Is It Worth It for an Independent Agent to Obtain an MBA?

[Norwayguy]

Isn't the home office MBA holders destroying this industry?

 

[DecisionMan]

Also many arguments I have seen in this forum point that non-college graduates are as good as sales as college graduates and while there is no proof of this, I wouldn't doubt it. But this is besides my point, my point is that insurance agents should be hired based on service and product knowledge, those who argued a counter viewpoint did not bring up product knowledge, instead brought up salesmanship. This is what really hurts our business and industry reputation, the more we sell and the less we are consultants, the worse wrap we get and the lower our pay will be. The reason for this is, we have educated our consumers that price is the only thing, not the substance of what we are selling.

But the vast majority of failed insurance agents have plenty of product knowledge and are great at service, all because learning the product and giving service were in place of actual selling behavior.

I'd even say these are avoidance behaviors in failed agents.

And those who sell on price as "the only thing" are not really salespeople, they're just a walking talking rate sheet.

From those I know personally in this forum (offline) I know they are both successful salespeople and extremely knowledgeable agents.

To be successful in this industry, one had better be good at salesmanship. Who does one know who simply educated people about the insurance products and made enough to survive? Usually those agents who educate the prospect, educate them enough to go shopping with the competition because they can't close the sale.

As for college grads vs non-college grads in sales, all I have to say is that the more book-smart someone is the more likely they are to simply want to educate a prospect to show how much they know - but they don't have the killer instinct needed in any sales job to close the deal.

 

[Matt37]

Agree with everything said, it is a personal choice.

For me college and CIC training helped.... Plus hey if it weren't for my 4 years living at Temple in beautiful North Philly.. I would not have met my wife.

I probably would be even better off if I laid off the Bud Light a tad, and
made it to that 8am Risk Management class more often when I was at Temple..

 

[DecisionMan]

Citing sources is important to have credibility, saying things because that is how you feel about something and trying to pass it as fact doesn't work.

1. Many on this forum post what they feel about a topic, but few try to pass it as a fact. Most are humble enough to accept different viewpoints. Are you?

2. None of what I said was in any way a claim as fact.

3. In rereading the majority of your posts the statements you make are as most everyone else - your feeling about the issue.

Generally speaking, merely citing a reference doesn't make that reference right.

Don't get so caught up in your educational credentials and few "facts" you wish to cite that you insinuate the experience of so many contributors to this forum is less than adequate.

 

[xrac]

Citing sources is important to have credibility, saying things because that is how you feel about something and trying to pass it as fact doesn't work. I know some extremely successful business people who do not have an college degree, this is however is not the norm for those who don't graduate college as statistics show college graduates earn twice as much (see my previous comments and link to census data on this). Most in this industry have a degree simply because direct writers and larger independent agencies recruit for those with degrees (not a requirement for most, but they they set a quota or targets for the # of college grads as new hires). There is just a lot of learning that goes on, especially for commercial insurance, and those hiring want someone who has a track record of learning. As one who has a Business Degree with an Entreprenuership concentration, I think the best thing a non-college graduates can do is to start a business if they want to succeed, yet I personally like the professional standard of having a college degree for insurance just like many other occupations have for the reasons I have pointed out.

We were not talking about a college degree we were talking about getting an MBA.

 

[pcbinsurance]

I can't believe this thread has over 50 responses.

 

[NCAgent]

I can't believe this thread has over 50 responses.

Well it does now... starting at MY post.

 

[Guest]

Where is the OP????

Top jobs for MBA's..............I didnt see insurance in the top 10,000 jobs,,,

15 top MBA employers - 1. Google (1) - CNNMoney

 

[saleen297]

In this field I think that an MBA would be a waste unless you are going to be a salary employee and not a salesman. Plus the cost of it wouldn't really be a benefit unless you were getting it paid for by scholarship or etc. To be perfectly honest though, if you didn't know that a BA was a prereq then to you a MBA is really just a sound that a baby makes. Just get licensed, jump on with a good mentor and if you really want to benefit from some type of regular school crap take some classes in Excel or accounting. I have a BA and school sucks and school payments suck even worse. The only benefit about college is girls, parties and sports.

 

[VolAgent]

The only letters an insurance agent needs are, EFT.