Importance of MBA in Shaping your Career
If you are wondering about what makes an MBA degree from a top university or college so valuable, then here are some points to consider:
1. Develop advanced and flexible management skills
MBA applicants are usually young business people with a minimum of two years of professional experience. Even senior employees who feel up to the challenge may sometimes apply.
MBA classes will help you develop the skills necessary to keep a company successful. The curriculum of each Master of Business Administration degree can be different, but these are some of the most common competences you will develop depending on the study programme you choose:
- Improve leadership and people management skills
- Develop, advertise and sell your products and services
- Network and create connections or partnerships
- Manage difficult situations (e.g. financial crisis, public scandals)
- Keep the company's finances healthy
- Promote and maintain the company's positive image
- Gather, interpret, and create reports based on industry data
- Hire top talent and improve employee retention
- Create hierarchies that help the company thrive
- Make tough calls at the right time
Studying an MBA degree forces you to get out of the comfort zone. You'll explore the latest International Business trends, apply the newest management tools and techniques, and challenge yourself to improve your business, teams, and collaboration.
An MBA is also a great way to prepare for a changing business environment. The abilities you develop are also the best tools you have to adapt to the unavoidable change of industries, the marketplace, and the ways people do business.
If you plan to change careers, but the industry evolves in a way that messes with your plans, the skills you have developed will help you quickly adapt and find a new direction. You will also be able to make use of changes in economy and find new business opportunities where others simply try to survive a harsh business environment.
2. A lot of MBA specializations to fit your exact goals
Because of their international popularity, many universities and business schools have developed a diverse range of MBA programs, specialising on different aspects of the business world. So, what MBA specialisations can you choose from? What's the difference between them? And which MBA subjects are in highest demand?
1. General Management - Probably the most popular MBA specialisation. Great for developing an all-round effective business arsenal - great for a very versatile business environment.
2. International Business - great if you want to work abroad, or work in a global company with offices in different locations. Great for aligning business goals across borders. As global businesses are growing, this too is an all-round popular specialisation.
3. Strategic Management - Prepares you for long-term business planning and back-up planning.
4. Finance - Great for bankers, financial controllers, chief financial officers, and finance managers. Courses will focus on Statistics, Data Analysis, Accounting, and more.
5. Marketing - Focuses on businesses that rely on promoting products and services.
6. Entrepreneurship - Best if you have an original business idea and think about launching a start-up.
7. Operations Management - Ideal for managers in charge of optimising production processes. You will learn how to run production as efficiently as possible.
8 . IT Management - Prepares you to do business in the technology sector or do business that heavily relies on technology. This side of business relies heavily on the analysis of collected data and product development based on it.
9. Human Resources - Great to learn for managers in charge of HR teams or working with large groups of employees. Focuses on conflict resolution, team development, motivation, defining job responsibilities and more. You can't go wrong with this one if you are a people person, as companies will always need good and happy employees.
10. Consulting - prepares experts ready to offer an outside opinion for challenges faced by companies. This specialisation also develops your expertise in a variety of sectors and is very well paid.
Keep in mind that there are also a lot of MBAs providing dual specialisations, further upgrading your management capabilities and job-market versatility.
3. Access to an extensive business network
As an MBA student, you have great networking opportunities. You will interact with fellow students, professors and teaching staff (business people with great management experience). And this context will expand your business management capabilities.
Finally, you gain access to the extensive alumni network of that particular MBA programme. Your connections will give you a great overview of the business world. Be ready for a deep understanding of the slightest changes in the business environment and discover new ways to adapt fast. You can reflect on some big business issues and make connections between various global events and world affairs.
4. MBA salaries are some of the highest on the job market
Among the benefits of an MBA degree, job security and high salary are some of the most important. The average income for an MBA graduate is much higher than an employee with a regular Master's. You can expect to earn twice as much as what you would get from a regular university degree.
If you are wondering what you can do with an MBA degree or what MBA jobs are available, here are some popular career choices: business operations manager, management analyst, market research analyst, top executive, HR manager, etc.
5. Start your own company from scratch
Many students choose an MBA because they want to become entrepreneurs and learn how to start and grow a business. They have a big dream and want to know how to turn it into reality. Here's why an MBA can help you become a successful entrepreneur:
MBA professors with real-life experience in starting a business can tell you the major traps you need to avoid and what you should do to make sure your company grows and remains stable over time.
You can find MBA colleagues who have similar interests. Share your ideas with them and see if you can form a common vision. It's easier to succeed with your start-up if you have a reliable partner who has your back and vice versa.
You will learn how to communicate effectively and why it is essential for the success of any organisation. Whether you are negotiating a contract with the suppliers or explaining your vision to prospective investors, knowing how to express your ideas clearly can make the difference between winning or losing the support and attention of your audience.
Don't believe you're the only one who wants to become an entrepreneur. Many MBA graduates end up starting their own business. According to the GMAC research team, B-school alumni entrepreneurs most often found their own companies (85 percent), and combined, over half establish businesses within the consulting (36 percent) or products/services industry (26 percent).
Today's landscape of MBA specializations has never been broader. The number of reputable institutes offering excellent degrees has multiplied. While every enterprise takes a different route to the top, there are a number of fundamental business management skills that every evolving leader needs to have. By having a broad skill set and knowledge base, tomorrow's business heads can be proactive, apply new ideas and think laterally about all corners of their organization.