Here are some of the other top reasons that studying an MBA can benefit you both personally and professionally.
Taking the decision to study any degree is a major one and is not something that you should enter into lightly. Studying for a degree is not only a big commitment in terms of the time that you will have to dedicate to it, but you will also often have to spend a considerable amount of money on tuition fees or take on the debt from a student loan. However, a degree can also be a very worthwhile investment for your future. Many people find that degrees not only equip them with new skills and knowledge, which makes career advancement possible, but it also encourages them to refine their organizational and other skills. This makes them useful for self-improvement.
If you are someone who has already worked in the competitive business world for some time and are now looking to take things to the next level, then pursuing an MBA could be the perfect choice for you.
Here are some of the other top reasons that studying an MBA can benefit you both personally and professionally.
Develop Useful Managerial Skills
If you are hoping to one day work in a management position, then an MBA will help a great deal in making your resume stand out from the competition. The MBA is considered by many employers to be a great indicator of reliability, as well as proficiency to a particular minimum standard. If you can put an MBA on your resume, then your chances of being hired instantly go up.
Most students who pursue MBAs do so because they are currently young professionals and would like to be able to advance their career to the level of middle or upper management. After a number of years working in the same job or environment it is natural to want to change or progress in some way, and an MBA makes this possible.
Networking Opportunities
Studying for an MBA will offer a number of excellent networking opportunities, the kind that are usually quite hard to find. As you progress through your MBA you will meet more people, many of who will be able to assist you, either now or in the future. Many MBA students, particularly those who study online courses – see MBA@UNC for an example – study while working part-time. Those who are studying full time will have numerous opportunities to meet new contacts through the various internships and other employment opportunities that present to MBA students.
During the study of your MBA, not only will you encounter a number of opportunities to directly network with people around you, but these interactions will also give you a grounding in the skills that you need in order to effectively network when you meet people in the future. Often the staff who teach you during your MBA will themselves currently work in a business field at the same time. They are invaluable as sources of knowledge and are potential future contacts.
Command a Higher Salary
Beefing up your resume with additional skills and qualifications will give you a huge advantage in not only scoring interviews and making shortlists, but in being able to negotiate a higher salary than you would otherwise be able to. Average salaries for MBA graduates are significantly higher than they are for those without the qualification, this includes others who have a different master’s degree. In some cases, this difference equates to the MBA effectively doubling the salary for a given role. The extra cash you will earn from having an MBA can cover the cost of obtaining the degree relatively quickly, within a few years time in fact.
Start Your Own Business
Who wouldn’t want to be their own boss? To have complete control over our professional lives is something that seems all but unobtainable for many people. Studying an MBA degree makes this remote possibility a reality just waiting for you to grasp it. Of course, anyone can start their own business, but if you have studied for an MBA then you will have a significant advantage. You will be entering into this new territory with some experience already under your belt and having studied the most important lessons for any manager to know.
Pursuing an MBA, to begin with, is usually a pretty clear indication that an individual is dedicated to their entrepreneurial pursuits, and this is exactly the kind of can-do attitude that you will need at the helm of your own business.
There are also the benefits that come from the act of studying which aren’t necessarily unique to the MBA degree. For example, studying any kind of master’s degree requires students to find ways of efficiently managing their time and of making sure that they complete all their required studies.
New Career Opportunities
Starting and running a business isn’t something that appeals to everyone. For those who aren’t tempted by the prospect of being in charge of their own business, an MBA will open plenty of doors to potential careers working in management for other individuals or organizations. Worldwide, more than 50% of MBA graduates manage to obtain and hold a position working in upper management, or as board directors. These are the positions which will command the highest salaries in most companies and so they are positions worth pursuing.
They Are More Accessible Than Ever Before
Thanks to the rise of online degrees, anyone can study for an MBA at any point in their business career. You will often need to have some experience working professionally before you will be able to apply to study an MBA, however, some institutions may accept students on the basis of an entrance exam or minimum grade average requirement, however beyond this there are often few restrictions.
You may well think that taking on an MBA while also continuing to work a full-time job is going to be more work than you can handle. However, another big advantage of online degrees is that they allow students to study part time and complete their degrees over a number of additional years. If you think that the pressure of studying full time would be detrimental to your performance, then part-time studying could well be the solution.
Another consideration for many students is the financial constraints. If you already work a full-time job, then some of your salary will be going on taxes, on rent, food, and other essentials, and all the other inevitable costs of adult life. Studying an MBA on top of this will require some additional financial investments from you. You will either have to save the money for your tuition beforehand, pay as you go with what you earn while working, or take on some debt in the form of a student loan. Online degrees tend to be considerably cheaper than other types, which makes all the various options for paying your tuition fees more viable.
An MBA degree has much to offer students. It is a really effective way of boosting your knowledge, skills, and values in the professional arena, while also providing a means of developing your self confidence. After completing your MBA, you will be in the perfect position to either pursue a management role in a business, or to start your own and begin your entrepreneurial journey.
