Question: I have been working in my current job for three years, but my salary has only improved by 10 per cent so far. I really want to significantly increase my pay. I hear that people can at least double their pay after getting an MBA. Should I go get an MBA then?
Emma:
A lot of people do receive a significant pay rise after getting their MBA, especially if they go into fields such as consulting, investment banking, private equity, and asset management. However, getting a pay rise is not a guarantee and it is also heavily influenced by market conditions.
From the outside, you might think that these individuals were able to accomplish what they did “just because” they got their MBA. But it is a big myth and the most misunderstood piece of information available out there in the market.
More often than not, you can find that these individuals, who got into competitive MBA programmes and into well-paid fields after their MBA, were very competitive in their career and academics before they started their MBA. They might already be in key roles in multinational companies, in fast-track careers, or have started their own businesses. Many were already making their mark on their career journey. Getting an MBA often enables them to kick their career up a notch to the next level, switch to another, similarly competitive field if they so desire, or make the important network contacts they need to help jump-start their own businesses.
To be successful in your career, you need to have a high sense of self-awareness, pick the right field, work hard, connect with the right people and add timing and luck. Many who are “stuck” in their jobs often think that getting an advanced degree is the panacea to all their problems. No, it’s not. An MBA is not a magic wand that will grant you all your wishes “just because” you spend two years studying. It doesn’t change you into someone you are not.
