A lot of girlfriends of mine are struggling with whether to pursue an MBA or not, in order to advance their careers. I think society has put certain pressures on you to feel like you need one in order to get ahead in life, but that’s just not the case. Alright, maybe if you’re an I-Banker you’re going to need to pay to play and get one, but otherwise you can skip it entirely, and continue reading. Bill Gates didn’t have an MBA when he launched Microsoft, and Mark Zuckerberg certainly didn’t start Facebook with one. The list goes on, and you get my point.
Let’s cut to the chase on why they’re actually a waste if you’re looking to get ahead and actually build wealth. It’s not unheard of for an MBA from a top school to run you $320,000. That’s quite a price tag. If you took that $320,000 and invested it into something with a 5% annual return, you’re looking at $2.3 million dollars after a span of 40 years. That’s presumably when you want to retire anyway, if not sooner.
There’s also significant evidence to suggest CEOs of companies with MBAs are not as successful as CEOs without them. Additionally, only 32% of CEOs hold MBAs worldwide, if you even want to plan a route of being CEO. There are other ways to get ahead, and there are plenty of smarter options for you. Let’s dive into what you can do to get ahead without wasting your money and time!
Think Ahead To Get Ahead
What are you going to need for your next career move? What are you going to need to get to the top of your industry? Ask yourself this, figure out what skills, tools, experiences you need, and start building on this now. It doesn’t pay to wait on this one. Always be thinking ahead. That’s how you get there.