With a price tag of about €35,000, choosing to do a Masters in Business Administration (MBA) is not a decision most would take lightly.
Not only is it a significant investment of money but it also demands time and dedication. Undertaking an MBA will have an impact on participants’ lives for the duration of the course, with students often having to miss out on events, cut back on their free time and spend less time with friends.
But there are reasons behind the high cost of education in the field. The skills and knowledge developed over the lifetime of the course can be as wide-ranging as they can be rewarding.
Variety of skills
John McMackin, associate professor in work, psychology and strategy group and programme chairman of the executive MBA at DCU’s Business School, said there are a variety of skills students acquire throughout their learning.
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“They would work on teamwork, on interpersonal communication, self-awareness. Then, of course, there are modules on strategy, leadership. We’ve a full module on entrepreneurship,” he said.
Some of the other skills acquired include finance, marketing and management, as well as more transferable skills such as critical thinking, focus, and the ability to network.
But Mr McMackin said one of the most significant, and often overlooked, elements of doing an MBA is the personal growth that accompanies the programme.
“People say that the executive MBA changes you in many ways that you didn’t expect. I think that’s true as a personal thing. You acquire leadership skills, you acquire skills, you acquire knowledge, but really I think it’s the personal transformation element of it,” he said.
“It’s about a change in mindset, it’s confidence and I think particularly with the female participants. I think the confidence and self-advocacy that comes with having the MBA helps overcome that imposter syndrome.”
He added: “A lot of our senior women participants said they felt like they were making it up as they were going along, but throughout the programme it validated them. It gave them that personal confidence and reassurance in their jobs.”
Mr McMackin said previously, MBAs would have been primarily completed by engineers who wanted to pivot. But now, participants are from a wide variety of sectors, including science, technology, and the civil service. There are also far more women taking part in MBAs than would have traditionally been the case.
“We’ve a whole group of other people who are kind of using it as a way to transition or a light transition to take a step back and look at their life, their work, their careers and how their life fits into that,” he said.
“We have three people [in DCU] this year who have kind of grown or sold their business and are trying to decide whether they should start another one or take a job somewhere. They are kind of using the opportunity to step back and think and reflect.”
One of the biggest benefits of the MBA is the focus on entrepreneurship, according to all of those involved in the sector.
“A lot of people who do an MBA will go on to start their own business. They learn about how to do a business plan, finances, and we really focus in on entrepreneurship throughout,” Mr McMackin added.
According to Eimear Nolan, director of the flexible MBA at Trinity College Dublin, an MBA can help people without a background in business to broaden their knowledge. There is a wide array of business topics covered throughout an MBA, she said, such as leadership in a climate emergency, ethics and corporate responsibility, sustainability, marketing, accountancy and finance, leadership and professional development.
“Such courses can provide individuals with a comprehensive understanding of the business world and help them develop skills that are transferable to a variety of industries,” she added.
‘Management positions’
MBA programmes can also open up new career opportunities for individuals and help them advance their careers.
“It can provide a deeper understanding of business operations, as well as the tools and skills necessary to succeed in management positions,” Ms Nolan said.
“Our MBA programmes can help individuals develop leadership skills, such as decision-making, strategic thinking, and communication. These skills can be valuable in any industry, regardless of your background.”
Due to the increased diversity of participants, an MBA now also provides an actual platform to make lifelong contacts. Networking is a vital component of success in business, with having connections not only making the process of finding new employment easier, but also beneficial when it comes to needing advice about overcoming challenges in the workplace.
“An MBA brings together individuals from diverse educational and career backgrounds who are also culturally diverse. This is the perfect scenario for innovative thinking and learning to emerge,” Ms Nolan said.
“Coupled with that, such a diverse cohort also allows for fantastic opportunities to connect globally with people and build relationships that can be valuable throughout your career.”
