Reasons to Pursue an MBA Degree
There are a plethora of reasons why people choose to pursue a Master of Business Administration (MBA) degree. Of course, it comes with the obvious benefits like the opportunity to bump your salary, advance your career, and meet and develop meaningful relationships with influential executives and colleagues in your industry. Those who have a passion for continuous learning may find working towards an MBA invigorating.
The MBA experience is surely a fulfilling one and can help young individuals realize and reach their career goals on an elevated level. However, before jumping into it, let’s take a moment to go over the benefits of having an MBA, and some things to consider before making the commitment.
Benefits of Having an MBA
An MBA is a significant investment that not everyone is meant to make, but the rewards can be substantial. The degree can help you advance in your career, develop an international network, gain effective communication and leadership skills, and much more. Here are some of the common reasons why people pursue an MBA:
Grow Your Network
Participating in a world-class MBA program will inevitably expose you to a wide range of individuals from all over the world. You will get the opportunity to connect with a plethora of reputable professors, local business owners, and of course, other MBA students. Needless to say, you’ll be connected with a big international community.
This alone can be the main reason why someone decides to go for an MBA. The saying, “it’s not what you know, but who you know,” holds true today, especially in a highly competitive job market. Networking within your industry and related fields can go a long way especially for prospective and current business owners wishing to push the limits to success!
Become The Boss
Do you feel like you’ve hit a plateau at your current job? Do you not see yourself working for someone else the rest of your life? If you have dreams to become a boss and entrepreneur, a strong MBA program can help you acquire new skills and knowledge to get you to the next level.
Learn About Managing People
In your undergraduate years, you may have picked up some leadership skills and learned how to stay self-motivated. But, you get very few classes in managing people. By enrolling in an MBA program though, you’ll have the opportunity to manage big teams and realize just how crucial being able to manage people will be to your career.
Gain International Exposure
An MBA program can be a wonderful environment for students to gain exposure to other perspectives and cultures within the classroom. Students and faculty come from all around the world, so future and current business owners looking to add an international component to their career and thinking processes would benefit greatly from getting an MBA. Some business schools even offer students the opportunity to get international experience through a consulting project or an internship!
Attain New Skills & Knowledge
Sometimes, undergraduates get out and into the workforce, and find that they lack the skills they need to get the positions they want. Going back to school to earn an MBA can be the perfect way to gain these skills. For example, an engineer may have really strong technical skills that makes him good at what he does, but lack the business skills to really take his work to the next level.
Things to Consider Before Working Towards an MBA
The decision to earn an MBA involves thinking about a variety of factors like timing, return of investment, and program reputation.
Are you fresh out of college with an undergraduate degree ready to jump right into pursuing your MBA? Or have you been out of school and in the workforce for a number of years? If you are currently employed, will you be going for a part-time program, or possibly quitting your job to pursue an MBA full-time? These are just some of many variables to consider when it comes to timing.
If you have just finished your undergraduate degree, you’ll want to think about whether you want to gain a few years of work experience first and get an MBA later on, or dive right into it. While part-time and online programs allow more flexibility for you to keep working, it will most likely take longer to complete. On the contrary, full-time programs are very rigorous and will pull you away from the job market temporarily. That being said, it’s important that you take time to evaluate and decide whether the return on your interment will justify the money you’ll lose out on while you’re in business school.
Return of Investment
The reality is, not everyone gets a good return of investment with an MBA. Generally speaking, it can increase your chances of a more competitive salary and the odds of you getting a promotion. And yes, you’ll definitely enrich your educational endeavors if you give it your all. However, an MBA is expensive to pursue, requires time commitment, and yet, can have a minimal impact on your salary. It all really depends on the field you’ll go into. So, before committing to additional years in school, it’s a good idea to do some research and really think about whether an MBA degree will help you reach your long-term career goals!
Not all MBA degrees are made the same, nor are they equal in value. If you have decided to pursue an MBA degree, it’s time to research and make a list of reputable programs. Ensure that it’s accredited and will actually benefit your career. Picking the right program will make a difference in your marketability as a potential employee after graduation. The last thing you want to do is shell out a ton of money for an MBA from a school that isn’t accredited or well-respected.
Is working towards an MBA right for you? The answer to this will be different for everyone. Hopefully after considering the benefits of an MBA degree and considering important factors like timing, return of investment, and program reputation, you’ll be able to make an informed decision for yourself. If you’ve already decided the answer is “yes,” enjoy your time in business school and make the most of it!