You're considering an MBA for a strategy career. What do you need to know before making the decision?

I'm not sure why this is asking about "why an MBA for strategy", I think strategy goes hand in hand with business. The better "why" question is the personal one. Think about why you're wanting to take a career break, why you're wanting to pivot, why you're interested in learning more. An MBA is a huge investment in resources, time, and money. The value of an MBA isn't in the learnings, you can learn how the top strategists work in any industry from YouTube or take short certificated courses that will give you the skillset you need. The real value is in the network, so I'd weight any decisions about what program based on location and who you're going to be there with.

When I decided to pursue an MBA I did so because I would be pulled into these meetings and people would use business jargon (market-entry, profit pool, leverage, synergy, etc.) that I had NO CLUE about. Wanted to learn that stuff... Did an MBA help me learn strategic acumen? Yes! Did an MBA help me with learning business overall? Even more emphatic YES! But how? Well, an MBA helped me personally because I went to a great program, with an amazing structure, with Nobel-prize winning academia, with a class cohort so smart that they raised the quality of my learning to dizzying heights... Where and in what format you do an MBA matters, so do the relationships you make, and the mindshare you put into that learning.

The starting point has to be assessing your current skillset, your superpowers, and the gaps that you need to address in order to have a successful career in Strategy. Then you need to define what are your short term and long term career goals in strategy - you (literally) need to define the product roadmap where you are the product. It's based on this work that you then have to ask yourself if an MBA will help me reach my goals quicker and more effectively than without.

An MBA will give you a higher education, but your past experience before you take it is very important. You won't get hired just because you have an MBA. If you want to advance your career in a target sector like Strategy, then first work pre-MBA in that sector in a junior role, so that when you graduate you will align with your post-MBA employer's job spec (really any entry-level role with a strategic element to it). You will also need to study Kaplan's MBA prep course for the GMAT test to get a great score (an MBA entry requirement).

An MBA can be valuable for a strategy career because it provides a comprehensive business education, enhances analytical and problem-solving skills, fosters collaboration with diverse peers, builds a strong professional network, and carries reputation and credibility in the job market. While not the only path, an MBA equips you with a strategic mindset, leadership potential, and a well-rounded skill set that can differentiate you in the field.

At the end of the day, an MBA is one alternative to learn strategy and (through interships and many opportunities) to practice. Of course it requires time and money, but in my experience, what you get out of the MBA is defined by the student. I was working full time and had younger kids when I did mine (on Saturdays), so I know I did not take advantage of all the extracurricular opportunities. And the reason this matters is because you clearly see how the people that invested more time in the MBA and the different activities around the program (conferences, clubs, etc.) where better equipped at going into their desired career path, including Strategy.

Challenges include the rigorous academic workload, balancing studies with work or other commitments, the competitive nature of MBA programs, and the financial investment required. Additionally, crafting a unique strategic perspective amidst a cohort of ambitious peers can be demanding.

For sure you have to consider the ranking (from multiple sources) and prestige of the program itself. You also have to make sure that the program provides the right courses for what your career and learning goals are. In my personal experience, the most important piece of information will come from researching the alumni network (how many are in strategy, at what level, in what companies, etc.) but also talking to alumni. I remember talking to alumni from several programs I was considering and it was through the interaction that I knew where I would have the best cultural fit.

Consider factors such as program reputation, faculty expertise in strategy, curriculum flexibility to tailor to your specific interests, access to relevant industry connections and resources, opportunities for experiential learning such as internships or consulting projects, and post-graduation career outcomes in strategy roles.

Test for the relevance of THAT specific MBA program in THAT specific profession space WITHIN strategy. What does this mean: you understand the areas of work you'd like to pursue within strategy AFTER your MBA, then decide how your MBA program is valued for the roles you seek. Those areas could be consulting, mature tech, startups, energy, manufacturing, auto, consumer goods, etc. Not all of them require or value an MBA - check the profiles of specific roles within your targets and learn how your MBA program is valued by talking to people. Did I do this really well - I'd say mostly. I left a program midway because I realized it failed the above test...and then was lucky to be admitted into a world-class school.

If you're aiming for a career in strategy, choosing the right MBA program is key. First of all, reputation matters – look for top business schools known for strong strategy programs and connections to major consulting firms. Make sure the school offers a strategy concentration and that the courses actually sound exciting to you – things like competitive analysis, innovation, or frameworks for making strategic decisions. Check out who the professors are – ideally, they've done strategy consulting or held high-level strategy positions themselves. Schools with hands-on projects or strategy clubs are great too. Finally, think about your own end goals. Do you dream of management consulting, or maybe heading strategy at a big company?

Every school is different in terms of the process to apply and the considerations to accept you into the program. However, one thing that I have notices in all programs, over multiple years, that boosts your chances: get a letter of recommendation from a current student or an alumni of the program. In most programs setup around cohorts, cultural fit is critical so I assume that when the program sees that someone who is very familiar with the program (student or alumni) vouches for your, it gives you instant credibility.

Prepare by honing your analytical and critical thinking skills, gaining practical experience through internships or relevant work experience, familiarizing yourself with business concepts and current trends in strategy, networking with professionals in the field, and refining your communication and leadership abilities.

Before pursuing an MBA for a strategy career, prepare by: - Select MBA degree program; that is, a strategy focused one. - By laying the groundwork in business fundamentals. - The opportunity helps students to perfectly utilize their skills for work while studying. - Establishing ties with people that work in the field. - Considering these things, planning GMAT/GRE examination if relevant.

I'm not sure if this is universal of all MBA programs, but I feel like my MBA was really good at helping me see the world from multiple points of views. For example, after taking the Finance I course I was able to go back to my organization and have a better understanding of how we were performing financially. Something similar happened after taking Operations, where I started to see where we were wasting time, accumulating WIP, etc. At the end, the MBA program helped me see situations from multiple points of view as well as to be more creative around the solutions. Both of these skills are necessary for a Strategy career, so an MBA will inherently be beneficial for a career in Strategy.

Leverage your MBA by actively participating in strategy-related coursework, seeking out opportunities for hands-on experience through internships or consulting projects, building relationships with faculty and industry professionals, joining relevant clubs or organizations, and continually seeking to apply what you've learned to real-world strategic challenges.

Consider the potential return on investment of pursuing an MBA for strategy, both in terms of career advancement opportunities and financial implications. Reflect on your long-term career goals and how an MBA aligns with them. Additionally, assess your readiness for the demands of an MBA program and ensure you have a solid support system in place to help you navigate the challenges.

An MBA can certainly provide a jumpstart to your career, furnishing you with a potent blend of knowledge to develop the needed expertise. However, bear in mind that it's no guarantee of reaching your ultimate goal. Much like owning a sword doesn't ensure victory in a battle, it's the consistent practice and dedication that endorses a resilient fight. Similarly, an MBA offers valuable tools, such as a comprehensive business perspective, a robust network, in-depth functional knowledge, and practical internships, to adequately equip you for the corporate world. Yet, the real test begins when you step into the field, where it's your tenacity and relentless hard work that will determine your success in the long haul.