The study investigates the self‐equalization effect and its impact on the spectral efficiency (SE) analysis in a massive multiple‐input multiple‐output (MIMO) scenario for 5G wireless networks for filter bank multicarrier (FBMC) and orthogonal frequency division multiplexing (OFDM) modulations. For that the SNR adopted in previous studies is compared to the inverse of the mean squared error (MSE) for multiple users in a single cell environment. In order to incorporate other distortions not correlated to the signal, this work uses the inverse of the MSE as the signal‐to‐noise‐and‐distortion ratio (SNDR) and, that metric is adopted for SE calculation in massive MIMO (MM) uplink setup. Throughout the article, the importance of considering this metric for the SE analysis of the MM system will be noticeable. Previous works dealing with MM focus on the case when the number of antennas is so much higher than the number of users that specific conditions could be applied, however, it was shown throughout this study that some of those assumptions could represent an imprecision, especially for the case when the ratio between the number of antennas and the number of users is less expressive.