Among rapid industry changes, shifting demands and heightened competition, research shows demand for business postgraduates remains high (GMAC Corporate Recruiters Survey 2023). Yet, many prospective students have questions they want answered before embarking on the world’s most renowned management qualification, a Master of Business Administration (MBA).
These are the 5 most common myths that stop people from starting their MBA studies according to Associate Professor Nicole Hartley, UQ's MBA Director.
Myth 1: MBA programs are too expensive
The 2024 Graduate Management Admission Council (GMAC) Prospective Students Survey found that cost is the most significant barrier to candidates across regions and demographic types.
But Dr Nicole Hartley believes it’s important to look beyond the financial investment you’re making by furthering your education to the return on that investment.
“A lot of MBA graduates will make back the cost of their MBA within a few years via a higher salary as a result of a promotion or career transition,” she says.
“Beyond the purely financial cost, you need to think about the investment in yourself both personally and emotionally. It is not often that we get the opportunity to undertake a venture that has the goal of broadening our view of the world, growing as leaders and becoming more rounded individuals. You can’t measure these things, but they are all well-documented outcomes of completing an MBA.”
Nicole says that while the cost may feel like a hurdle for some, there are plenty of ways to help manage or reduce the cost, including scholarships, payment plans, getting your employer to contribute or FEE-HELP.
“Our MBA team are experts in working through the options to ease the financial pressure while getting you learning as quickly as possible,” she says.
Learn more about MBA fees and scholarships or sign up for a free Q&A with our admissions experts.
Myth 2: Completing MBA studies while working is too hard
If you’re at the point in your career when you’re considering MBA studies, you likely also have several other commitments you’d need to balance while studying, including work and family. According to GMAC, student preference for hybrid learning (in person and online classes) has increased globally over the past 5 years (Prospective Students Survey 2024).
Many business schools have responded to this demand by developing more flexible programs that allow students to complete their MBA studies when and where it suits them.
The UQ MBA is a prime example of this.
“Students now have a broad range of choices for how they learn, from traditional face-to-face in-class learning to remote learning, across semester-long evening classes, through to short and sharp weekend courses,” Nicole says.
UQ MBA students can study full time over 3 semesters, part time over 2 years or adjust their study pathway as their priorities change. You can also choose where you attend classes on the day, from the comfort of home, at work or at our convenient Brisbane city location in the heart of the CBD.
Learn more about how to structure the UQ MBA to suit your schedule.
Myth 3: A recession is a bad time to start an MBA
Your MBA studies can empower you to add value in your existing job, prepare you to start a new position, or change industries altogether. In a tight job market, employers will increasingly look to hire professionals with cross-disciplinary capabilities like communication, data analysis and strategy. Employees who can deploy their knowledge and skills in an ever-changing environment will be in even higher demand.
This may be why total hiring for MBA graduates has increased over the last 5 years. Over the past 2 years, more than 75% of employers have hired MBA graduates across different industries (GMAC Corporate Recruiters Survey 2023).
“Through the current anomalies in our workforce, we’re seeing tighter labour markets across sectors," says Nicole.
"This has spawned both challenges and opportunities."
An MBA can be seen as an “extra tick” by potential employers. The qualification is also a clear sign that an applicant has invested in their professional and personal development.
“Whether you want to transition to a new career, take on additional responsibility in your existing job or even embark on an entrepreneurial exercise, an MBA is the best tool to do that,” Nicole says.
Myth 4: An MBA involves a lot of academic research
The purpose of MBA programs is to teach professionals the business leadership capabilities and innovative thinking skills required to excel in any career path they choose.
Nicole says many prospective MBA students feel concerned about the academic component of the program. This can feel particularly daunting to those who haven’t studied for many years.
While MBA studies do require some academic research and assessment, much of the learning is undertaken through debate and discussion with those in the classroom with you.
“We understand it may have been a while since people have had to dive into an academic journal, and we have a range of tools to bring people up to scratch,” she says.
“Ultimately, we are focused on our students’ ability to analyse, interpret and apply, not recite academic theories. This is the backbone of transformational leadership, learning through action.”
An example of how you'll gain practical experience in the UQ MBA is through the Impact Academy courses. Through these courses, you’ll work with an industry partner or on a new entrepreneurial venture to address complex business problems or explore new opportunities.
However, if you are interested in pursuing a research career, this is possible too. Our program gives you the option to complete a research methods course and your own research project. This can lead to a PhD or becoming a research expert on a business topic.
Myth 5: MBAs are strictly for top management and CEOs
When is the right time in your career to do an MBA? It’s the question asked by nearly everyone who has ever considered undertaking an MBA.
Most research shows the average MBA student will commence their studies in their late 20s or early 30s and have had at least a couple of years of management experience.
However, we believe that to reap the full benefit of an MBA, it's best to have a few years of relevant work experience in a leadership or management role under your belt.
“This doesn’t mean you need to be the CEO of a company,” says Nicole.
“We have people from non-business backgrounds, from the arts, the non-profit sector and small business all being accepted into the UQ MBA program."
The benefit of this is that students can learn from each other’s experience and knowledge.
“If you have some experience in thinking strategically about an organisation, overseeing staff or coordinating resources, you’re ready for an MBA,” says Nicole.
See where the UQ MBA could take your career
Article originally published on MBA News.
