An MBA is one of the most sought-after degrees among students eyeing a career in the corporate sector or entrepreneurship. It opens doors to new opportunities and increases the earning potential substantially. Studies show that the median base salary for MBA graduates in the United States is $115,000, which is almost double that of a BBA holder ($54,000). Research also suggests that about 9 in 10 employers are willing to hire business graduates. So, the market is still hot.
But we all have our doubts about pursuing an advanced degree. It requires time, dedication, and money. So, why push? Let’s understand more here.
The job market is hot
As mentioned, 91% of employers want to add business graduates to their teams. It is because an MBA graduate can work in highly diverse teams. They are adaptable and can think on their feet.
An EMSI study also shows that the job market will grow by 9.8% by 2023. That’s a significant improvement and one that you can benefit from.
Although all fields are in demand, finance, consultancy, and strategy are among the most sought-after. It means you have a higher chance of being hired with these specializations. Of course, the money is good.
Favorable learning opportunities
Committing to an on-site, full-blown MBA program isn’t feasible for working professionals. Most are employed full-time with a struggling social life. But thanks to technological advancements in education, online learning is an easier alternative.
Most business schools offer online MBA programs that let you study from anywhere at any time. And if you’re concerned about the quality of education, don’t be. All universities hire highly-qualified educators. These professionals have relevant market experience and are willing to pass it on.
Study while keeping the costs low
Education costs have been on an upward trend for the past few decades. Besides the tuition fees, you have to worry about transportation expenses and purchasing course books. If you’re an international student, there’s an added expense of moving, living, and food. And so, most of us don’t even think about it.
But online courses take the worry out of it all. You don’t have to be in the same state or country as your desired university. There are no transportation costs. Since all the study material is available online and accessible 24/7, you don’t have to purchase expensive resources to study.
But make sure you have a high-speed internet connection and a working laptop.
The world of networking
One of the biggest perks of a business degree is the opportunity to build an incredible professional network. During your journey, you’ll rub elbows with industry experts as you complete your internships.
Plus, you’ll be working alongside other qualified individuals who likely have their own networks. And your mentor. They can recommend you to their contacts and guide you in the right direction.
If you plan on starting your own business, attending business school can also be a great way to meet potential clients and employees. So, make the most of this networking opportunity.
A world of specialization options
Business is a versatile field. You can specialize in various areas of study depending on your skills and preferences. Of course, you must also consider the scope of the specialization you choose to pursue. For instance, HR is among the highly-paid MBA specializations. So, it might be right up your alley if you like working with people.
If you can’t decide which concentration you want to go with, here’s a list that might help.
- MBA in Analytics
- MBA in Entrepreneurship
- MBA in Finance
- MBA in Consulting
- MBA in Technology
- MBA in Marketing
Each program has a unique focus and can help you develop specific skills. For example, if you specialize in entrepreneurship, you’ll learn about managing risks and developing business strategies. On the other hand, studying marketing will enable you to create and implement successful marketing campaigns and effectively communicate with customers.
Gain a competitive advantage
Your ultimate target is to secure a good job or get that promotion you’ve been eyeing. But what do you think your chances are when 118 people apply for the same job as you? That’s right; you need a competitive edge.
Pursuing an advanced business degree can be your golden ticket. It will demonstrate your dedication to your potential employer. You’ll have the skills your employer wants. And if your mentor or a relevant industry expert issues a letter of recommendation, your application will shine through. Put all these factors together, and you get a fail-proof way of landing your dream job.
Hone excellent marketable skills
Honing excellent marketable skills is the key to unlocking career success in today’s competitive job market. The world of work is rapidly evolving, and employers are seeking candidates with specific, in-demand skills that can immediately impact their business’s performance. Luckily, a degree in business education equips you with all these skills.
Here are a few key skills that you’ll polish during your education journey:
- Time Management
- Communication
- Critical Thinking
- Mental Flexibility
- Team Work Ability
These skills aren’t only beneficial for your career but will also help you in various personal phases of life.
Start your entrepreneurial journey
Do you want to start your business and make it work? You must first realize that the world of entrepreneurship is unpredictable and full of responsibilities. It is why 20% of startups fail during their first year.
But that might not be the case with you if you get a business degree. You can turn your ideas into successful businesses by understanding marketing, finance, management, and corporate strategy.
Business education also provides a valuable network of mentors, peers, and resources. These can guide you through the ups and downs of your entrepreneurial journey. You might even find the right people to add to your team.
Conclusion
Pursuing an MBA program is a remarkable chance to develop yourself both professionally and personally. This degree will equip you with invaluable skills, boosting your resilience and confidence. In turn, this newfound confidence will shine through when you’re interviewing for your next job. Thus, investing in an MBA program can be a wise decision for your future career growth.
If you’re a busy working professional with limited free time, online MBA programs are a convenient option to consider. So, why hesitate? Take the leap and start filling out that admission form today to embark on this transformative journey.
Suman(Kul Prasad) Pandit is an accomplished business professional and entrepreneur with a proven track record in corporate and start-up sectors in the UK and USA. With a focus on sustainable business practices and business education, Suman is highly regarded for his innovative problem-solving and commitment to excellence. His expertise and dedication make him a valuable asset for businesses seeking growth and success.