Over the past few decades, MBA has become one of the most sought after degrees for students all over the world. It is considered to be a gateway for high paying jobs and broader exposure for job seekers. However, one must also understand the concept and structure of an MBA and the reasons to pursue this program. Understanding whether an MBA is right for you is of utmost importance.
An MBA is basically a degree that is designed to learn or strengthen the skills required for a career in business and management. However, the course is useful for anyone in the social, public or private sector as well. In most cases, it is important to know what your end goal is before deciding to pursue an MBA. Even if your end goals are not clear, you should be aware of the same and go in with a mindset of exploring and finalising. One must be clear that they want to build a career in management before deciding to opt for the course.
However, doing an MBA does require a good amount of work experience from an applicant. Pursuing an MBA from a top university requires at least 4-5 years of experience. This is extremely essential since an MBA is very practical and in order to learn from the cohort or contribute back to the class, you would need to have undergone experiential and industry learning. With that in mind, let’s take a look at some of the generic reasons why one should pursue an MBA degree :
Develop advanced management skills
The core purpose of an MBA is to develop a manager out of a regular employee. It could empower you to transform from a follower to a leader and a better thinker. An MBA teaches managerial skills that help people run businesses worth over hundreds of billions of dollars. Hence, the biggest reason to do an MBA would be to learn advanced and flexible managerial skills required to grow a business smoothly and efficiently. Learning these skills would give students an upper hand at the time of recruitment once they complete their MBA.
Higher Salary prospects
Having an MBA generally grants the opportunity of better jobs and higher salaries. According to a 2019 study, MBA graduates receive an average salary of $115,000. This is more than double the salaries offered to college graduates as an MBA is usually placed in managerial roles. However, it is important to note that the jobs that you get after an MBA are also influenced by your business school and country.
Specializations for your dream job
A Masters in Business Administration offers numerous specialisations and electives that one can pursue to learn in-depth and get a job in a desired field. These include general management, finance, entrepreneurship, operations, marketing and many more. These specializations help you understand the concept of a Masters in Business Administration in accordance with these fields and industries. Getting an MBA specialization would help the candidate learn and excel in the same field.
Great for a career change
As mentioned earlier, a Masters in Business Administration is a degree that requires a few years of work experience. Hence, pursuing this degree serves as a great opportunity to change your careers or to upgrade them in both monetary and exposure terms. As you can learn about multiple different business aspects and specialise in various fields, an MBA can be a great opportunity to change and enhance your career.
Make professional contacts (Networking)
Graduate schools place a great emphasis on connecting with people professionally. They allow you the opportunity to develop valuable relationships with both classmates and teachers, while building your network. These connections are formed during your Master’s Degree studies and can help you as you advance through the professional world. There are several people in non-business or non-management function roles like software developers, engineers, lawyers, teachers who can also choose to do an MBA. This would not only help to learn about the basics of business but also get a career switch in some related field.
There are many other good reasons to do a Masters in Business Administration. It offers better networking opportunities. One has a better chance at having a successful start-up after graduating with an MBA. It has worldwide recognition and also enhances one’s credibility to a great extent. Moreover, nowadays people can also do part time MBAs or Executive-MBAs. These are similar to a traditional MBA but are for people in different stages of their professional journey. Hence, a Masters in Business Administration is always a great way to upgrade or reset a career. However, one must be ready for its challenges and obstacles to enjoy its perks.
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