What’s in a degree?
It's been 4 years since I uprooted my entire life in Nigeria and moved to Spain to pursue a Masters in Business Administration (MBA). Getting this degree was something I had dreamed of doing as far back as 2017 when I founded Independent Personal Assistants (IPA). In 1 year and a few short months I learned about Managerial Accounting, Corporate Finance, Mergers & Acquisitions, Operations, Corporate Strategy, Marketing, People Management, Public Policy and picked up a new language along the way.
I'm often asked why I decided to get this degree, if it's worth it and if I'd advise mid-career professionals to get an MBA. In writing this I hope to offer articulate responses to these questions and an answer to the title of this article.
Why this degree?
My longterm goal is to become COO or CEO of a Fortune 500 company. C-level execs of large companies are often required to know at least a little bit about all aspects of running a business. It shows competency and skill - often earned by spending a number of years in different functions/disciplines. Research also shows generalist CEOs are more likely to outearn specialist CEOs. In summary, I'm following the money.
A thirst for knowledge. Earlier in my career I would freeze when the topic of financials, numbers or any type of projections came up. It was a sore spot when I had to work on a profit and loss statement for my business or draw up 5 year projections for a major project I was working on. I identified Finance as a weakness but also realized I didn't know a lot about other key functions that make up a business.
Credibility. While I could easily have learned online for free - saving thousands of euros in school fees and the heartache of leaving everything and everyone I knew behind - I knew that completing a recognised degree and getting that certificate at the end of the program would open more doors for me than free Udemy courses would.
Travel and life experience. IE was one of 3 business schools I applied to all of which were in Europe and top rated. I wanted a degree from a prestigious school in Europe so travelling in the Schengen Area would be easy and relatively cheap.
Was it worth it?
A resounding yes. No question whatsoever. My time in Spain was enriching. I learned a lot in and outside the classroom, experienced a different culture and different way of life. I pushed myself outside of my comfort zone and to my limit in more ways than one.
Should mid-career professionals get an MBA?
Yes if:
Your motivations are similar to mine.
You are at least mid-career meaning you have at least 4-6 years fulltime experience in the workplace as an employee or founder or both. This is extremely important as a lot of the "homework" and class discussions in the MBA require you to draw on your previous experience. You're also graded on participation in class discussions.
You have access to financing. MBAs are not cheap especially if fulltime and from a top business school. I applied a mix of savings, an acquisition payout and loans to finance my MBA and the cost of living in Madrid.
So, what's in a degree? An expanded worldview, experience, network, relationships, blood, sweat and tears. None of which I would trade for anything.