An MBA can change your life – propelling you into a well-paid executive position, helping you change careers into a new industry, or enabling you to start a budding business empire.
Take Jaclyn Anderson’s example. Since enrolling on the online MBA at Warwick Business School in 2018, the mother of three has switched from an operational role to become head of strategy and founded a coffee roasting business as a side hustle – all without taking time off work or sacrificing her salary.
“The MBA has given me exposure to a range of business disciplines, pushed me out of my comfort zone, and built my resilience and confidence,” Anderson says. “Balancing my time is very hard, but using tech to collaborate with global teams remotely is more like the workplace of future.”
An MBA is a general management degree focusing on business fundamentals – finance, marketing and other disciplines. Full-time UK programmes usually take a year to finish, although some are up to 21 months long. They generally attract people in their late 20s or early 30s with a minimum of three years’ relevant work experience. Part-time executive MBA (EMBA) and online programmes are typically for older participants.
The content of MBA courses is regularly refreshed, to ensure its relevance in an age of rapid business change. The course at London Business School (LBS), for example, has introduced new modules on artificial intelligence (AI), digital strategy and computer programming.
But with automation poised to potentially displace some white collar jobs, it is the uniquely human “soft” skills taught on MBAs, such as leadership and creativity, that could future-proof your career. “AI has some way to go before it can – if it can – replicate that,” says Gareth Howells, executive director of MBAs at LBS. The best schools charge astronomical fees – at LBS the MBA costs more than £80,000, and even the cheapest UK courses are roughly £15,000 – but salaries on graduation could be much bigger than the cost of the course. At Saïd Business School in Oxford, 91% of the 2016/17 MBA cohort landed a job within three months of graduation, and the average salary was £71,550.
MBAs attract plenty of consultants and bankers, but Saïd’s students are a diverse bunch – there were 58 nationalities in 2016/17 and they came from many industries, including social enterprises, while some were entrepreneurs. Students work in groups to tackle real business challenges, some of which may be overseas – an experience that helps nurture a valuable network.
“It’s opened lots of doors for me in the London investment community and people have given me interview tips,” says Saïd MBA student Diana Kolar, 28, who is managing director of the Oxford Seed Fund, which invests in startups affiliated to the university. “Not earning a salary while you’re studying is a downside, and the classes are super intense, but I think the investment will pay off.” Despite the cost, getting on to an MBA isn’t easy; it usually involves writing essays, and scoring highly on an exam and interview.
“We look for energy, enthusiasm and people who will contribute to classroom discussions,” says Julie Hodges, associate dean for MBAs at Durham University Business School. “Tell us what you want out of the MBA and how you’ll apply your learning in practice to give yourself a good chance of securing a place.”
