Every individual planning to enrol for the MBA may have their own reasons and career goals. Initial research into the plethora of B-Schools offering a wide variety of programs of various duration could lead to certain misconceptions in your mind.
The most common such misconception could be that you need very high GMAT scores to get into a top school. However, the admission committees do not consider just the scores or your academic record. They are more concerned about getting a holistic picture of the candidate and his/her particular ‘fit’ for the program.
While schools like Harvard, Stanford, Wharton, Kellogg, MIT, Booth or Columbia, may normally take in candidates with GMAT scores above 700, there could be others who get admitted even with lower score, says Mark Skoskiewicz, founder of MyGuru that provides customized tutoring and test prep, in an article in BusinessBecause.
While B-schools provide a platform and opportunity to build a network, you have to put in your own effort at every stage.
The fact is that the schools tend to take a closer look at your personal attributes, your stated reason for choosing the particular school and program and what all would you be able to contribute to the class.
Thus, you should take care to project all these attributes while writing your essays and recommendations and take enough time to put it together.
The second misconception is about an MBA automatically bringing credibility and value to impress recruiters. While the top schools may provide some brand value, the sheer number of MBA programs and graduates make it difficult to guess about the value a potential employer or business partner would place on this qualification.
Unlike a degree in law or medicine, MBA is not an essential factor in business. The degree only signifies that you possess a certain skill set, knowledge base and level of motivation. You will still have to build a network, learn new things, acquire new skills and in some cases, switch careers to progress towards your career goals.
The third misconception is that you will automatically be able to build a powerful network. Here again, you may have to find the time and make an effort to meet people and build up relationships.
While B-schools provide a platform and opportunity to build a network, you have to put in your own effort at every stage.
Mark says, in his case, he could not invest time to build up a network while attending the full-time one year program at Kellogg. However, as time went by, he was able to connect with and develop bonds with a colleague or business partner who also went to Kellogg. However, it is not a magic wand with which to close business deals or sell consulting projects.
The fourth misconception is that an MBA is not necessary for those who want to work or launch a startup. However, times have changed when the degree was aimed at preparing candidates for middle and upper management roles in large corporations. MBA programs now offer the opportunity to focus on building the skills and relationships you’ll need to start a business and even provide opportunities to test ideas and begin building the business and even arrange to fund it while you are still completing the program.
The fifth misconception is that an MBA will provide you with a deep understanding of several aspects of business. This may not be true as the programs are increasingly laying stress on specialisations in marketing, finance, operations, accounting, etc. It may provide you with expertise in certain areas. The rest, you may have to learn on your own. (Pexels.com)