So what? Was the MBA really worth it? This is the natural question that I ask myself, and get asked, now that I have spent almost R150,000 and committed two years of my life to undertake it. Before the question can be answered though, I think a person needs to understand the common reasons as to why people do MBAs.

Looking back on my MBA peers of the past two years, out of the total 180 enrolments, only about 150 people will graduate in 2009, with the balance having deferred their tuition or dropped out altogether. Also, approximately 85% of the MBA students’ employers have paid for their tuition. Furthermore, to get into the programme, the academic institutions apply rigorous profiling criteria such as work history, intellectual aptitude evaluations, and demographic characteristics including age, gender and race. The point is that MBA students tend to represent a diverse group of people, and to be accepted into a respected and recognised MBA programme is no easy feat.

Given this backdrop, what are the common reasons people have for doing an MBA?

Below is a list of some of the reasons that I have encountered:

• Progression to the next stage of their career
• Networking opportunities
• Intellectual stimulation
• Entrepreneurship opportunities
• Sense of achievement
• Greater earning potential

Some of the reasons not openly given include:

• Competitive advantage against other candidates, particularly those that were historically disadvantaged.
• Entitlement, whereby an MBA is a rite of passage.
• Boredom (believe it or not there are a few MBA students who don’t have to work, but do it to keep themselves occupied!)

One learning experience for me over the past two years has been that, in reality, some of the reasons for doing an MBA do not necessarily hold true. For example, 85% of people who do the degree for entrepreneurial reasons never become entrepreneurs.

Furthermore, companies these days employ for attitude and train for skill. Likewise, people who complete MBAs generally operate at a senior level, where the primary requirement tends to become competency and not qualifications. Another question that needs to be asked is how common is an MBA these days and does it still hold the clout it used to?

Again, so what? Is the MBA really worth it? The answer is yes, provided that you are 100% sure and committed to the reason why you want to do it, and you also understand the opportunity cost and market perceptions that accompany it. Why? Before, during and after the MBA your reasons for doing this degree will be continually tested. If you struggle to answer the question, aside from your money, you are wasting your time, and it is not worth waiting until the end of the programme to try and answer the question.

After all, the one thing in life we don’t accumulate is time and, aside from our health, it is the most precious luxury we will ever own, so spend it wisely.