You Don't Need An MBA to Be An Executive
Fifteen years ago I was trying to understand how to make the jump from the manager/director level to the VP/C-level. I had moved along pretty well in my career as an engineer, product manager, and business developer, but I knew I was missing key skills and experience to be an effective executive. "What got you here won't get you there" rang true to me, but I just didn't understand what experience or knowledge I was missing.
After a lot of research, listening to management/leadership podcasts, reading management/leadership books, and talking to executives in my network, I determined the best way for me to move up would be to get an MBA.
I spent two years working on an MBA at Georgia State University, and in 2010 I graduated near the top of my class. My MBA was (and still is) a source of pride and honor for me - I was the first in my family to finish undergraduate school let alone achieve a masters degree.
As special as that degree was to me, it did nothing to help me move upward in the company I worked for at the time. I recall one executive in my company telling me "I don't know why you're spending so much money on this degree. It's not going to help you get promoted here"
This well-meaning executive was right. I wound up leaving that company to start my own business mid-way through my MBA program. I figured if I wasn't going to move up in that company, then I'll make my own opportunity.
Running my first startup was a crash course in how to be an executive. It was an absolute hot mess. Getting an MBA helped give me a foundation for business concepts. But it did absolutely NOTHING to help prepare me to be an executive.
We grew that first startup to 35 employees over 4 years. I had to learn how to lead, motivate, manage, and care for all of these individuals in ways that were different but equal. I didn't do this well. I made just about every mistake possible. The one thing I did do well, which let us actually succeed in spite of my leadership failures, was to inspire my team around a greater cause. It helped to have super-creative and passionate people on the team
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Does An MBA Make You A Better Executive?
An MBA provides a great base of knowledge and an understanding of the machinery of business. You learn about supply chain, macroeconomics, financial analysis, ethics, statistics, etc. You DON'T learn much about leadership from the curriculum.
The elements of executive leadership you need to be successful are better learned through a few skills outside of the classroom:
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Relevant Experience: Gaining practical experience in leadership roles can be just as valuable as an MBA in terms of gaining skills and knowledge needed to be an effective executive.
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Networking: Building a strong network of professional contacts through industry events, conferences, and personal relationships can be just as valuable as an MBA in terms of opening doors to executive opportunities.
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Alternative Education: There are several alternatives to an MBA, such as specialized programs, executive education programs, or coaching & online training that can provide the skills and knowledge needed to become an executive.
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Unique skills: While an MBA provides a broad business education, it may not be the best fit for individuals who have specific skills such as technical expertise, creative problem-solving or excellent communications skills that can be leveraged in executive roles.
Personal characteristics: Some executives are successful because of characteristics such as determination, strategic thinking, and inspiration rather than their formal education.
The most important factors in becoming an effective executive are the ability to communicate your thoughts and decisions clearly and confidently, and inspiring confidence in your team, peers, and leadership. No diploma or educational program can instill those traits in you as effectively as on-the-job experience will.
The Costs Of Getting An MBA
Getting an MBA is better than not having one, but is it really worth the time and money in the 2020s? Here are a few potential reasons to avoid pursuing an MBA and instead finding opportunities to grow your executive skills in other, less costly (in time and money) ways.
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Cost: MBA programs are ridiculously expensive these days. The cost of tuition, textbooks, and living expenses can add up quickly. Additionally the opportunity cost of taking time off from work can be significant. Ask me about how many weekends I missed with my young sons to write 20-page papers about some inane business topic.
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Time Commitment: MBA programs on average take between 18-24 months, and for each hour in class you'll need to devote at least 2 hours to homework, reading, and teamwork exercises outside of class.
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Competition: MBA programs are insanely competitive. Students may need to work hard to keep up with the demands of the program and maintain their grades.
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Stale, theory-focused curriculum: MBA classes tend towards theory rather than practical experience. While the professor may have some great ideas about how an economy *should* work, or *did* work in the past, no theory ever survives contact with the real world. Worse, most programs are teaching outdated theories that aren't inclusive of current business practices and trends. Students will almost certainly need to supplement their education with additional courses or workshops to stay current.
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Limited job opportunities: Although an MBA can open doors to new job opportunities, the market is in significant flux right now, and there's no guarantee that a 2-year, $50K investment in an MBA will net a specific job or salary increase that generates the Return on Investment (ROI) you might hope for at the beginning of the program.
In the end, I wouldn't necessarily say that getting an MBA is detrimental to your executive aspirations, but it's not going to prepare you any better to be an executive than gaining real-world experience as a leader in your current organization, starting your own company, or working with an executive coach who can teach you what you need to know.
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