What is an MBA and 5 reasons why you need one
Jun 9, 2021
Google CEO Sundar Pichai. Michael Bloomberg. Melinda Gates. They all have it! An MBA – the most powerful academic qualification you can have in your career.
So, can you afford not to have one?
What is an MBA?
An MBA is a type of Master’s degree and stands for Master of Business Administration. It’s not only a fast-track into management & C-suite positions. But a valuable asset to daring entrepreneurs or anybody looking to switch career paths!
It might come as a single piece of diploma but the MBA packs a lot of punch. Earning an MBA means no matter where you plan to build your career, no matter the location or industry, you’ll increase your credibility. You could even say that all you need is an MBA qualification to be successful in your career.
If you’re still on the fence about taking the leap and committing your time and finances to an MBA programme, here are five truly compelling reasons to give it serious consideration.
#1 Leadership Skills
MBA programmes can be seen as training grounds for the world’s future business leaders. They’ll teach you both hard and soft skills to become the ultimate team player.
While studying for an MBA, you’ll not only learn how to manage key business areas like finance and marketing. You’ll also boost your team-building skills and become an expert in problem-solving, promoting collaboration and empowering others.
You often learn through hands-on projects and group work. And these groups include highly ambitious professionals from a wide range of backgrounds. So it’s an excellent opportunity to build the communication skills you’ll need in your future management role.
#2 MBA Salary
Personal development and upskilling are important. But why do most people choose an MBA? The salary increase. MBA graduates earn around 75% more than those with a bachelor’s degree, with an average salary between $105 - 115,000.
You might have wondered what the job market is like for recent business school graduates since the pandemic. Well, when asked about hiring plans for 2021, 89% of corporate recruiters say they plan to hire MBA graduates.
Business school graduates are still in high demand. And most other Master programmes can only boast more modest results. There’s no doubt an MBA is worth the investment!
#3 Access to a Large Business Network
An MBA programme is a meeting of the minds. So perhaps the most valuable part of the MBA experience is the powerful network you could build in the classroom. As well as connecting with potentially 1000’s of alumni in top positions across the globe.
Being surrounded by talented professionals means not only will you be more driven to do your best, but you could be meeting your next business partner. Some MBA programmes even make the effort for you to find a mentor through their alumni network.
Employers are always on the lookout for top talent and have found a lot of success by recruiting directly from university MBA programmes. There’s every possibility that your dream employer is waiting to meet you at a recruitment fair, careers workshop or networking event.
#4 Change Careers with an MBA
The idea that an MBA is only good for continuing your career is a huge myth. Want to switch from finance to fashion? Or from manufacturing to marketing? Do it! An MBA qualification offers you the perfect opportunity to switch direction.
You have to be committed to investing your time though. Be decisive in your move and then choose your steps wisely. Here’s where it would be smart to make use of the large business network to meet people who could introduce you to new career opportunities.
Many MBAs offer excellent possibilities for internships or real-world consultancy projects at companies, too. Perfect for testing the waters of new industries or other sectors that spark your interest.
#5 Full-time, Part-time, Online. Anywhere in the World
True leaders know that it takes a deep understanding of working across cultures for any business to succeed internationally. You’ll find MBA qualifications available worldwide, with large communities of international students.
Consider doing your MBA in a city, country or region that meets your career goals. Berlin has a hot startup scene while Paris hosts more Fortune 500 company headquarters than any other city. Think about graduating in the part of the world where you would like to grow your success.
Need the flexibility of managing your current commitments while you study? Using the latest digital learning methods, staying disciplined while studying online is easier than you might think. With a structure and assignments that are specially designed to keep you on track, studying for an Online MBA has become a popular option.
Read more about what employers look out for in Online MBAs.
An MBA is worth it - even in today's crowded market
It’s going to be hard work and sometimes stressful, but an MBA is worth it. You can pursue many career fields and increase your salary much faster. With an MBA qualification on your CV, you’ll be well-prepared for the high-level business career that you deserve.