A Master’s of Business Administration is among the world’s most popular graduate management degrees. An MBA provides its students with the business acumen required in today’s corporate world, providing students a comprehensive background across the fields of accounting, finance, and marketing, all the while honing its students with the judgment and leadership skills expected in present businesses.
For aspiring managers and entrepreneurs, deciding to pursue an MBA is a significant step in their careers. However, an MBA does require an initial financial investment, which might make you wonder if it’s a worthwhile pursuit. Here are a few reasons why we believe it is:
1. Acquire Holistic Business Knowledge and Skills
Whichever specialisation you opt for, an MBA provides you with the core knowledge and skills required in all aspects of the ever-changing business world. You will explore the latest international business trends through your degree and learn how to apply new management techniques and strategic thinking. A comprehensive MBA program will teach you how to solve real-world business problems and use tools such as scenario-based learning, making you apply the theories you learn in your degree. As a result, MBA graduates are cognisant of real-life business situations and know how to deal with them.
2. Networking Opportunities
An MBA provides an excellent opportunity for you to meet people in the same field of work as you. You will interact with recruiters, entrepreneurs, managing directors, and keynote speakers, expanding your business management capabilities. Additionally, you will be alongside budding entrepreneurs and will have the opportunity to make connections and partnerships which can bear fruit in the future. An MBA will also give you access to the alumni network of your chosen program, providing you with connections that already have an overview of the business world. This expansive network can prove to be invaluable in the future.
3. Increased Earning Potential
One of the biggest benefits of pursuing an MBA is its significant earning potential. Someone holding an MBA earns an average of $20,000 more than someone with a Bachelor’s degree in business. The median base salary offered to fresh MBA hires in the US is $115,000, over double the median for a Bachelor’s degree. While the initial cost for an MBA might seem steep, it is definitely worthwhile.
4. Better Career Opportunities
An MBA explores a more comprehensive set of fields than a Bachelor’s degree for graduates to expand in and can consequently bolster your identity in the industry. It covers several core areas that potential employers seek, such as human resources, information systems, economics, and finance. This allows MBA graduates to pursue careers in multiple business sectors.
Additionally, holding an MBA shows employers that you are career driven and possess the necessary set of skills required to be an asset to their company. MBA graduates are more likely to hold high-level management positions than individuals with just a Bachelor’s degree.
Despite the seemingly steep initial investment, pursuing an MBA is definitely worthwhile. An MBA will give you access to various exciting careers to choose from and flourish in. The first step you can take towards a fruitful career in your preferred business area is to apply for this degree.
You should check the application requirements for your business school of choice. Most selective business schools require an interview before accepting you. If you are nervous about the interview, several MBA interview prep programs can help you prepare for it, such as the one offered by Fortuna Admissions.