Finished your MBA - Now what?

Finishing your MBA is a great achievement. After putting in all those days of hard work, sleepless nights and hours and hours of reading, you have finally reached a milestone that will propel your career towards success.

But an MBA is not the end in itself, it is just the beginning. An MBA gives you options that other degrees may not. Here we look at some of those options:

1. Start your own business - Why work for someone when you can start your own business. An MBA has equipped you well with all the tools and resources, the confidence, the skills and the contacts that you need to start your own business. Put a business plan together, get some seed funding and you are away. But while this option gives you all the freedom in the world, this is also the riskiest option. Investors want a return for their investment, so every dollar counts. This means very hard work from your side. Forget work life balance and be ready to put in crazy hours at least in the initial stages of a new business venture.
2. Get a new job - Not just any job, but a well paid one that provides you with all the challenges, learning and variety that an MBA seeks. Many MBAs get into consulting firms, while others work in the industry. Investment banking, management consulting, marketing, finance, strategy and business development are all areas where MBAs are in need. Often people do an MBA to change careers or gain entry into a new sector or industry where they have no previous experience.
3. Study further - Why you may ask after an MBA? Well, studying further helps in pursuing careers in academia / research or specialising further in a particular field. Study options after an MBA include - Doctor of Philosophy (PhD), Doctor of Business Administration (DBA) and professional qualifications in a specific field (for example CPA, CA, CFA, CIMA, PMP etc.).
4. Volunteering - Why not volunteer your newly learnt skills helping a not for profit organisation or a charity. A number of these organisations advertise volunteer positions where they require people with good business acumen and skills to come in and assist them in their day to day activities. Some small companies also advertise for volunteer Board positions. 
5. Do another MBA - Some people tend to do another MBA after their initial MBA. It's hard to comprehend why someone would do this. The only reason that someone would do this is due to their first MBA being of poor quality. This type of trend is especially noted among candidates who complete their MBA in a developing country and then go on to do another MBA in a top ranked school in a developed country. Some candidates do an Executive MBA after their initial MBA. This might sometimes be useful for candidates who did their initial MBA part time over many years. An Executive MBA is targeted at senior management professionals and is normally done in intensive blocks of 2-3 weeks across different locations.
6. Go on a holiday - Some candidates take time off after their MBA to relax and rejuvenate. An MBA is hard work and a great commitment. A holiday would often provide you the opportunity to regain your energy and plan ahead for your future. Make good use of this time as long holidays are hard to come by after you re-enter the workforce.
7. Get a promotion - If you did your MBA part-time while working full time, then finishing your MBA is the perfect time to negotiate with your manager for a pay hike / promotion. An MBA gives you new skills, knowledge and experience which you can apply to the benefit of your workplace. Generally, companies are supportive of sponsoring their staff for an MBA and are often happy to provide staff with leadership responsibilities and an increase in pay after successful completion of their MBA.

Each of the above options has advantages and disadvantages. Whatever option you pursue after your MBA, have a good solid plan in place that will help take your career to the next level.