In a competitive world with hundreds of applicants (if not more) competing after a single role, it can be difficult to know what you can do to make yourself stand out from the crowd. After all, an undergraduate degree, or even a Master’s qualification, is commonplace these days and does not mark you out as a particular talent amongst the many other people applying for the same position.
However, an MBA has long had a reputation for being a rigorous and prestigious qualification, and one that is uniquely designed to help people progress in their career to work towards their professional objectives. If you are thinking about applying for an MBA but are still not sure if it is worth your while, then read on for some of the top reasons in its favor.
An MBA will help you build and improve existing skills and develop new ones
One important qualifier for an MBA is that you will normally be required to have some pre-existing professional business experience before starting the degree. Unlike many other qualifications where you can typically expect to gain work experience while studying or after completing the course, this requirement means that you will already have some practical understanding of the kind of skills required to succeed in business.
An MBA program, such as this one, will be designed to help you develop invaluable skills that are necessary in the modern workplace, such as effective management, conflict resolution, understanding budgeting and financial information, and how to be a good leader. By building your knowledge on your existing practical experience, this can help students gain an in-depth understanding of how these skills can be applied in a real working environment, rather than an abstract, theoretical idea.
You’ll appreciate and understand how to work with and lead a team
Being a good team leader is one of the most essential attributes for any successful business person, whatever industry or niche that they may be working in. While you may have thought that you understood what it takes to run a team when working on a small-scale group project in your undergraduate degree, your experience in an MBA will take this to the next level.
You’ll be exposed to the complex workings of a team in genuine corporate environments, with an understanding of the often sensitive and difficult decisions that need to be made. Alongside this, you’ll also begin to appreciate how to manage the variety of challenging personality types you are likely to meet in the business world and discover how to get the best out of each person while still driving the team towards a successful objective.
You will stay ahead of the latest commercial and industrial trends and innovations
The contemporary business and technological world is constantly and rapidly evolving, with new innovations emerging every day. The development of technological solutions in the last few years has transformed the way that many traditional industries operate, from the impact of mobile banking on traditional financial organizations to the growth of social media and its impact on advertising models.
In order to enter the business world successfully and be able to harness the opportunities presented by technology, it’s essential to have a clear idea of how these developments interact with, and influence, the corporate environment. During your MBA, you can learn to develop practical tools and knowledge to help you navigate this and understand how to identify emerging trends in your field.
You can change careers more easily
If you have been working in another industry for a while and feel that it is time for a change of career, then studying for an MBA can be one of the most effective ways of going about it. An MBA is a well-respected qualification and highly regarded by most significant employers, and demonstrates both ability and talent. In addition to the reputation of an MBA, it also equips you with the insight and skillset you need to perform well in a variety of roles, including project management and more.
Different MBAs may be tailored towards particular industries or fields, so if you have a specific area that you would like to work in, it is a good idea to do some research beforehand and consider where previous graduates have gone on to work. It may also be useful to reach out to previous MBA students who work in the sector you hope to go into, as they may be able to provide some useful advice on the best way to go about changing your career in a new direction.
You will be connected to a large and useful network
Networking is one of the most powerful tools for business development in any industry, but for many newcomers in the workforce, this can often be a daunting thing to consider. However, studying for an MBA immediately sets you up with a great network of potential contacts that may point you in the right direction one day.
You will get to meet fellow students who bring their own variety of contacts and experiences, as well as many lecturers, professors and business experts from a variety of industries. It’s the perfect time to embrace being challenged, as you’ll meet teachers that push you to your limits and discover new depths to your own potential, as well as industry experts who share the secrets of their success. Your MBA is a time to be curious and humble – don’t hesitate to ask as many questions as you can to the people around you in order to learn as much as possible.
As well as having a great network of people to contact, the many different individuals that you will get to meet during your MBA are also a fantastic opportunity to learn more about the fast-paced and complex nature of the global business environment. It’s a great time to reach out to as many people as you can and observe, to get an insight into industries and subjects that you might never have considered. You’ll also make friends that will be with you for life as you work through a challenging and often grueling course over the next year or two alongside fellow students who will be there to support and encourage you along the way.
You will have the skills to start your own business
As an MBA will equip you with the comprehensive knowledge required to run and manage a business successfully, it is often the qualification of choice for many budding entrepreneurs. While having an MBA is certainly not a requirement to start your own business, it can be a great advantage and will put you ahead of the competition.
Many start-ups fail in the first year due to the lack of adequate understanding of how to manage effective growth, budgeting and other key aspects of running an organization. By arming yourself with the valuable knowledge needed in what drives a successful business, you can feel confident about your future as an entrepreneur.
You can enjoy opportunities around the globe
The MBA is a globally recognized and respected qualification, making it an ideal choice for anyone considering a career that could span multiple countries. It also provides a useful foundation for many other specialized degree subjects, so it can serve as a good starting point if you are looking to work in a particular niche and need to study further.
Studying for an MBA can also be an interesting way of exploring the world. With many MBA programs situated in prestigious institutions in different countries, these can be a great chance to network with students and business people from another part of the globe. Even if you’re not inclined to study for an MBA in a different country, you may still be able to participate in group projects with international students, giving you a useful insight into other business cultures. An MBA is also a useful way to appreciate the importance and interconnected nature of the global economy and will help you understand the impact businesses around the world can have on every industry.
You can anticipate some of the best salaries in the country
In a highly competitive workforce, it can be tough to find a role suitable for your skillset and personal goals, and even more challenging to find a position that pays the kind of salary you’d hope for at a higher professional level. Having an MBA on your CV is one of the best ways to access the highest-paying roles in most industries, however, as it puts you in good stead for landing some of the most coveted positions in companies from around the world.
In the US, the average salary of a person with an MBA often exceeds $100,000 per annum, making it a great investment for a lucrative and fruitful professional career. While you might not land a high-paying job immediately out of school, you can certainly feel confident about your future prospects and look forward to a successful professional life ahead.