MBA degrees are one of the most sought-after degrees in the world. It is easy to see why. The world’s best firms are hiring MBA grads by the thousands. Also, guys like Michael Bloomberg, Sundar Pichai, and NBA star Shaq all have the word MBA written next to their names.
With that said, What is an MBA degree?
MBA stands for Masters in Business Administration. It is a two-year program taught by world-renowned universities. An MBA teaches you the necessary business skill required to succeed in companies like Google, Amazon, Tesla, Mckinsey, among others. You can also start your own business after graduating. Now, let’s discuss reasons why you should get an MBA degree.
1. In-Depth Business Knowledge
MBA programs provide in-depth knowledge of business principles. You will also gain hands-on experience and develop the skills required to grow as a business professional. In addition, it will allow you to be ready to take on roles you are interested in as soon as you finish the program. As an MBA student, you will learn some core subjects.
- Organization Behavior
- Operations Management
There are also MBA programs with specializations in:
- International Business
- Strategic Management
2. Build and Expand Your Network
Enrolling in an MBA program will make you a part of a community of future business leaders and alumni with powerful connections. Most MBA programs will give you access to extensive networking events, networks of common interests, and conferences led by students designed to help you increase your reach. The University of Maryland is one such university that offers an Online Masters In Business program with global alumni of 66,000. Your network can help you land opportunities that would otherwise be difficult to get. For example, if you apply for a job at a large corporation and do not hear back. Chances are someone from your network will have a connection in that company which will help move your application forward.
3. Develop Management Skills
Most of the students in MBA programs are professionals with at least two years of experience. MBA programs will help you develop the required skills to run a successful company. The curriculum of each MBA program is different. However, you will learn the following most common skills:
- Develop leadership and learn how to manage people
- Manufacture, advertise and sell your products or services
- Build your network. Many MBA grads have found their business partners through their programs
- Learn to solve difficult problems
- Learn how to gather and understand industry data
- Make reports based on industry data
- Hire competent employees
- Retain competent employees
- Make timely tough decisions
- Explore current global business trends
- Use the latest techniques in business
- Use the latest management tools
4. MBA Specializations to Help You Achieve Your Goals
MBA programs are one of the most sought-after degrees by professionals. Due to the increase in popularity, universities globally have developed a wide range of MBA programs. Each of these MBA programs specializes in different aspects of the business industry. Competition is fierce in the business world. Businesses globally are vying for the top spot in their respective industries. It has led to employers preferring candidates who have completed MBA programs with a specialization. These are some of the most common MBA programs are.
- MBA in International Business: Professionals who want to work at multi-national corporations. You will learn export and import procedures and the documentation involved.
- Strategic Management: Teaches and develops skills like long-term business planning and developing contingency plans. You will learn to plan, analyze, and monitor a company to help it reach its goals. It also focuses on financial planning and managerial economics.
- Finance: For professionals who want to get into the banking industry. You will learn accounting, budgeting, modern financial theory, capital markets, investment banking, and data-driven decision-making. After completing this program, you will analyze investments, mitigate risks, develop solutions to complicated problems, and make complex financial decisions.
- Marketing: This program will teach you skills like mathematics, communications, analytics, and management. After finishing this program, you will have multiple career options like consulting, entrepreneur, and general manager.
- Entrepreneurship: It is perfect for students who have an original idea and want to launch a business. You will learn quick thinking, mental agility, and creative problem-solving skills.
- Operations Management: It is ideal for people in management positions and responsible for optimizing production. You will learn to manage the production process, utilizing your staff, equipment, materials, and technology.
- IT Management: For professionals who want a career in the technology industry or start a business in the technology industry. You will learn the language of business, develop and evaluate the company’s plans, and lead your team.
- Human Resources: For HR managers who want to upskill themselves. You will learn conflict resolutions, team development, motivating your employees, defining job descriptions.
- Consulting: For professionals who want to help companies overcome the challenges they face. You will learn to solve business problems, communicate effectively, refine corporate strategy skills, and analyze business for any problems.
5. Catapult Your Career and Salary
An MBA can give your professional identity a big boost. According to the Graduate Management Admission Council’s Corporate Recruiters Survey, MBA grads’ careers often get catapulted to upper-management positions across a wide range of industries. The survey also indicates that MBA grads increase their salary substantially. MBA grads’ average yearly salary is over $110k, more than 70% of employees with a bachelor’s degree.
6. Greater Job Security
Another reason to get an MBA is that MBA grads have a lower unemployment rate than employees with a bachelor’s degree. MBA grads have a wide range of skills developed through an MBA that businesses require.
7. Become an Entrepreneur
Have you ever dreamed of starting your own business? Well, an MBA can help you develop the necessary skills to succeed in starting your own company. MBA professors are experienced in starting a business and can teach you what to do and avoid to make sure your company keeps growing and remains stable. MBA programs will also help you find people with common interests. It can lead to partnerships with people who share your vision. Having a partner who believes in you and vice versa can make the journey of entrepreneurship much easier. In addition, you will learn to communicate effectively, which is critical for any organization to succeed. Negotiating contracts with suppliers or explaining your vision to potential investors require effective communication. Without it, you will not be able to succeed.
Enrolling yourself in an MBA program is one of the smartest decisions you can make. It will give you the necessary business knowledge and hands-on practice to succeed in the business world. It is most certainly a challenging task. But, in the end, it is worth it.