Studying for an MBA (Master of Business Administration) degree can be a daunting prospect for a lot of people, but in the competitive world of business, it can provide graduates with a definite advantage. Achieving an MBA can give you the skills and knowledge you need to stay ahead of the competition whether you are at the beginning of your career, looking for a career shift or considering starting your own business. However, given the investment required in terms of both time and money, is an MBA worth it? Here are 6 of the top reasons to study for a Master’s of Business Administration in 2020.
- An MBA equips you with key professional skills
In a lot of cases, MBA applicants are business people with a couple of years of experience in the business world or senior managers looking to advance their skills. Generally speaking, the MBA gives students to tools to build and maintain a successful company. This may include working on your leadership and people management skills and being able to build and maintain business partnerships.
You can learn how to research, develop and market products and services, manage crises (whether financial or PR related) and promote a positive brand image. You should be able to strategize as well as analyze, interpret and collate data, manage finances and make difficult decisions when you need to. On top of all of this, you should also have an eye for talent and be able to keep hold of key employees through your management.
An MBA will push you out of your comfort zone and prepare you for the constant changes and shifts which come when working in business. You will need to be able to adapt and evolve alongside your industry, technology, the market and the societal changes in the world.
- MBAs can be tailored to suit your career goals
Graduating with an MBA is all well and good, but what can you do with it? Well, the simple answer to that question is that there are many uses for an MBA, particularly if you study with a highly respected business school or university such as Victoria University. The degree is very popular internationally and many schools have created different programs that focus on different specializations.
Before you apply to a course, you should consider what career path you hope to follow and choose a specialization that will suit that path. Some schools offer programs with a dual specialization if you wish to broaden your horizons slightly. There are several specializations to consider, including:
- General business management
- Strategic management
- International business
- IT management
- Human resources
- Operations management
- Business consulting
- MBAs provide excellent networking opportunities
Your MBA program will not only be delivered by teachers and professors with real-life business experience and contacts, but you will also be studying alongside others who have similar interests and motivations. This in itself will develop your business skills, but in addition, you will also have access to the program’s alumni. These are people who have already completed your course and gone on to a career in business. These connections will be invaluable when it comes to deepening your knowledge and building a network that you can call on for many years to come. You may even be able to find a business mentor to support you in your development.
- MBA graduates often achieve the highest salaries
When you compare the average salary of a Master’s graduate with that of an MBA graduate, the MBA salary is nearly always higher. In addition to higher earning potential, other benefits include job security and the potential for quicker advancement through your career. When compared to a standard university degree, an MBA can lead to twice the salary amount.
There are lots of sectors that prize MBA degrees but consulting, financial services, technology and healthcare are amongst those which offer the highest earning potential for graduates. Of course, the MBA is not enough by itself to guarantee a higher salary as there are several other factors including how well you can negotiate your contract, the bonuses available and your level of experience.
- An MBA can help you launch your own business
Building a business that is sustainable and prosperous is one of the most challenging ways to earn a living but can also be one of the most rewarding. A lot of people gravitate towards an MBA because they want to build and grow their own business. Your professors will have their own experience of doing just that and will be able to help you avoid common pitfalls and overcome challenges. You may even meet like-minded MBA students who you can collaborate with on your enterprise, supporting each other and sharing contacts.
- MBA study can be completed on campus, online, full-time or part-time
MBA study can be completed on campus in traditional seminars and lectures either on a full or part-time basis, or you could choose to study online. More and more universities are offering students the opportunity to complete their MBA remotely on a schedule that suits their lifestyle and current career. This enables you to study at your own pace whether that’s at 2am or 2pm. Accredited online courses are as highly regarded as any traditional programs and mean you can choose a school that offers the exact program you want, regardless of geographical location. In addition, online study is often less costly as you only need to pay tuition and not travel or accommodation.
MBA success is down to you
A common question asked before people apply for an MBA is whether or not it is a difficult degree to complete. There is no clear answer to this as obviously everyone arrives with different levels of education and experience, but generally speaking, success on an MBA course is largely down to the student’s attitude and work ethic. You will be expected to work hard, overcome challenges and solve problems during your studies, but this is all part of the business. If you are willing to put in the time and the commitment there should be no reason why you can’t succeed. The professors are unlikely to hold your hand or spoon-feed you, but that’s all part of preparing you for your professional future.