Mid-Life Career Strategy: Does an MBA Make Sense For Career Planning?

Mid-life career changers often consider returning to school. Here are 3 reasons why you might consider getting an MBA… and when you might consider doing something else.

(1) Supplementing skills in a field where you are already successful.

An MBA degree has become extremely popular as a second degree to supplement an existing specialty. For instance, nurses and doctors are seeking business knowledge in such large numbers that some universities have created special programs for them.

This option makes sense if you can use the knowledge immediately and you can pay for the program comfortably. If you are not self-employed, make sure your employer or the employment marketplace will reward your efforts.

(2) Using an MBA degree to find a new career in a totally different field.

“Nathan,”  was employed by a firm that marketed business seminars. He wanted to work for a nonprofit firm that promoted green business. He couldn’t see how to make the leap so he thought, “Why not an MBA?”

Nathan needs to talk to at least 6 people who work in firms like the one he wants to join. He needs to target employees at sufficiently high levels in this firm, asking how they achieved their positions. He may find that firms in this field look for MBAs from specific schools, with specific majors and/or with specific experience.

Most important, if you choose an MBA for career change, make sure your program allows networking with other students. Once I taught a class in an Executive MBA program when one participant lost her job. Her resume landed on the desk of a classmate who recognized her and moved her application to the top of the pile.

(3) Using an MBA to get promoted within your own company.

“Susan” worked for a medium-sized company. She couldn’t understand why her promotions were blocked. Her bosses told her she needed marketing courses. When she completed her marketing courses, they said she needed finance…and maybe an MBA.

Susan needs to figure out if she really needs all this training or if her bosses are finding creative ways to turn her down, over and over again.

Generally you need to look at your company’s history. Sometimes an MBA from just about anywhere will give you a leg up the corporate ladder. But you have to think more broadly. Even with an MBA, you are not protected from company politics and downsizing. Consider what you would do if you had to take your MBA elsewhere. Would you still be recognized?

An MBA will be just part of your career planning challenge. To learn more about career change, visit http://www.MidlifeCareerChoice.com and sign up for the FREE 12-week Midlife Career Strategy e-course: 12 lessons delivered to your inbox. Do the suggested assignments and you’re guaranteed to get an “A” in midlife career strategy.

Or download my Report: Back To School For A Mid-Life Career Change.

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Mid-Life Career Change: Choosing an MBA or Doctoral Program Online

Choosing the wrong school can be hazardous to your bank account, your goals and even your current job.

On October 10, 2004, Sixty Minutes (a CBS-TV news program) featured a segment about a “university” that claimed to offer degrees through online courses. Many students believed they were signing up for a legitimate program. After all, the page looked fine and the school claimed to be accredited.

Accordingly, students forked over hundreds, even thousands of dollars, only to learn that these “degrees” would do them more harm than good. When prospective employers saw the university’s name on resumes, they were turned off. “We won’t hire someone who wants to go there,” they would say.  And one woman’s employer fired her on the spot after she began referring to herself as “Dr X,” honestly believing she had earned a Ph.D.

Students who signed up for these universities weren’t stupid. They had heard about programs that gave credit for life experience. They were told to write a paper that would serve as the basis for evaluating their experience. Sadly, many toiled over this paper, believing they would be evaluated before entering a degree program.  The school’s former employees reported that nobody actually read those papers. Only a few clerical employees served as the school’s “staff.” Their main job was to process checks.

The problem is: Prospective students usually realize they need to choose an accredited university. But what does “accredited” mean? Your university may have found a way to buy accreditation just as students find a way to buy degrees.

Anyway, accreditation is not enough. You need to learn how this university will be regarded among various audiences: other universities, employers, and the general public. You also need to assess whether this university really will offer the best path to reach your own goals.

Adults struggling to choose MBA (and other) programs wisely can download a guide: Back to School for Your New Career.

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Mid-Life Career Strategy: When a Harvard MBA won’t make a difference

If you’re looking for a gift for a mid-life changer (maybe yourself), I recommend Ahead of the Curve, a new book by Philip Delves Broughton. Broughton left a successful career and what many would consider a dream job – Paris bureau chief for the London Daily Telegraph – to attend Harvard Business School. He performed well at the school while remaining detached and cynical about the process and about business. Yet he was unable to reach his goal: finding a job in financial management.

As a career consultant, I shuddered as I followed the author’s job hunt. He wasn’t seriously interested and he clearly wasn’t a viable candidate for the corporate jobs he applied for. I can’t help wondering why Harvard doesn’t offer better career coaching, especially for their 0ver-30 students.

But I’m even more amazed (and appalled) to learn that Harvard requires students to take the notoriously unscientific Myer-Briggs test. I’ve written about the flaws of testing in general, and this test in particular, in an article you can read here.

Apparently Harvard also puts students through an exercise familiar (in various guises) to career and life coaches: “My Best Self.” It’s not the worst exercise in the world. But if you undertake a process like that, you need to de-brief with an experienced professional.

