It’s not common for someone to pursue a second MBA, but it does happen.
A second MBA could be useful for someone seeking career advancement or because the job opportunities have declined in the field tied to the first MBA.
If you’re determining whether to pursue a second MBA, here’s some expert advice that might help with your decision-making.
Benefits of Earning a Second MBA
Career trajectory would be one benefit, particularly for a professional looking to make a career switch, says Eddie Asbie, executive director of admissions and scholarship in the Samuel Curtis Johnson Graduate School of Management at Cornell University in New York.
In many cases, people getting second MBAs in the U.S. are foreign-born students who obtained their first in their home countries, he says.
[READ: How to Decide Between Top U.S. and Global MBA Programs]
“I think that we find that most candidates feel like there’s a kind of gap in their experience or what their previous MBA has to offer versus more of (what) … maybe a top-rated global program has to offer,” Asbie says.
And while most U.S. MBA programs prefer applicants with a minimum number of years in the workplace, sometimes students had little or no work experience before obtaining their degree.
For example, MBA students in India typically enroll in a program immediately after completing an undergraduate degree. They may find several years later that there was a better fit for a career in a different area of the industry, leading them to pursue a second MBA in a different field.
Does it Matter Which Business School?
The B-school a student attends can make a difference in job opportunities.
“Certain schools are known for their work, whether it’s in finance or consulting, sustainability or tech, for example,” says Asbie, adding that attending a certain school can also increase career recruiting prospects in a particular city or region.
The number of for-profit business schools has increased over the last 10 to 15 years, especially outside the U.S. But in many cases, MBA degrees from for-profit schools are not perceived as having as much value as those from nonprofit colleges, some experts note.
Prospective students should also be aware of the risks of enrolling in an unaccredited program. While U.S. higher education institutions must be accredited to receive federal funds — such as Pell Grants and federal student loans — accreditation is still voluntary.
Unlike unaccredited for-profit schools, accredited nonprofit institutions have to meet certain requirements for reaccreditation every four or five years, including faculty capabilities, that reflect on the value of the degrees they are awarding, says Kaushik Sengupta, associate dean of business graduate education in the Frank G. Zarb School of Business at Hofstra University in New York.
For-profit programs appeal to some students because they often are cheaper and shorter than traditional MBA programs.
[READ: How to Decide Between a Full-Time and Part-Time MBA]
Is Your MBA Outdated?
MBA-holders may find that they want to acquire another MBA because the curriculum they studied the first go-round is outdated, says Sengupta, who is also chair of management and entrepreneurship at Hofstra. This is particularly true when it comes to technology-related fields, such as artificial intelligence and cybersecurity, which have evolved greatly over the last 10 years, he notes.
“We always say this to our current graduates: That your degree you’re getting would get outdated in a few years. And then you need to re-up your skill, or you need to find a way to actually keep up to date on what’s going on with the world industry.”
MBA-holders who find themselves with an outdated degree might consider enrolling in a certificate program instead of going through a full MBA program, Sengupta says.
Why Should Someone Not Get a Second MBA?
The time commitment and cost of an MBA are two important factors to consider, Asbie says.
“I think a lot of candidates, they continue to go back and forth and think of the ROI of an MBA,” he says.
[READ: MBA Rejection: 8 Possible Reasons and What to Do]
There are other higher education options besides an MBA, such as one-year specialized masters programs and certifications that can advance someone’s professional career.
Some business schools place enrollment restrictions on applicants who already have MBAs, so those considering a second degree should conduct their research on a prospective program’s admissions criteria well before applying.
The Executive MBA Option
An executive MBA program is part time and designed for busy working professionals with at least five years of work experience, typically. It’s for those with corporate suite aspirations who want to continue working full time while in school.
In an executive MBA program, which usually ranges from about 18 months to two years, “you’ll refresh your knowledge of fundamental topics like accounting, marketing and economics while developing enhanced decision-making, mindset and innovation skills. Plus, as a part-time student, you’ll be able to apply your leadership skills immediately in your current role — a benefit your employer will certainly value,” according to MBA.com, a website owned by the Graduate Management Admission Council, which administers the Graduate Management Admission Test.
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Should You Earn a Second MBA? originally appeared on usnews.com
