Should you go for a second MBA? It has been 6 years since you completed your MBA, but the position at which you stand in your career right now doesn’t satisfy you. The reason behind this could be that you didn’t get the right career opportunities post your MBA or, you realized what you are doing is not your calling.
Thus, you are in a dilemma whether you should go for a
or not! This article might help you to simplify your decision-making process by evaluating the pros and cons of going for a Second MBA.
The past 3-4 years have seen a major surge in the number of people seeking for a second MBA. Earlier this used be a case with people who have done their MBA for obscure universities but now, people who have done their MBA from some of the top colleges also think of going for a second MBA.
But is a second MBA worth it? Let’s understand the Pros and Cons of it:
Benefits of A Second MBA
- Mature Perspective
In many countries such as India, a majority of the students go for their MBA just after their graduation without having relevant work experience. Thus, when you join an MBA program with no prior professional experience, it is less likely that you get an opportunity that aligns with something of your liking. And after the few years down the road, when you become wiser and you have a matured perspective towards looking at things, then you learn more about other areas and you realize that you boarded the wrong train in the on-campus placement melee.
- An International Career
This is one of the most common reasons why people opt for a second MBA. A person might have done his MBA from a reputed university in his home country. Though it might have provided him a great ROI, it failed to provide a global network and an international viewpoint.
- Better Institution
Probably you did your MBA for an obscure university and didn’t get the opportunities you aimed for, but after gaining a certain experience, when you have a better story and you have better chances of making it to the university you always wanted to go, thus you opt for a second MBA to accelerate your career. Just like certain passports mean lesser visas, a good brand also means more doors, more opportunities.
Cons of A Second MBA
- Opportunity Cost
Generally, people who opt for a second MBA, opt for an international MBA. International MBA is way more expensive. Also, if you have an MBA from a Tier 1 college already, chances are that you are at one of most productive stage of your career and your opportunity cost could be huge.
- Risks Involved
You might be looking for a change in your career trajectory through an MBA. But even after a second MBA, there are risks that you might not get the career change you aspired. Also, salary expectation of a person going for his second MBA is higher than a person going for the first time. This leads to fewer options and more risk.
A person going for this second MBA would have to put additional efforts while preparing his application. Also, not all the schools accept applicants who have already done their MBA before. At the time of the admission interviews, the university could also grind the candidate with additional questions on their stance of going for an additional MBA.
So, whether you should for your second MBA or not? Well, that completely depends on how you vision your career after completing the program. Though the Pros outweigh the Cons, one should always consider it as well.
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