We keep hearing a lot about the benefits that an MBA degree offers. 21st-century professionals seem to be all over this field, ranking MBA among the most popular degrees to pursue. And there must be a reason behind this demand, right? What exactly is an MBA degree that makes it so attractive to individuals who go after it?
MBA Degree Meaning
If we’re speaking in the literary context of what an MBA degree stands for, then you must know that an MBA degree refers to a Master’s Degree in Business Administration.
The very first MBA program was offered at Harvard Business School in 1908. The demand for this program grew rapidly with the evolving economy, and specifically with the United States becoming an industrialized country. On this matter, history tells us that Harvard did not accept women candidates who wanted to pursue an MBA degree up until 1959.
Although the MBA started getting more recognition during the 50s, this degree only reached its highest peak with the rise of the internet and the new technology era. However, the way MBA programs were delivered from different universities to its students has changed substantially from then. Contemporary pursuits of MBA degrees benefit from a blending of advanced skills in business and management, also gaining practical experience for management careers of different fields within the industry.
5 Skills You Gain from an MBA Program
Along your journey of earning a professional business degree or an MBA, you are exposed to several benefits that can serve you in your professional career and personal advancement. The set of skills you develop are applicable in many different spheres, and they can make you highly valuable for your workplace. Some of the essential skills you gain from an MBA program include these:
1. Boost of confidence and leadership skills
According to an interesting Alumni Insights Survey conducted from the Australian Institute of Business in 2017, 64.7% of students said that during the MBA program they experienced an increase in their self-confidence. MBA graduates are aware of their potential, and that is why their boost of self-esteem helps them conquer any hard-to-impress employer, sales pitch, or a simple job interview.
2. Transferable skills
The industries waiting in line to benefit from the knowledge and experience of MBA graduates are numerous. The skills you develop during your studies are all versatile, and they can be applied in many aspects of the business world. Everyone can make use of a professional who reflects critical thinking skills, a leadership personality, and charisma. You’re not limited to one sector of the industry only, as you would be if you were to pursue other industry-specific degrees. Instead, you can experiment and see where you fit in best throughout your career.
3. Strategic thinking
An MBA degree helps students understand different aspects of how business is done. It educates them in ways they can add value to their work environment, in order to bring those different pieces together and manage to succeed. Hence, it develops their strategic thinking to understand many perspectives, think outside of the box, and consider alternative solutions, not necessarily familiar, to address problems that may arise during their work. Strategic thinking is linked directly to advanced problem-solving techniques.
4. Communication skills
If an MBA degree can manage to boost your self-esteem to some extent, no wonder it will also make an excellent communicator out of you! MBA graduates are often recognized from their interpersonal skills as they communicate better with their co-workers and superiors. However, this skill isn’t developed within a day. It takes a long journey of public speaking events, networking, and presentation opportunities to make them the social butterflies they’re typically perceived as.
5. Self-discipline skills
MBA students are often already employed but are aiming for higher leadership positions. As such, they have to follow many courses, complete tasks, and assignments and are expected to study hard while still performing well at work. That is why, through an MBA program, you also develop self-discipline skills that improve your personal habits, procrastination tendencies, and time management skills. And you’ll certainly make use of these skills in the days when you have to work under a lot of pressure in your future as a leader.
What are the MBA Requirements?
The process of getting accepted in reputational universities that offer MBA courses can be challenging. You should, therefore, prepare for a hectic application procedure. The most common admission requirements for an MBA in American business schools include the documentation following:
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- A Bachelor’s degree from an accredited institution
- Transcript of records
- Letters of recommendation (usually a minimum of two)
- A minimum of two years of work experience
- Personal statement
- Detailed resume
- GPA, GRE, and GMAT scores
- Required fees
Although these are the most general requirements, they are subject to change from college to college. For instance, while for some of them, the bare minimum of two years of work experience may be obligatory, for others, this requirement is not one of the most important ones.
You’ll be specifically considered ahead of other applicants if you have a Bachelor’s degree in Economics, Accounting, or Business, as these are the areas that are most related to Business Administration.
Why Pursue an MBA Degree?
The professionalism you acquire upon graduating with an MBA is not at all overrated. Truly, an MBA can teach you how to run a business regardless of your background properly, and the most significant reason to pursue this type of degree is your self-development. With the knowledge you gain, the doors to higher levels of management will be opened for you to practice the skills you gained. And with an increase in responsibility, you will be able to tell the increase in your level of income as well.
According to a survey conducted by PayScale, the average median salary for MBA graduates is $86.000. However, with more years of experience, you can reach higher figures as experience does pay off.
And finally, you can use an MBA degree to launch your own business. This sort of education provides you with the right set of skills to do so, and you can manage to create your own team that works by your own business principles. The bottom line is that an MBA degree can feed your ambition just enough if you have the motivation to go after your goals.
