Is it a good time to do an MBA in UK?

Hi folks,

I always wondered if this blog would serve its purpose and if it would actually be of any use to anybody. My intention as I have mentioned earlier was to provide info about SBS to help you make a decision, to provide insights which I never had when I decided to shift to UK. Let me tell you at this point, I am overwhelmed by the response from the readers. Since my last post in Nov 2008, I have recieved over 3000 mails from across the world. I had taken a break from updating this blog since I was finding it difficult to squeeze out time from my hectic work schedule in London. But I have realized that it's unfair on my part to not respond to the numerous queries since I was the one who started this with a mission to help all who want to become a part of the SBS family. So please accept my sincere apologies for not being around all this while. And hey, I am back now!

There's a lot of catching up to do and let me start by answering a very common question - Is it a good idea to do an MBA in UK given the financial crisis?

The answer is yes and no. 

For me doing an MBA was a major investment and a great risk. When I say investment I am not just referring to money. Typically someone joining an MBA program in a good business school has about 3 to 5 years of quality work experience. The average age in my class at Strathclyde Business School was 29. It takes great courage to leave a well paying job and invest one year of your life (2 years if you are not doing it from UK) to chase a dream for a better future. And it's risky since you don't know if you will be able to cope up with the pressure and even if you do what lies on the other end of the year can never be predicted. Let's take my example. 

I was a brand manager in one of the largest media coglomerates in India and simply loved my job. But I wanted to push myself further and see how people do business around the world. I wanted a career shift into consulting. Thats the reason why at the age of 28, I decided to give everything up and do an MBA from Starthclyde. I spent all my savings to pay for the course. Mid 2008 when I was well into my MBA program the global economic crisis started getting worse and by the time I graduated most of the firms I wanted to join were reducing headcount to stay competitive. To be honest with you, I was extremely distressed. However I decided not to give up. I shifted from Glasgow to London since I felt the city offered more opportunity in the area of my interest. For 5 months I applied for positions in all the firms I was interested in and recieved nothing but rejections. The unemployment figure in UK crossed 2 million in March 2009. So here I was in one of the most expensive cities in the world with two MBA degrees, 5 years of work-ex in a mid-management position and no job! My savings were all gone and to sustain myself I did part-time jobs at retail stores. I even worked as a traffic surveyor for Transport for London for a few weekends ! Not so long ago I could dine with my girlfriend at any 5-star restaurant in India and now there were days when I had less than £5 in my wallet. It might sound dramatic but there were times when I had no money to buy cigarettes and trust me it hurts...it breaks your morale. 

But I didn't give up. 5 months after graduating from Strathclyde I finally got the break I was looking for. I got an offer from the consulting division of Deloitte in London.

So, if you asked me whether it is a good time to do an MBA in UK, I would ask you to weigh your options. UK is going through a very difficult phase right now. The markets may improve and there are some early signs of the same but to my understanding it would not be before well into 2011 that we can breathe easy. If you do choose to join an MBA program in UK it may be prudent to return to your native country or start something on your own or take up a job anywhere in the world which is less affected by the recession. However if you want to build a career here I suggest you prepare yourself for a lot of struggle. In case your plan is to work in UK, there are a few things I would advise you to consider:

1) Do you have a specific skillset which has a global appeal? So for example if you are a SAP expert or have experience in high finance (derivatives market, hedge fund etc) you have a better chance of getting a good job.

2) Some industries are less affected as compared to others. So for example if you have a solid background in Oil & Gas or experience in a niche area within IT or Management Consulting you might find it easier.

3) If you have prior experience of working with an MNC preferably in Europe its a good advantage. Prior UK experience is a great bonus.

4) More than level of education, UK places emphasis on years of experience. So if you have substantial years of  mid-management level experience it will help.

5) If you are eligible to work in EU countries without requiring a visa it is a great advantage. 

6) If you are fluent in a few major european languages like French, German, Spanish or Italian apart from English its a great selling point.

I hope this post gives you a few useful pointers. Keep mailing and putting up comments on the posts and I shall try my best to resolve your queries.