NEWS | 7 Common Misconceptions about Business Education

Getting an MBA is a positive step towards a more fulfilling, lucrative career. However, certain myths surrounding MBAs can prevent talented students from applying to take one.

Misunderstandings about individual business schools, the type of student you must be to excel and/or the cost vs. return equation happen all the time and can affect the decision to enrol. Here we look at seven business education misconceptions that we have come across.

Business School is Intimidating

Business in the modern world relies very much on a team approach to problem solve and plan winning strategies and this is a skill that will develop at business school. Although you will be surrounded by high achievers, it would be wrong to assume that everyone you encounter will be smarter than you and already know everything about being successful in business.

Try not to be intimidated by business school or the people – your classmates will be in the same boat as you and will be learning how to work together in teams. Far from being worried about your MBA experience being daunting, you are likely to find common ground with other students as you learn to work, plan and project as one. Remember, if everyone were already an expert in all areas of business no-one would need to go!

MBAs Cost too Much

It’s true that getting an MBA at one of the top schools can be expensive but these days there are many, many schools that offer more affordable options with similar outcomes.

The question of funding your MBA is one we have looked at before which highlights the many forms of financial backing available to students. We won’t list them all in this article, but funding sources are wider than ever, including our own MBA scholarship for young Engineers. The most important thing is that you take the time to meticulously research what is available and choose the best option for you.

If you are already working, employers understand that additional business training for their staff has many benefits and will often contribute to MBA studies, so some students end up paying a smaller amount for their degree.

Although nothing is guaranteed, it’s worth looking at the cost of your MBA as an investment in your future. Your newly acquired skills will open more doors for you when you are making career decisions. Your income is likely to be more than the average business professional and this higher income potential means the cost of an MBA is justifiable.

MBA Courses are Mainly for Males

At one time this was the case, but things have changed a great deal. According to CNBC.com women made up 39% of the MBA student body. They also report that in many schools the female intake percentage is much higher. In 2019 at least 19 schools had 40% or more of female MBA students, including several prestigious business schools.

One of the exciting aspects of business education is that you will encounter students of all races, gender, and different backgrounds to your own. In fact, the diversity of classes is often cited as one of the best things about the MBA experience.

You Need a Business Background to Succeed with your MBA

While some students will have gained a level of business experience during their career thus far or studied a business module at university, the main prerequisite for an MBA is a BA degree. It does not matter what type of undergraduate degree you took, if you want to take an MBA and are up to the academic rigor of the course, you can. MBA students come from such diverse career backgrounds that the MBA might well be their first academic experience with business.

Entrepreneurial-minded individuals without a business degree often take an MBA and use their new business knowledge together with their undergraduate degree in their niche field to create a successful business. Many MBA graduates use their new business skills to change the sector in which they work or their geographic location.

MBA programmes provide foundational training in basic business areas, and they also develop skills students need to achieve higher-level positions, for example, strategy and people leadership. The core skills you will learn are the same, how you use them are entirely up to you.

I Want to Launch a Startup – Do I Need an MBA?

It’s true that, if you have a burning desire to start a company, and particularly if it’s time critical, then you should probably go ahead and do it. Many successful businesses have taken off solely because of the entrepreneurial spirit and drive of the founders, and these can be supported by experienced business advisors and mentors. While this option may sound attractive, for every business which succeeds there are many more that fail because of a simple lack of business acumen.

An MBA course offers the opportunity to learn the skills you will ultimately use if you want to start a business. As well as the learning process, many classes will encourage you to evaluate ideas which will help you build your business.

It's also worth remembering that the skills you learn during your business education will be with you for life and are something that will help you build your career. Your education will always be something you can rely on and apply if your business faces difficult challenges.

Your MBA will Automatically Give you a Strong Network

One of the great advantages of attending business school is that the type of people you meet and study with will be different to you but will all be striving for the same thing. Throughout your course you will have the opportunity to collaborate with people, many who will be in work already, and create a powerful network which may help your future career.

However, this is not something that will happen automatically. To make the most of your time at business school you should interact as much as possible with classmates and others at the school, for example, by being part of clubs that are relevant to your interests. There are plenty of societies to join and while your focus will always be on graining your MBA, you should aim to find a good work and social balance.

Networking is an especially important job-search tool; surveys show that some 50% to 60% of MBA graduates have found a job by networking. It can also help MBA students in careers research and decision-making.

While business school offers you the opportunity to build relationships you will need to put in the time and effort. In short, you’ll need to work at networking.

Once I have my MBA I Won’t Have to Work So Hard

It is easy to think that getting an MBA will make you instantly successful and that it is a sure-fire way to make money with higher income opportunities. While this is true for many, it’s important that you do not regard an MBA as the finishing line but more as a foundation to build upon.

Your business skills will go some of the way to help you achieve more but despite your fantastic qualification, you will still have to work hard and strive for your successes.

Attending business school does not mean you will receive a job offer for any position you want. However, obtaining an MBA signals a certain skill set, knowledge base, and level of motivation on behalf of the person that earns one, all things which potential employers look for. Your MBA can also help you learn new things (you’ll be bang up to date with current business ideas), build new skills (‘soft skills’ that will make you more attractive as an employee) and build a powerful network of future associates.