FAQ #143: Is an MBA Crucial for Career Growth? #
Original Question:
Is an MBA still relevant today? Should I pursue one for career progression? If so, would a local program suffice, or are top foreign programs better?
Response:
The relevance of an MBA has evolved. While it can be beneficial for roles in investment banking and consultancy, its value varies by industry. For finance professionals, a CFA (Chartered Financial Analyst) may provide a higher return on investment, especially since it can be pursued alongside your job.
A full-time MBA, particularly from a foreign institution, is often expensive. It’s essential to consider not only tuition costs but also the potential loss of income during your studies.
If your career aspirations include a management position, an MBA can be advantageous. However, it’s recommended to gain around five years of work experience before enrolling. This experience allows you to maximize the benefits of the program.
Key Considerations:
- University Choice: Aim for top-tier institutions, whether local or abroad. The reputation of your alma mater plays a crucial role in hiring decisions.
- Work Experience: Prior experience enhances your learning and networking opportunities during the MBA.
This perspective was shared by Mr. Basheer Buhari during the Raya Networking Webinar in 2020.
