As the business landscape continues to change, many professionals are engaging themselves in activities that will enhance their skills, broaden their understanding and enhance their careers. The pursuit of a Masters of Business Administration, or perhaps an MBA has gained most popularity as well as proved to be most effective in doing this. Pursuing this degree prepares an individual in technical areas, in leadership and also in networking, thus if someone is looking for quick professional advancement, it is a good bet to have an MBA. In this article, we will try to understand why MBA is a wise investment and how this degree can change the course of your professional life and your career in general.
Essentially, what is an MBA?
An MBA or a Master of Business Administration is a graduate level course whose primary objective is to provide an individual with executive education in business and management. Generally, this qualification is obtained after the completion of the first degree and has a wide coverage cutting across almost all the business complexities ranging from finance, marketing, human resources, operations, strategy and entrepreneurship. Other business qualifications and certifications such as the CPA are not enough as they only addresses major business areas. Many MBA programs also focus on leadership, critical thinking and creative problem solving that are necessary when managing as well as steering organizations.
Why Apply For An MBA Program?
Having an MBA improves the prospects of getting hired. That rate alone makes an MBA appealing. We give you some of the major reasons which professionals decide to go for an MBA:
- Career Development
For those who may be wondering why do you need an MBA in the first place, it’s for career progression. Most of the organizations tend to recruit employees at the managerial position with an advanced degree especially to be able to plan and make decisions at the highest level. An MBA can certainly provide you with the necessary papers and ability to apply for better positions, become a manager or change the industry in which you are currently employed.
How an MBA Can Help You Achieve Your Career Goals:
Provides opportunities at the managerial level and at the executive level.
Increases your chances of being promoted in your present company.
Enables you to have better chances of being employed in senior positions in other reputable firms.
- Earning Potential in an MBA Program
Pursuit of an MBA is quite beneficial in terms of having greater earning potential. It has been observed that MBA graduates’ salaries show a huge difference relative to those with an undergraduate degree only. Multiple researches have indicated that the recipients of MBA degrees are likely to earn higher salaries than the rest especially in the sectors of finance, consulting, technology and healthcare management. This earning ability often shows the demand that MBA workers have and shows how much emphasis the companies will place on the operational aspects of business.
Reasons Why MBA Graduates Have Higher Salaries Than Graduates With Other Qualifications:
They can work in managerial posts which often pays substantially better.
They are hired for jobs with higher complexity and hence companies have to incentivize them more with pay.
Along with their basic salary, MBA graduates also get bonuses, stocks options among other sources of income.
- Skill Set Enhancement
While This MBA program is based a lot on business concepts, it is not limited to only theoretical business concepts. In the class, students start from evaluating fast-paced environments through to decision making supported by evidence. You will gain practical exposure to financial management, marketing, project and human resource management. MBA is also critical in developing managerial soft skills, including leadership, communication, negotiation, and team working skills that are necessary for people and project management.
Skills Acquired in an MBA Program:
Effective strategic development and decision-making.
Successful and productive leadership and teams.
Understanding and analysis of financial and quantitative data.
Negotiation and conflict resolution.
Advanced level of analysis and synthesis.
- Networking Opportunities
The MBA provides one of the best chances of enhancing professional contacts. As an MBA student, you will meet your classmates, professors, alumni, and guest speakers representing different fields. Additionally, most business schools organize placement programs, conferences, and other interactions where you are likely to meet prospective employers, customers, and/or investors. These networks can be very useful in boosting your career, especially if you are searching for a job, a business associate, or an investor.
The Influence of Networking on an MBA Program:
Create connections with people in business and other fields.
Availability of special job exhibitions and hiring occasions.
Utilization of alumni associations for career and business development in the future.
- Entrepreneurial Opportunities
An MBA can be the opportunity to gain skills and knowledge that can be important in starting and managing lots of successful companies, for those interested in some sort of entrepreneurship. In an MBA, some concentration is also given on entrepreneurship and students learn to write a business proposal, get money for the business, advertise and sell products and grow their companies. A lot of business schools also help potential entrepreneurs with incubators, accelerators or mentorships. So, if you want to launch your own company but lack the know-how, then go for an MBA and you will get all the knowledge and insight you need.
How An MBA Beneficiates Entrepreneurs:
Understand how to write a business plan and acquire funds for the business.
Various services related to carry out the business such as incubators and accelerators.
Meet with various investors and other entrepreneurs for business.
Features of an MBA program
Individuals who are targeting an MBA must be aware that there are various categories of MBA programs, based on their career plans and current professional engagement, they one could pick one such as:
- Full-time MBA
This is perhaps the most basic approach to an MBA program in which a student has to enroll in full time courses, get a break from work for two years and settle oneself, determining that he is only focusing on education. Most students are targeting this type of enrollment as it is a fast track to achieve your requirements.
- Part-time MBA
This is a more appealing as it allows students to participate in programs that also include working and results in stretch out the program, this allows professionals to add an upgrade in education while staying employed. Most people are targeting this so that they can achieve more value in the work place post enrollment and also manage their other responsibilities while also pursuing the achievement of an MBA.
- Executive MBA (EMBA)
EMBA type degrees are for individuals who are fully engaged in their career and are looking to appreciate their leadership skills to a point where they are at their peak skill level. The degree is set out to be in a modular format so that one can engage in the complete education system while doing work.
- Online MBA
If a candidate cannot find the means to shift to a foreign country or has busy work schedules, online MBA programs are the next best option – these allow applicants to learn at their own pace. These programs can also be completed remotely, with many famous institutions now offering equally via the internet, with the right level of discipline.
Popular MBA Specialization
An MBA degree can be perfected according to one’s career focus by selecting some specializations. Other popular MBA programs include such as;
- Finance MBA
An MBA in finance would train individuals in investment banking, corporate finance, financial analysis and asset management kind of activities. Topics that cover this include financial modeling, risk management, and mergers and acquisitions.
- Marketing MBA
An MBA degree focusing on marketing emphasizes on a wide range of topics including consumers, digital marketing, advertising & brand management. These students aim at expanding sales and building brand loyalty through the creation and implementation of marketing strategies.
- Healthcare Management MBA
An MBA in healthcare management equips students with the requisite skills to manage hospitals, clinics and other health care institutions. This program covers area such as healthcare policy, operations management, finances in healthcare management.
- MBA in Technology Management(MBA TM)
Given the business growth compelled by technology, it is critical for professionals who pursue an MBA in technology management to deepen their other skill sets such as managing IT projects, introducing and overseeing digital technology in the organization, and driving digital change in the organization.
Conclusion
We can say that an MBA is one of the best assets one can obtain in their life. The ability, education, and network that one gets during an MBA program can enhance the career of an individual, increase the remuneration entitlement as well as avail them opportunity to be in leadership roles. If you want to advance your career in your area of expertise, embrace new professions or even create your own company, an MBA offers you excellent career opportunities. You also have specializations and program formats which will allow you to customize the MBA to meet your career aspirations and objectives.