business school provides a great transition and reflection period to help ease veterans back into civilian life. Just like all civilians must go through a boot camp to become soldiers, veterans benefit from having a bit of a retreat before becoming civilians. The two year time period helps vets to learn the norms and values of the working world.
It was equally as apparent that if you know what you want to do and how to do it, the cost of an MBA may be more than you should incur. Similarly, If you have a family to support or want to start one soon, taking two years out to do a full time MBA may not be feasible.
Of course, what is right for you depends totally on your goals and your unique situation. If you want to pursue a business career and explore some options while you do it, an MBA is an incredibly valuable degree. This stands true even in a tough and rapidly changing economy. But, If you know what you want to do and have the skills and network to make it happen, then why spend all the money? Put your knowledge to use and skip the MBA.