So why do I recommend the book? 3 reasons. First, it’s extremely well-written so you can have the pleasure of a good read while feeling virtuous about reading a business book. Second, even if you’re not going to Harvard, you’ll get a sense of the kind of subjects people study in MBA programs. And finally you’ll get ample food for thought about mid-career challenges and the importance of planning and self-awareness during any career change.

My own Special Report on returning to school for a mid-life mid-career challenge can be found here.

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Career Advice From Your Alma Mater (30 years later)

Today’s Wall Street Journal article (“Back to School for Career Advice,” by Joann S. Lublin) describes a 51-year-old woman who returned to her MBA program for career coaching. The coaching apparently focused on accountability (a staple of just about any coaching) along with career tips.

The article goes on to note that many universities still do not offer these services to alumni. You’re most likely to get help from a business school although some other professional schools may be stepping up.

Definitely worth a try, although you may have to pay for the alumni coaching.

If your career office doesn’t offer help, you can still get help from your alumni office. Ask for a list of alumni in your geographical area. Most likely you can use this list to develop an information network.

These days, if you find people who will return your calls when you seek an informational interview, you’ve struck gold. Of course, you can’t abuse the list and some alumni will not feel the connection is strong enough to justify a request for help.

As usual, you have to choose words carefully when you clarify your reasons for calling. And you need to follow the usual informational interview courtesies.

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MBA course on leadership values draws attention

Stewart Friedman, a professor at the Wharton School teaches a popular course on aligning personal core values with corporate careers.

According to the New York Times article, the course is somewhat like a life coaching session. Before registering (the course is elective, not required), students must agree to share details of their personal lives and relationships. They’re divided into groups of 3 to discuss journal postings.

Why are these courses so popular? Why have corporate CEOs hired Friedman to overhaul their companies?

Perhaps, the article speculates, executives in their 30s and 40s have already mastered skills like accounting and finance. They realize they need to align their values with the careers in order to move forward.

Friedman’s book, Total Leadership, will be available on June 8. The book has already reached the 1000 rank before publication.

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Will a midlife MBA be a waste of time?

Interviewed for Guy Kawasaki’s blog, Brazen Careerist Penelope Trunk says time off for an MBA makes sense ony if you’re at the beginning of your career (which I would translate to 3 years or less) and if you’re attending a top program.

Ninety percent of the time, I would say, “She’s right.”

But if you can comfortably afford a full-time or executive program, the MBA can make sense for midlife career changers. If you choose the right program, you can make contacts fast. If you’ve been a stay at home mom, a full-time artist or generally undirected, you may be able to shift your image and get hired by companies who wouldn’t look at you otherwise.

I would not recommend going into debt for a mid-career MBA. If you’re totally stalled without the degree, you might be better served by changing fields. I met a banker who can’t rise above branch manager without the piece of paper. Will the extra money he earns post-MBA recoup the investment? Or can he find a bank who will pay for the degree?

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Will a new degree help your job prospects?

“So why are you pursuing a degree?” Ask a handful of students in programs targeting adult learners (also known as “mature students,” “returning students,” or “non-traditional students”).

Often students write things like, “If I get more education, opportunities will increase.” Or, “To get a better job.” A few wrote, “My company won’t promote me unless I complete this degree.”

Well, the last reason makes sense…if it’s true.  The others are (to my mind) wishful thinking.

Education doesn’t guarantee that doors will open. And your choice of school and degree program will influence your opportunities more than the fact that you picked up a degree.

Back when I was a full-time college professor, one student came to me with a question. She already had a Ph.D. in a social science field. She kept asking her  boss why she didn’t get promoted. Each time, her boss would say, “Take more business courses.”

Her question was, “I’ve already taken management, finance, accounting, and…lots more! What else should I take?”

I told her the truth: I thought her boss was playing games. I encouraged her to ask, “Is this suggestion real? Or do they keep finding ways to avoid promoting me?”

She had a big “aha” moment.

Another time I taught in a non-traditional doctoral program. One student was determined to teach at a particular university. I encouraged him to visit the university and ask if they hired anyone from our program, ever. They told him “No way.” Meanwhile, he had invested several months and thousands of dollars in our program…which suited some students but wasn’t a match for his goals.

But a degree from the right university can be a first class ticket to a new career.

I once taught a student “Beth” who had just been laid off. Our graduate program got students involved in group projects where they could network and get to know each other.

“Beth” sent her resume to several companies. One copy landed on the desk of “Chuck,” who had just worked with her on a project. Impressed by Beth’s work ethic, he invited her for an interview. Ultimately she got the job. Chuck was willing to take a chance on hiring her for a job in a totaly new field.

Bottom Line: Education can be a ticket to wealth and success…or an expensive detour.  And yes, I’ve written a Special Report you can download on returning to school. Check it out here.

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