Why Get an MBA?
To succeed in most roles in the business domain, whether in an entry-level job or when seeking a promotion, you need to pursue a relevant degree that will equip you with the skills and knowledge that will help advance your career. Anyone aspiring to work in the business field or become a manager must have come across the acronym MBA. But what exactly is it? Why get an MBA?
When you are deciding whether or not to pursue a degree, it's essential to understand what there is to gain and then determine if it merits the effort and fees you will spend on it. So, is an MBA worth it? Well, let's find out, shall we?
What Is an MBA?
Once the United States started becoming industrialized, colleges began to offer training in accounting and bookkeeping. However, as standards for business kept developing, the need for workers to build skills related to management kept increasing. Hence, colleges and universities had to adapt by incorporating programs that would equip students with the required skills to succeed in business, and so the first MBA programs were created.
MBA is a term that stands for Master of Business Administration. It is a professional degree awarded by graduate schools of management or business upon finishing the students' training in theoretical and practical aspects of professional management.
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What Do You Learn in an MBA Degree?
Although MBA programs differ from one school to another, generally, they have similar curriculums that cover some of the core business topics, such as:
Accounting
Finance
Business and management principles
Data and strategic planning
Marketing
Human resource management
In addition, there are several elective courses in a variety of subjects, including business law, ethics, healthcare, government, and so on. Each subject is part of the program to assist you in preparing to succeed in various fields of business, regardless of where your career will take you.
Benefits of Studying an MBA
If you are interested in pursuing leadership positions, getting an MBA may be the perfect choice for you. In case you are still asking yourself, "Should I get an MBA degree?" or wondering, "Is an MBA worth it?", then let us present to you some of the many benefits of MBA degrees that you should know of before making a choice. Starting from the skills you develop to the salary and program options you can choose from, we will help you make an informed decision about investing in your future.
Development of skills
Students who complete an MBA program have many opportunities to develop a mixture of soft and hard skills that are essential for business administration as well as can also be transferred to other career fields. Through the courses you follow, the discussions you have, and projects you participate in, you will develop skills such as:
Communication
Leadership
Time management and multitasking
Analytical and strategic thinking
Planning
Teamwork and collaboration
Such skills, combined with a thorough understanding of business fundamentals or any other field, will help you thrive in any path you follow.
Broad range of specializations
MBA specializations help enhance your knowledge on a career path that interests you by thoroughly studying subjects already part of general MBA programs in combination with topics specific to the industry of your interest. Nowadays, business graduates are not restricted to working only in traditional business areas, and they can apply their skills and knowledge in many fields—education, healthcare, marketing, and many others.
Some of the most common MBA specializations you can find in most universities and colleges include:
General management
This MBA specialization is an ideal choice for those who still have not decided on one path to follow but would rather keep their options open regarding business administration and management. The variety of courses offered in this specialization is suitable to prepare you for working in a big or small company in many positions.
Marketing
Another popular MBA specialization is focused on preparing students for positions related to marketing management, research, and product development. When pursuing this academic area, the courses you follow relate to sales, administration, management, market strategies, and marketing research in different industries.
Finance
Upon earning an MBA degree in finance, you will be eligible for many positions such as financial advisor, analyst, and manager. Furthermore, such a degree is also an excellent step toward becoming a Chief Financial Officer (CFO) in the future.
And the opportunities do not stop there as you have many more options to choose from—management consulting, entrepreneurship, operational management, human resources, information technology, and others.
Career growth
Those looking to boost their career or growth and promotion in business administration can benefit significantly from an MBA degree. According to the U.S. Bureau of Labor Statistics, the average growth rate for administrative services and facilities managers is estimated to be 9% from 2020 to 2030. In addition, the many positions we have mentioned you will be eligible for once you achieve your MBA generally have promising percentages regarding their job outlook.
Network expansion
While completing an MBA program, you will interact with many students, professors, instructors, alumni, and other professionals with whom you can create networking links. The people you make professional connections with can answer any questions you have, give advice, or even directly recommend you for jobs and help you grow as a professional. So, the network you form while on your MBA journey will assist you in further developing your skills, understanding the business world, and even present you with better opportunities once you are ready to begin working.
High salary
An MBA degree is an investment of both your time and finances. Still, besides the many doors it will open and the multiple job opportunities it offers, an MBA can also improve your income potential. The degree to which an MBA degree influences salaries differs depending on your position, the career path you follow, and the university you graduate from. According to reports conducted by USNews in 2020, the average salary of professionals with an MBA degree was around $137,890.
Self-employment
Although being an independent contractor is highly demanding, if you are interested in starting your own businesses and being self-employed, an MBA degree will help prepare you for this challenging journey. The program will help you learn more about the practical aspects of business and assist you in better understanding how it is all conducted and managed while considering all aspects related to it. Essentially, an MBA degree will equip you with the proper skills and knowledge to tackle the issues you'll inevitably encounter as your own supervisor.
Different modalities of study
Why pursue an MBA? Well, how about the fact that you will be able to select among several modalities. Three common types of Master of Business Administration programs you can choose from include:
Full-time MBA
Such an MBA degree will require you to commit most of your time to the courses by attending lectures regularly, partaking in various projects, dealing with many tasks, and generally participating during the whole experience.
Part-time MBA
Unlike the previously mentioned format, a part-time MBA offers you more flexibility as you have the possibility to work with fewer classes at a time and allows you to have more freedom with your schedule. With such an MBA program, you can efficiently finish your studies while simultaneously gathering experience working in business administration or any other field.
Executive MBA
The executive MBA degree combines physical and online classes during weekdays and even weekends to fit the students' agendas. These programs are aimed at professionals who have enough knowledge in the field so that their courses can only help make them more effective in business administration.
Conclusion
So, is an MBA degree worth it? Yes, we think it is. If you are interested in business administration or a similar field, you have so much to gain from pursuing an MBA degree. Not only will you qualify for multiple positions in different areas, but you can also benefit financially and create valuable networking links with people who can help you land a job in one of the many MBA jobs with promising outlooks.
Whatever you decide to pursue, as long as you are diligent and committed to it, you will find your way in the world.