“The things taught in schools and colleges are not an education, but the means of education.”
– Ralph Waldo Emerson
The case for an MBA
As you prepare your military transition you will find yourself asking the following question – do I have enough knowledge of the business world to make a successful career change?
As a military service member you understand the importance of ongoing education and training. No doubt you have completed throughout your career a number of courses in your branch of service. These have helped you develop your leadership, management, communication and technical skills.
The business world is no different. You will need to pick up new skills and knowledge as you enter the business world. The question to ask yourself is this – do I get a formal education in business or train myself?
Here are 5 reasons why you should seriously consider an MBA:
”The direction in which education starts a man will determine his future.”
– Plato
1. Learn the language of business. I wrote an earlier post where I stated you need to understand your customer’s language before you translate your military skills. I called this learning the language of business. An MBA is a great way to immerse yourself in understanding everything about business. The MBA degree title is misleading – Masters of Business Administration. You are not learning administration but general management. As a result you will be forced to learn all aspects about running a business – finance, accounting, organization development, operations, marketing, etc. Not only do you learn the language but you also have an opportunity to discover which area of business is most interesting to you.
2. Build your network of future colleagues and corporate recruiters. A strong network is a crucial component of success in the business world. An MBA can turbo charge your network by adding diversity to your contact base – managers and leaders from all walks of business life. This is especially relevant for military veterans whose network is predominantly one of fellow soldiers in uniform. Your classmates will be experienced managers and future leaders in other companies. Here you can exchange knowledge, experience and gain access to future job opportunities. For your immediate career needs the best network contacts will be corporate recruiters. Depending on the quality and prestige of your business school, you may be formally introduced directly to recruiters from leading companies. At the end of the day that’s one of the main reasons you enrolled – to get a job.
3. Add some business experience during your career change. One of the biggest challenges you will have when first interview with companies is your lack of business experience. It’s kind of a Catch-22 argument. You are having problems getting your first business job because you don’t have any business experience. You have no business experience because you only worked in the military. An MBA can help address this problem by helping you get some initial business experience. Most MBAs offer internships. These involve multi-month projects on a real world business topic at a companies’ office.
It’s a win-win-win situation. The company gets some valuable work done at an affordable price, business schools get exposure and research on a real world problem and the MBA student gets some hands-on experience. The best case outcome is you may identify a job opening for yourself after you graduate. The worst case is that you get to put on your resume some great experience. I used my MBA internship project at Coca Cola Netherlands to position myself for the first marketing job of my career.
4. Many positions require MBAs. The military service members who most benefit from an MBA are those with a career purpose and goal in mind. If your goal is to be a company executive, an investment banker or a consultant then having an MBA is almost mandatory. Even if banking and consulting is not your thing many other positions require or strongly prefer that you have an MBA. As I became a marketing executive I quickly found out that director-level positions ranged from preferring an MBA to requiring one. As you begin your military transition be clear about your career goal. You may find that an MBA is not just sufficient but necessary as well.
5. Investment in yourself and future earnings potential. Cost will be an issue. I’m not going to lie to you and say otherwise. MBAs are expensive. However, there is something to be said about the importance of investing in yourself. The knowledge you gain during an MBA degree will provide a foundation for the rest of your career. And you may earn more than if you don’t have an MBA. Most managers with a Master’s degree get paid more than those with a Bachelor’s degree. G.I. Jobs has a great article explaining the financial benefit of having a master’s degree. If you are fortunate enough to get into a prestigious top 20 MBA program the compensation you get in your new career may justify the expense.
Resources for Additional Information
Here are some resources for additional information on MBAs for veterans:
MBA Veterans. Here is a great site for veterans who are in the process or have attained an MBA. They provide an opportunity to network via their site and through conferences with hiring companies. Be aware. There are eligibility requirements based on the type of MBA school you attended.
Military MBA. This is a very useful site for all veterans considering an MBA. “Military MBA is an education network for military offices and NCOs who are interested in obtaining and applying their MBA graduate degrees for career advancement. “
G.I. Bill.com. Check out this site to see if your GI Bill can pay for your MBA.
Military to Business Blog. If you want to have an inside peak of what life is like at an MBA then check this site out. This blog is written by a former military officer who is now attending Harvard Business School – class of ’11.
That wraps up the case for an MBA. In my next post I will explain some of the arguments against an MBA.
Begin Your Heroic Journey!
Tom
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