In this Career Planning Tips series, I will share 5 factors to consider before choosing a General Management MBA program or a Specialist MBA program.
1) Career Trajectory
The career trajectory of an applicant determines the choice between a general management or a specialist MBA program. If you fear that you have been typecast as a functional expert and your goal of switching to the business side is limited, then a general management MBA will give you the opportunities into industries that will value your 3-6 years of pre-MBA experience. Once you are associated with a top MBA brand, employers will start taking risks on your profile because they know that you have gone through the rigor of learning in a world-class institution. For experienced professionals, a 1-year MBA is an opportunity to gain just enough General Management perspective to change the trajectory from the functional role to Product Management or any managerial roles that are a pre-cursor to a leadership role.
2) Employer Perception
Even if you are leveraging a top MBA brand to pivot, there are certain backgrounds that don’t allow you to switch functions. An applicant with strong creative skills will find it hard to switch functions that require strong quant skills. Even if you make the transition, the daily responsibilities are a poor fit for your aptitude. Those who are from adjacent functions with strong quant skills like Technology or Accounting will find it easier to switch into, say, Investment Banking. So regardless of whether you are choosing an MBA to switch industries or functions, start with your aptitude and choose an MBA program that allows customizing your experience right from the core courses. This is an opportunity to explore and find your true industry and functional fit. If you need help evaluating MBA curriculums, Subscribe to F1GMAT’s Career Planning Service
3) Qualitative and People Skills
For roles like Consulting and Venture Capital, you need both Quantitative and Qualitative skills. A functional expert will find opportunities in Consulting, and a Technology expert who has worked in emerging technology or industry will be an extremely valuable addition to a Venture Capital team. They can recognize the limitations and opportunities because they know the in and out of technology. So you have to think how your qualitative and people skills will be applied post-MBA. Such expertise is valued in a General Management MBA program like Stanford, Harvard, Yale or Darden.
4) Curriculum
The Curriculum plays a major role in the learning process. General management MBA programs like HBS MBA have designed their courses mostly for Career switchers. The first year includes the Required Curriculum, where students establish the fundamentals of Business Education, including Finance, Leadership, Marketing, Operations, Strategy, and Negotiations. The Elective Curriculum during the second year builds on the fundamentals, with students given the option to choose subject areas that are relevant to their career.
5) Short-Term vs. Mid-Term vs. Long-Term Value
Nearly every MBA application requires you to articulate short-term and long-term goals. Short-term goals are 1-3 years in a career horizon, and long-term goals are 10+ years down the horizon. But no one asks about your mid-term goals. An MBA will not be the first time you will evaluate your goals. You will do it again when you turn 35. At that time, if you are in an industry or function with extremely low mobility, your life will be miserable. So if you are switching industries or functions, do extensive research on where you are likely to be in the next 5-7 years.
Choose Specialist MBA programs if the industry or function has extremely high growth potential for the next 10-15 years and not speculative like Cryptocurrency. Also, choose a Specialist MBA like Luxury, Tech, Finance, or Consulting if you are certain that you will be in the industry for the next 20 years. This is applicable for Family Businesses or if you have an entrepreneurial goal that you want to pursue in the mid-term.
Choose a General Management MBA program if you want to get the foundational training to pivot into any industry or function where leadership skills are valued the most.
