“There is no concrete answer to this question as it highly depends on the individual and his/her personal goals.” said Ujjwal (virtual profile), an entrepreneur, who completed his MBA from IIM Ahmedabad in the year of 2018.

He did his MBA to build a strong network of alumni, transition his career from engineering to business background and gain credibility while learning in a structured environment and he was certainly able to fulfill all his objectives. But that was back in 2016, and now in 2024 times have changed.

There are much more options available like Co-horts, Paid courses, Free Online resources or the evergreen Learning by Doing approach.

For people considering to go for an MBA in 2024, they should always keep in mind the following points:

  1. Personal Goals

    1. Do you want to fast track your corporate career or get into the senior level Management roles? Then going for an MBA might be one of the best options available out there.
    2. Do you want to learn about business and build your own too? Sure MBA will help you to a significant amount w.r.t learnings, network and exposure but it requires a significant capital investment and you have to really look into the pros and cons
    3. Are you just lost, and don’t know what to do next? Then doing an MBA might not be the best option because of the commitment and time involved. You should take out some more time to introspect and figure out if your really want the MBA life.

  2. Calculating the “Return on Investment”

    1. If you are funding your MBA by taking an education loan, then you have to keep in mind that you will have to repay the debt afterwards, and it will require a stable source of income, unless you have other methods figured out.
    2. Before getting into the PG program do calculate all the costs involved - Money, time and opportunity costs. Then consider that in how much time and with how much effort you will be able to break even and will you be able to make a significant return or not. Returns can be calculated in terms of Networks, Career Growth, Experience and Exposure etc.

  3. Is this the right fit for you?

    1. Would you be able to work long hours required in the senior corporate roles? Do you like working in such environments?
    2. Do you have keen interest in Business Administration and the prescribed curriculum for the program you are opting in?
    3. If starting a venture, can you work in uncertain environments for long time, while being exposed to a significant amount of risk?

    Seek concrete answers to these questions before jumping in!

  4. Tier-1/Ivy League vs Others

    1. Doing an MBA from an IIM or a reputed institute and doing it from a local college makes a huge difference in terms of the prestige, credibility, network and future opportunities.
    2. Thoroughly evaluate the Faculty Expertise, Alumni Network, Industry connections and Placement Statistics of any Institute before joining it, as you will be making a huge commitment with your time and money.

In the end it all boils down to personal choices and hope the above pointers help you make better decisions for yourself. An MBA does not guarantee a successful and fulfilling life for everyone and should not be done just because of peer pressure or herd mentality.

As Ujjwal said, “Staying Resilient, Continuous Learning and being Ambitious while not neglecting Realism” are the traits, which guarantee success in the long term, irrespective of what path you choose.