If you’re considering going after these credentials, you probably wonder why get an MBA in the first place. Well, it can prove useful in more than one way. Although a high salary is definitely a major benefit, the process of earning an MBA degree can in itself be an experience you remember fondly. Additionally, the two years you spend studying in an MBA program can teach you valuable things that will enrich you with the skills needed in the business world.
Given that the benefits are numerous, let’s list some of the reasons to get an MBA degree.
1. Challenging Yourself
An MBA degree program may be many things, but it certainly is not easy. The goal of this program is to challenge students and advance their careers. As such, it can seem very challenging and demanding throughout the way.
However, the challenge this educational pathway offers is oftentimes welcomed by students. You get to pick a specific business field you want to follow and learn everything there is to know about it. Although the MBA program is difficult, your attitude towards it plays a big role in how you handle it. Treating it as a challenge for your own advancement can be of help during your studies.
2. International Exposure & Career
Since many students seek an MBA program and even move abroad to study, entering such a program serves as a great way to get exposed to other cultures, as well as other perspectives around the classroom. Many students find that following an MBA program introduces a new international component of thinking to them. This can, in turn, help them understand how business works around the world.
By going after an MBA degree in a new country, it is easier for them to make connections with local companies and to create a business network. A study finds that 57% of prospective students search for another country to study in, and the United States remains the most popular option for it.
3. Gaining New Skills and Knowledge
Many students turn to an MBA program so they can gain the additional knowledge and skills they need to get the job they want or get promoted in their current job. In fact, a GMAC study finds that the most common reason students enter an MBA program is because they feel they don’t have the knowledge, skills, and abilities to get the job they desire.
Although a bachelor’s business degree program can equip you with many basic skills and knowledge, climbing the career ladder can usually prove easier with an MBA degree. Apart from the important role an MBA title can play on your CV, there are many skills you learn through the program that will ultimately help you further your career. Additionally, there are many types of MBA programs you can choose from according to your own interests.
Wherever you choose to work after getting your MBA degree, many employers associate the degree with credibility. Usually, people tend to trust professionals with MBA degrees more than those without them. A survey found that 80% of its responding companies plan to hire MBA graduates. This is because an MBA degree shows determination and hard work.
Having the MBA credentials is an indicator of your competency, dedication to the industry, and that you are an expert at what you do. Not only that, but it is also a worldwide recognized program that will help you show credibility in the eyes of people in your industry, no matter what country you’re in.
5. Growing Your Network
While obtaining skills is important for your career, knowing the right people, and having contacts in the business world can be of great help too. As an MBA graduate, you are more likely to meet like-minded people who have paved a successful way in the industry.
During an MBA program, you will get to work with many world-class professors and driven students. Many MBA programs offer a wide range of team projects where you can learn from your peers. Additionally, these projects can serve as a chance to make your partners part of your network.
The friends you make during your studies are not only good people, but they are also likely to become very successful in their chosen careers, and having them on your contact list can prove beneficial.
6. Learning From Top-Notch Professors
Over the course of an MBA degree program, you will get to work with professors that will challenge you in the best way possible. Additionally, it would be advisable to form successful mentorship relationships with your professors during your program, as it can help you achieve success later on.
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These are the people whose achievements and knowledge you want to acquire for yourself. You will gain many skills and information by simply participating in their classes. However, to get the most out of the experience, it would be good to try and form a good relationship with them, so you will easily access any additional help you may need. You may also get the chance to hear lectures from accomplished executives, which will serve as a motivation.
7. Learning Management
Having management skills is often a very important skill to have on your resume, especially if you’re in the business industry. Whether you want to start your own business upon completion of the program, or you want to earn a higher position at an existing company, having management skills will prove to be beneficial.
Although management is a subject that’s brought up in a bachelor’s program as well, in an MBA program, you will have the chance to learn about managing a large number of people. Knowing how to properly manage a big team of people working for you will open many career doors for students.
8. High Salaries
One of the perks of having an MBA degree is the job opportunities that come with big paychecks. MBA degree salaries are, without a doubt, some of the highest in the job market. Although the pay varies depending on the company or organization you work for and the position you have, most of them usually offer above-average salaries.
Highest paying jobs for MBA graduates
There are many routes you can take with an MBA degree, and most of them hold many benefits. There are many things you can do with an MBA degree. Here are some of the highest-paying jobs for MBA graduates in today’s market.
An investment banker is a professional in charge of helping businesses, corporations, and government agencies raise money in capital markets. Additionally, they help with financial mergers, large transactions, underwriting for major deals, and pension funds. To get an investment baking job, you usually need to have a strong MBA background concentrated in finance.
Median salary: $450,000
As a financial manager, you would be responsible for the overall financial health of the organization. Some of their duties include keeping bank accounts healthy, doing daily and long term paperwork, and ensuring that their workers are doing their job properly. Most employers prefer to hire a financial manager with an MBA and good problem solving and mathematical skills.
Median salary: $125,080
Marketing managers are executives who oversee a company’s marketing campaigns and manage a company’s marketing employees. Some of their responsibilities include estimating how a potential product would perform in the market, determining who might be interested in the product, coming up with strategies to increase sales, etc. Usually, to get a marketing manager job, an MBA degree with a specialization in marketing is required.
Median salary: $120,000
Chief Technology Officer
Chief technology officers are professionals who oversee current technology and make relevant policies within the company. They are in charge of aligning decisions related to technology with the company’s goals and objectives. To get the chief technology officer job, you would need an MBA degree with a specialization in information technology management.
Median salary: $200,000
As an investment manager, your job would consist of helping clients reach their investment goals, and doing that by managing their money. Some of their duties include coming up with investment strategies for their client and directing funds to property. An MBA degree with a concentration in finance is what employers generally look for in investment managers.
Median salary: $135,000
Health Services Manager
Health service managers are professionals who work with hospitals, clinics, and other healthcare facilities by applying their business and management skills. In addition, they make sure that the facilities they oversee are following the rules that are instituted by accrediting agencies and the government. Apart from an MBA degree, health service managers are expected to have excellent communication and critical thinking skills.
Median salary: $99,730
If you’ve considered entering an MBA program, at one point, you probably thought to yourself: Why should I get an MBA degree? The answer to that is that it’s challenging—it offers new skills, job opportunities, credibility, and many other benefits. The MBA credentials are the most sought out in the business world, and they come with many perks. Just as the experience of studying for an MBA can be beneficial, so can the completion of the program. On top of all that, there’s a higher salary prospect that many appreciate.