There are thousands of people aiming for an administrative or management role, dreaming of that C-suite job at a great corporation or of building their own company as a budding entrepreneur. These folks are often recent bachelor’s degree recipients or are currently employed and eager to accelerate their career. Whether you fall in the former or later category (or a different one altogether) the question remains: is an MBA the right step for you?
To answer this question, it’s important to first understand the fundamentals:
What is an MBA anyway? An MBA (or a Master of Business Administration) is a graduate degree designed to help students get a grasp on the theoretical and practical aspects of business administration and investment management. The degree has core courses spread across various areas of business administration, including Accounting, Business Strategy, Finance, Human Resources, Marketing, Entrepreneurship, and Business Ethics. Certain MBA programs also have specializations and will focus on specific fields of business, such as Entrepreneurship, Public Policy, Sports Management, Healthcare Management, or Entertainment.
Here are just a few reasons why an MBA degree can be valuable:
Expanded Job Opportunities – An MBA degree is the key to opening up a wealth of job opportunities, including a C-Level Executive Job. High-level employment options, especially at large, reputed companies which require employees to have an MBA. An MBA is also key to accelerating career growth and earning well-regarded posts at top companies.
Growth in Salary – Not only does an MBA degree entail a much wider scope for job opportunities, it also helps greatly boost your salary. Jobs with an MBA requirement typically have better salary packages. MBA programs also allow for specializations, helping build your resume for more elusive job opportunities.
Improved Communication and Collaborative Skills – A well-rounded MBA program goes a long way to develop communication skills through group discussion, presentations, and formal means of communication. The environment is also ripe for learning how to work in and build teams and understand how they function in a business setting.
A Stage to Build Connections – Along with helping you improve your communication and collaborative skills, a well-rounded MBA program can be beneficial in providing the perfect scenario to build connections with like-minded colleagues, professors, and veterans in various business industries. These connections are vital to making the most out of any MBA program and help you get a foothold in the business world once you graduate, either as an employee or a budding entrepreneur.
Is an MBA Your Doorway to Success?
Now that you’ve got an idea of what an MBA program entails, you need to decide whether it is in line with your aspirations and whether you are ready for the effort and commitment required to pursue an MBA. If you see yourself as an aspiring entrepreneur, someone with a knack for managerial or administrative roles, and/or find that you enjoy working in teams then there is a good chance that an MBA would suit you.
A definite positive of a good MBA program, or any post grad program for that matter, is that it facilitates introspection. While an MBA undoubtedly helps in learning about Business and Investment Management from various angles, it could also help you get perspective on your future and perhaps push you into a new direction entirely.
An MBA is also a good choice for employees seeking to gain new job opportunities, add to their qualifications, and use their experiences to reach higher rungs of a company. Keep in mind, however, that there are a plethora of MBA course structures, each with its own pros and cons.
An Executive MBA (EMBA for short) is one such program tailor-made for working professionals; classes are more flexible and often take place during the weekends or at night, with short periods of the year when students are expected to attend full-time. Part-time MBA programs are a great option for students seeking flexible and convenient class times to run alongside a day job; these programs typically run for four or five years. Lock-step programs are another type of MBA structure and connect each student with a partner to act as a companion throughout the course. Inversely, self-paced programs offer the highest degree of flexibility when it comes to MBA programs and are suited for those who are highly individualistic in their studies. self-paced students can move through accelerated coursework if they so desire, or slow down when they need to.
Keep in mind
It is also important to consider the cost-benefit of attending an MBA program. While earning an MBA will likely increase your salary after graduation, remember that MBA programs tend to be more costly than other post grad programs; this will play a factor in your life during your MBA and after.
Another consideration is programs with partnerships with reputed business firms and global outreach programs. Make it a point to understand the campus environment and the features of the MBA program offered. The best way to do this is to connect with current or former students of the MBA programs you are looking into and ask them questions about their experience. This will give you a better understanding of the program culture.
Lastly, the reputation of the business school and its alumni network can play a large role in your job prospects after graduation. Reputed Business Colleges with well-developed MBA programs, quality alumni, desirable core courses, and specializations are just some of the major factors to look out for while shortlisting possible institutions to enroll in.
Speaking of reputation, keep an eye out for our next blog post: The Best MBA Programs of 2021.