Absolutely yes. Anyone with a degree can do an MBA. If someone is asking you Can a science student do an MBA? Yeah, it is slightly easier for Commerce students initially, but it’s not ROCKET SCIENCE. I am not saying it will be easy to pick up these concepts, but with some effort, you surely can. Science graduates with MBA in Finance don’t make any difference. You can go ahead with that. Initially when the MBA first semester will start with Accounts subject. Try to focus on that. Gain some knowledge of subjects and finance terminology.
Just want to give you an idea, that 70 percent of graduates from IIM are a science/engineering background, and out of them they choose finance too.
Don’t worry, initially the commerce graduates will dominate at the institute level, but with me, many Science graduates to study and did well. I am myself a Computer Science Engineer who had almost joined a Ph.D. program in Super Computing but then pursued an MBA (Finance) due to an unexpected turn of events.
If you ask me if I struggled, yes I did initially. But most of it is common sense, you can pick it up with some effort. And economics was fascinating to me. How history, geography, psychology, and math confluence d together amazed me. I am still in awe of that subject and have a newfound respect for Economists etc (which I didn’t have before my MBA. I always thought scientists & engineers were the smartest & the greatest – my bad).
Industry worships the Engg+MBA types, especially the Technology industry. Sundar Pichai (American business executive) & Satya Nadella (Microsoft CEO) are poster boys for this phenomenon. Scores of young science students are pursuing MBA. In fact, I feel science students have some sort of an edge over others because they know to slice & dice problems in a very logical, transparent, and pragmatic way. In my 11+ years of experience in the industry what I have come to understand is that MBA’s with a background in science or engineering try to deduce inferences by applying logic and others usually try to apply gut feel.
But yeah once you join the industry (after doing an MBA in Finance) you would see a lot of CA’s, CPA’s, and CFA’s working with you. for you, and above you. And many times you will need to accept gut feelings over plain simple logic because of peer pressure or superior pressure. You will need to make peace with that.
Crisp question. I’ll answer it along with my background.
- I graduated in Engineering in 2010 and worked for a year. Since I was working in the Banking sector, I wanted to become a consultant and that drove me to MBA. My first choice was CAT (where I scored 92 percentile) but owing to my poor acads I did not get any top B-school. I did MBA from the PES University after scoring a rank of 252 in Karnataka’s PGCET. That was in 2011. PES is ranked No.1 in Karnataka (apart from IIM B).
- 2013 I post-graduated in MBA finance. The reason I choose finance was that Marketing was just too easy and less challenging. Everything they teach in Marketing class can be learned by reading. On the other hand, finance needs practice and coaching which only the classroom can offer. I am fortunate to take this decision and it has helped me in my career. That said, I do not want to go into core finance like CFA because that would suck out too much energy. My interests are in market research, M&A, and consulting. Finance is 25% of what I do.
- As an engineer, MBA would be an eye opener for you. I have been an extensive reader from my engineering days and like to read books, and business articles but MBA was a totally different experience. These two years of your time have to be used wisely. You need to understand that MBA is both science and art. You need to know all the concepts and then need to apply them wisely. Also, it’s too much mathematics. Aptitude, Data Interpretation is most important. Contacts can be made anytime, in fact, your batchmates would be busy with their lives to help you (although it’s not true entirely but generally). Learning and applying.
- I currently work in M&A and currently come under the top 500 of a 60,000 workforce. My counterparts are ex-McKinsey folks with rock-solid experience. What makes me suitable for the job is 4 hours of reading after my 8 hours of office work clubbed with numerous courses and tools knowledge. My college name is not of great use because it’s not recognizable at the national level so I had to prove it by doing some quality projects. Previous to that I was cofounder of an e-commerce startup which got a turnover of half a million dollars and we raised an investment of 2 crores as well. I had to leave that for some reason.
- I do roughly INR 2 lakh of trading every day either to buy for long term or intraday. My MBA in fin has given me just enough knowledge to identify good stocks and invest. However, my college education was nowhere close in making me an investment banker.
Bottomline: MBA from top 50 colleges http://www.time4education.com/CAT-MBA/About-MBA/TIME-B-School-Categorisation would be advisable else you can self-study.
30 Lakhs at a top college is worth it, You could earn that in 3–4 years. Starting package can be 8–10 if not more. 25+ lakh packages come to those who have completed CFA-type courses.
Once IIM is on your resume you can never be jobless. Corporate love to hire IIMs. Doing MBA from tier 2 colleges is a challenge. I had a tough time getting funding or getting elite interviews.
Yes, you can do all this without an MBA degree and you can do it better than an MBA guy. But it will take additional effort from your end i.e reading every day after office hours and on weekends.
As Deepak Mehta says, do not take a year break for CAT. Prepare every day and clear it. You’ll end up spending a lot on an MBA (20 lakh in fees + 2 years of lost salary) and in the end, you may or may not get a dream job. And since you’d have a loan on your head, any idea of startups needs to be pushed by 3 years.
Do MBA only from Tier 1 college and do not take year break for studying.
Also please note there are super intelligent CA’s, CPA’s & CFA’s also and I have many friends with that qualification, I am in no way de-meaning their trait or education. I am just trying to help you understand the differences in the thought process and what you can expect in the future if you pursue MBA in finance.
Best of luck. And you can ABSOLUTELY PURSUE MBA in FINANCE. You will do GREAT.