“Should I get an Masters degree or a MBA?”
It’s a question fresh graduates always ask themselves after their first degree.
Straight answer – for most people, an MBA, a MSc is a waste of time and resource.
The cost ranges between $40,000 to $150,000 for a 2-year program. If you decide to do it locally it costs between $1000 to $5000 depending on the program you want to do and in which institution.
Most MBA programs and MSc degrees require you to trade your employment for the classroom for a couple of years.
The opportunity cost, both in terms of time and money is forcing the question – what are the alternatives to this degrees?
The two most valuable components of a business school program are – curriculum and network.
If you can substitute those two factors in a smart and intelligent way – you can gain a lot more experience, street smarts, credibility and focus in the areas of business management you want to improve. But hey, different people have different reasons why they do it, for some it is for job advancement, for others it is for personal advancement…for me, it is just to say ‘I did it’
Just in case you seek alternative methods for this ‘advancement’ the following 5 resources are ways for you to invest in real-world education versus classroom training. None of them will cost you a six-figure sum or take two years to master.
Before we get into the alternatives, let me clarify that graduate programs are helpful for some of you.
If you are in the corporate world and you intend to stay there – an MBA is a smart choice to give your career a boost. Alternatively, if your education is paid for through a government grant or your current employer, a graduate school program is probably worth your time and effort.
However, for most people, an MBA is a waste of time.
Often, it’s the lack of information on alternatives to an MBA that drives people to enroll in a graduate program. Some of the lessons I learned from my MBA degree were great in theory, but nothing taught me more about business than trial and error in the real world.
Here’s a list of 5 alternatives to consider instead of shelling out a six-figure sum for an MBA or MSc degree.
You could do free Online And Offline Resources
Spend 30 minutes a day learning on your own.
A good business school delivers two main values – quality educational content and a network for future business opportunities.
Information is no longer monopolized by universities. Search engines and various knowledge providers offer the same content for free.
Accessing content is simple. There are online courses such as OpenCourseWare or Coursera. You’ll get to watch university lectures at no charge.
Prefer to hear stories from current and past successful entrepreneurs? Then listen to podcasts. Internet has made our lives easy so explore it.
Specific Education Resources Online
I am not referring to online MBA courses. For ongoing value, sign-up for an ultra-specific resource based on your desired skill set.
Additionally, joining online education membership sites offer excellent opportunities to build a network in your industry.
In the Zero to Launch program, Ramit Sethi shares ideas on how to make money starting a business. He teaches entrepreneurs to figure out what are people going to pay for and then providing the education needed to get the ball rolling.
The education is not just for online businesses. It is applicable to offline businesses too.
These resources are not free, but they are a far cry from the cost of a full MBA program and they get you moving on a definite path.
If your business plan doesn’t work, you spend a lot less and realize faster that you need to change track. After all, the key to success in business is to fail fast and try again.
You can hire a personal Coach Or Find A Mentor
An experienced person can teach you more than what you learn from a degree. Their real-life experiences can shape your own journey of success.
Top athletes hire coaches – to correct them, keep them motivated, give structure to their training and systemize their routines.
A coach will make time to specifically train you but you will have to hire the right coach.
Mentors, on the other hand, are usually not paid. Think of them as a guide – someone who has walked the path and can show you the way.
A person who has already reached a position that you are working towards achieving.
In your quest to find a suitable mentor, meet and talk to as many leaders in your industry as possible. Ask them how they got to their current situation, what resources they recommend and what books they would suggest you read.
Make sure they are willing to spare time to meet with over lunch or a drink on a regular basis.
Join An Organization That Develops Leaders
Real leadership is developed in the real world. Yes, this is a real life hack.
You can make a deep impact on communities by joining the Red Cross or the Salvation Army or contribute to the military’s progress by joining the Soldiers.
Whether your mission is to promote understanding between Nigerian volunteers and the communities they serve or to win battles for the nation, you’ll quickly learn that a leader leads from the front and you always lead by example.
You may have to take a pay-cut and put off lucrative careers in other industries, but joining one of these institutions is a great alternative to an MBA or MSc.
The values you make part of your internal system through your experience with one of these institutions will guide you for decades.
Instead of relying on a business school education to help you succeed, you start to practice skills that make a tangible difference. You get to participate in projects that show your ability to impact in the real world, by working on practical problems.
Start A Business
I highly recommend starting your own business – no matter how small. I do not care how old you are, whether you are 21 or 71 the difference darling is time.
Entrepreneurship as a subject has been added to many MBA curriculums and MSc in recent years. But you don’t need to spend two years stuck in class and foot a hefty bill for tuition to get started.
For valuable lessons that can’t be taught at school, you need to stop dipping your toes in the water and dive right in.
Operating a business is going to expose you to marketing, advertising, finance, accounting, operations, strategy and management. Key skills you may not get to learn through a fixed curriculum.
You will most likely fail initially, but stick with it and you’ll get the hang of it.
I was 22 when I decided fully to start a business with my friend and it looks like it is stagnant but to be honest nothing is the same. There are tons of progress even if we have not made a dime, with dedication it can only get better.
If you had to hire someone to work in your company, whom would you prefer – a candidate who built a successful and profitable business in two years or a candidate who sat through lectures and reviewed case studies and business models to obtain a degree? I really need to know your answers.
So this article is not to condemn peoples academic pursuit as am guilty but what it is meant to do is help you search your soul to understand if you really need or know what you are doing and why. Hence, the alternatives I mentioned. Good luck making the best decision in life.