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Should I Leave My Job for an MBA? The Big Decision
Opting for an MBA is a big decision that might have some deep impacts on one’s professional and personal life. So, should I leave my job for an MBA? One of the most important questions that every MBA aspirant faces is whether he/she should leave his/her current job to focus on studies. The following article, through key takeaways, learnings, and experiences shared by individuals who have been in your shoes, will help you navigate this important decision if you are considering quitting your job for an MBA.
The Temptation of the MBA
A vast number of business professionals pursue an MBA, and it can provide a golden ticket to promotions, fatter paychecks, and additional career choices. The reasons range from getting new skills, networking with colleagues and business leaders, and improving your resume. Most often, an MBA course is done with the studies of finance, marketing, management, and entrepreneurship to ease learning and thus allow one to obtain a comprehensive skill. Secondly, the networks established in these programs place individuals in careers and mentorships that would not have been accessible.
On the way to an MBA, however, lies a series of stumbling blocks-the most important one being the question of whether to quit your job. While many of the students are scared to leave their current jobs, they will leave their security and stability for an uncertain, but possibly rewarding, outcome if they quit.
Trying to combine a full-time job with undertaking studies for an MBA is always very demanding and could involve high financial outlay. Nevertheless, people who are determined and committed usually find that, in the long run, the rewards of having an MBA greatly surpass the costs and sacrifices involved.
Balancing Work and Study
Probably one of the most prevalent is balancing the demands of a job with the rigours of MBA coursework. To maintain their income and continue work experience, many professionals decide on a part-time or executive MBA program. This allows them to take what they learn and apply it in real-time while minimizing financial strain.
Others might want even greater flexibility: an online MBA allows one to manage education alongside job responsibilities without taking a career break.
Just consider the case of one marketing manager I interviewed who signed up for a part-time MBA. She quickly realized that the new skills she was acquiring immediately supported her job and thus endeared her to her employer. She also found that the work responsibilities blurred with the academic deadlines. The late night/weekend cycle became the norm, and her personal life suffered.
Financial Considerations
The financial implications of leaving a job for an MBA would be enormous given huge tuition fees, living expenses, and the opportunity cost of lost income. The next decision to pursue it or not rests on a detailed weighing of costs and benefits by many a prospective student.
A finance professional I had known shared his experience of quitting his job for a full-time MBA. The financial strain was immense, even with a scholarship. Without any present income, he had to dip into his savings and borrow heavily. In his view, though, the long-term benefits of an MBA totally eclipse the short-term financial difficulties; this is a very pressurizing factor.
Career Impact and Job Market Perception
But another relevant factor to mull over is how this career break for the MBA can impact your career progression, or how your future employers will perceive this gap. Sectors that highly consider an MBA credential view a career break as a strategic reason to apply for it. Sectors that are not that impressed in which work-continuation experience is the key factor.
An MBA can be pursued while at work, thus new skills and new credentials are gained without sacrificing continuous work experience.
I remember a former tech professional who left his job and entered business school for an MBA to change industries. He found that even though the MBA brought him rich skill sets and a great network, changing careers was a lot harder than he had envisioned. Most recruiters wanted direct experience in the industry to which he was trying to gain entry, so it made his job hunt a lot longer and much more difficult.
Networking Opportunities
An MBA offers the best networking that comes along with it; reaching out to classmates, professors, and alumni can provide chances for new careers and collaborations. Juggling all of this with studies and work is delicate.
An operations manager who attended an executive MBA program mentioned the networking opportunities available. She established some very good contacts that resulted in job and consulting opportunities. However, the balance of these activities on top of coursework and her current job was constant juggling. She often found herself having to triage events and meetings at the expense of sometimes either studying or working.
Personal and Professional Development
Beyond academic learning, an MBA permits one of the major periods of personal and professional maturing. Many students, are firm in the opinion that these hardships in the process of their way to an MBA contribute to the development of the quality of being an indefatigable, adaptive, and better understanding of one’s career goal.
Project In a conversation, a project manager acquaintance mentioned how his quitting his current job to go for an MBA allowed him to step out of his comfort zone into other explorations of interest. He was appreciative of the leadership and teamwork skills he would develop and be more confident and capable in his professional life.
Part-Time, Executive, and Full-Time MBAs
For those hesitant to leave their jobs entirely, part-time and executive MBA programs offer a viable alternative.
The part-time and executive MBA courses enable the continuation of one’s profession when it is otherwise difficult to just quit the job. All these courses are tailored in a specific way to meet the needs of working professionals and, at the same time, allow them to carry on with their careers. These programs include flexible class schedules, often held during weekends, so as to provide a fine balance in workload and personal life.
A sales executive I spoke to recently said he elected to join a part-time MBA course. He believes that this helped him in keeping his income and applying the learning right away in his job for better performance and market understanding. He believed it was the best alternative to improve his career without much investment of time and money or risk of job loss. The learning experience was further enhanced by the networking opportunities available, with a class of peers from different industries, thus creating instant insight into other ways of conducting business.
Evaluating Your Personal Situation
Ultimately, the decision to leave your job for an MBA is deeply personal and depends on your individual circumstances. Here are some key questions to consider:
Financial Stability: Can you afford to take a break from your income? Do you have savings or scholarships to support you?
Career Goals: How will an MBA align with your long-term career objectives? Will it provide the skills and network you need to advance?
Industry Norms: How do employers in your industry view MBAs and career breaks? Will an MBA enhance your prospects or is continuous experience more valued?
Work-Life Balance: Are you prepared for the intensive workload and the impact on your personal life?
Support System: Do you have a strong support network to help you through the challenges of an MBA program?
Making the Right Choice
Deciding to leave your job for an MBA is never an easy decision. There are pros and cons for each factor, and it is very crucial to weigh them carefully. Many people find themselves at this very juncture, and the insights and experiences shared by them act like a beacon of guidance. Whether one chooses to pursue an MBA full-time, part-time, or as an executive, ultimately the consideration needs to be filtered through the prism of personal and professional goals. Remember, no two circumstances will be the same; therefore, the best answer is the one that is applicable to your unique circumstance and aspirations.
Ultimately, an MBA could be a life-altering adventure, opening new horizons and propelling one toward the realization of career aspirations. You should weigh your pros and cons and consider your situation to make a well-informed decision that sets you on the road to success.
