GD Topic - Is MBA necessary to be a Successful in Business?
6 people are having a discussion on the topic (Albert, Beckham, Charles, Daniel, Eva, Fred)
Category: Business, Social
Group Discussion Starts
Albert: Hi all, the topic given to us is: “Is MBA necessary to be a Successful in Business?” Before stating my point, I would like to give some idea about the MBA degree i.e. Master of Business Administration. And these programs cover various areas of business like Marketing, Operation, Finance, HR and Accounting etc. And which help candidate to excel in doing management analysis and corporate strategy making. Now if I talk about India, then I feel it is highly over-rated. Now a day’s everyone wants to do MBA. Because they feel MBA will help them to get awesome packages and reputation in market.
Beckham: I agree with the point made by Albert. Increase in number of private MBA colleges is very good indicator of this. India is home to around 3500 institutes offering management education, and of those only a few B-schools are with excellent quality education, churn our leaders and which are worth joining.
The point I wanted to make is, if there won’t be over-hype about this course then there won’t be sudden increase in MBA colleges all around the world.
Image: pixabay
Daniel: Well, it depends on the students that what kind of job prospects they want to have in future. If someone wants to do job in India, then he can get into any of the premier institute of India. But if somebody wants to work globally then he must keep pace with the global economy. Many reputed Indian business tycoon of our nation have done their higher education from abroad like Albert Ambani, Anand Mahindra, Ratan Tata, Dr. Manmohan Singh etc.
Charles: Even I believe the same. Students and parents believes that in current era of cut throat competition, one must have Post-graduation degree. After doing graduation from any field one can think of doing MBA. Increase in number of engineers opting for MBA every year is also another indicator of this over-hype. One common answer you get from and engineer during interview process of MBA is – I want to MBA because I have technical knowledge and I want to get managerial skills to get edge in corporate market.
Daniel: Guys, I think we are slightly deviating from the point. Our topic is for global perspective and not just about India. And just talking about India won’t give us proper perspective towards the topic. And I also think MBA from India is not compared to other part of the globe because the curriculum fees of foreign universities are much higher compared to India.
Eva: I believe that MBA is not over-rated. I agree with some views of people with different point of view than mine. But I thought these thoughts are bit extremists. For example: MBA grads fail to perform is because they don’t have enough practical experience. And most business schools in world rely on outmoded teaching methods. This is valid at certain point; but, the most common mistake that MBA aspirant commit is doing MBA immediately after completing their graduation. And then there are people with lots of knowledge and zero experience. B-schools are not successful in creating curricula that help their students face the business challenges because B-schools themselves are models of business success.
Fred: Very true. Some B-schools are just models of another business. These type of B-schools have forgot what MBA degree represents. And they are more focusing on their own benefits – which created gap between requirement and need. One another issue with this is, many students don’t do an exhaustive research before choosing the business school and feel dissatisfied with the MBA program and B-school.
Eva: I truly believe that MBA open doors for wonderful career opportunities. In today’s world it is definitely a requirement and it will definitely help people to get good career advancement in future compared to those who have just a graduation degree. Also we must have seen an example that if someone has degree from premier institutes then he/she will be recruited for top management position, where employees cannot get even after having more numbers of years of experience.
Albert: Yes. It is definitely better to do something then to do nothing. Many believe that they need to update their knowledge through degree to upgrade their career opportunities. But on the other side one should not do MBA just because there is nothing more to do. And having MBA degree is great point to show-off in their Curriculum Vitae.
Daniel: I have somewhat different point of view on that. Even managers who have MBA’s from among the world’s top B-schools don’t think too highly of this degree. David Zwiner, who graduated from Kellogg school of management, stated that, “An MBA opens that first door for you. After that, it's up to you.”
Conclusion
If we think globally then we can definitely say that MBA is one the most preferred post-graduation degree among students. It seems to be over-rated because everyone wants to do it considering higher salaried job opportunities, future career growth etc. But there are several problems with student base and B-schools as well.
But overall, MBA degree plays vital role to open great career opportunities and very much important for career advancement in future.
However, there have been several businessmen who by their sheer knowledge, experience and practicality have become successful even without having a degree or formal education in management.
Facts related to the topic
• As per BusinessWeek research: Fewer than 1 out of 3 executives, who reach to top management, do so with the help of an MBA.
• As per business week ranking: Only half of the executives with MBAs went to the top 10 business schools of the world. And only about one in every 4,000 alumni of the top 10 MBA programs were among the highest-paid executives.
• India is home to around 3500 institutes offering management education
• Michael Dell, the founder of Dell, did not have a MBA degree
• Sir Richard Branson, founder of the Virgin group, was not an MBA
• In India, Ratan Tata, Dhirubhai Ambani did not have a management degree and yet became successful
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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