Getting an MBA is not a golden ticket to success, experts say, but it does increase the odds of achieving a prominent position in the business world, especially if the MBA comes from a top business school.
Experts say that, without an MBA from an elite business school, it is very difficult to get fast-track jobs at certain prominent firms, like McKinsey & Co. or J.P. Morgan.
“If you want to go for one of those types of companies, it’s pretty clear what you want to do,” says Peter Vanham, author of “Before I Was CEO: Life Stories and Lessons From Leaders Before They Reached the Top.”
Vanham’s book describes how various Fortune 500 CEOs rose to prominence and offers insight into what distinguishes business people who reach the pinnacle of their profession. Some prominent CEOs advanced without attending business school, he says, but there are certain industries, like management consulting, where an MBA is usually necessary to get ahead.
U.S. News contacted executives in various industries who have MBA degrees and asked them what the most important lesson was that they learned during their program and what advice they would give to prospective MBA students. Here are four executives who say that their MBA program helped them succeed.
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Nicole Sahin
Title: CEO of Globalization Partners, an employment services firm
Where she earned her MBA: Middlebury Institute of International Studies at Monterey, which is associated with Middlebury College and was previously known as the Monterey Institute of International Studies
Her takeaway from the MBA: During business school, Sahin realized that a person who used his or her MBA in the for-profit sector could potentially make a meaningful and positive contribution to society. That led her to switch from pursuing a career in the nonprofit sector to becoming an entrepreneur. “Business doesn’t have to be evil,” she says. “You can choose what kind of company you work for and what kind of company you build.”
Her advice on b-school: Sahin urges prospective MBA students to get significant work experience before starting an MBA program so they can use the wisdom that comes from work to thrive in their courses.
Les Williams
Title: Chief revenue officer at Risk Cooperative, an insurance brokerage firm
Where he earned his MBA: Harvard Business School
His takeaway from the MBA: Learning the value of staying silent in a business conversation unless you have something significant to say was an important insight Williams gained during his MBA program, he says. Williams says he learned to speak sparingly in MBA courses so his words had weight and professors and classmates took him seriously.
His advice on b-school: “It gives you a really big network so whatever you are interested in down the road, it will take you there,” he says. The network he developed at Harvard Business School has helped him get jobs and clients, he says.
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Dave Wright
Title: Managing director in the private banking and investment group at Merrill Lynch
Where he earned his MBA: Kellogg School of Management at Northwestern University
His takeaway from the MBA: MBA classmates inspired Wright to be more ambitious, he says. “One of the terrific benefits of business school is that it surrounds you with people who are driven, and it raises your game.”
His advice on b-school: Although MBA degrees are an expensive investment, Wright is “a huge proponent” of the degree, he says. “It broadens your skill set and and surrounds you with like-minded people who will push you further and higher, but it definitely requires some sacrifice.”
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Peter Faricy
Title: Vice president of Amazon Marketplace, an e-commerce platform owned by Amazon
Where he earned his MBA: Ross School of Business at the University of Michigan–Ann Arbor
His takeaway from the MBA: Courses that required Faricy to solve problems faced by actual companies gave him a better understanding of how business works than is possible in a theoretical course, he says. “The benefit of action-based learning is it really gives students the advantage of being able to put theory into practice,” he says.
His advice on b-school: Aspiring executives ought to get an MBA, Faricy says. “If you enjoy business roles and you want to do this for the long haul, I put the MBA in the no-brainer category.”
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How Business School Helped Executives Succeed originally appeared on usnews.com
