If you would like to fast-track your career in business then the thought of studying for an MBA (Masters of Business Administration) has most likely crossed your mind. This highly sought-after qualification is regarded by many as a way to stand out from the competition and succeed in the business world. Known to enhance graduates’ marketability, job opportunities as well as their potential earnings, an MBA can seem like an obvious choice.
However, with the average costs ranging from $55,727 to $161,810 an MBA program may well be prohibitive for many. If you are an aspiring business person or would like to develop your business skills further, this article will explore some of the reasons why you should consider getting an MBA.
New Career Paths
Deciding to change career paths can seem like an impossible decision especially if you have been working in one industry all your career. If you are one of the many who are considering changing their job, location, industry or all three, an MBA can equip you with the training and skills you need to take your career in a new direction.
With MBA specialisms in a wide range of business disciplines such as International Management, Consulting, Supply Chain Management and Marketing you can gain the competency and expertise required to access new industries and a broader range of career opportunities.
Return On Investment
Gaining an MBA accreditation from one of the best online MBA programs will give you the expertise and the know-how to command, or at least negotiate, a higher salary compared to someone without an MBA. Within a year or two, MBA graduates could see their investment returned.
MBA graduates earn above-average salaries. According to the Graduate Management Admission Council’s 2020 Corporate Recruiter Survey, the median mean salary of an MBA graduate is $115,000. This is 75% higher than that of an employee who holds only a bachelor’s degree.
The top 10 countries in the world to offer the highest average base salary (in USD) are as follows :
- Switzerland – $123,500
- US – $102,100
- Canada – $99,800
- France – $98,500
- Australia – $98,400
- UK – $92,400
- Italy – $86,400
- Singapore – $82,700
- Japan – $80,000
- Germany – $77,200
An MBA program can help you develop a valuable network of business school alumni, teaching staff as well as professionals who are experts in their field.
Many business schools arrange work experience, networking events with entrepreneurs, CEOs and business leaders as well as mentoring programs to help graduates succeed in their business careers.
Such a network can also open doors to job opportunities that may not be known to outsiders. Equally, having a list of contacts in business can help you in your own business if you decide to take a more entrepreneurial route.
As well as hard skills, MBA professionals graduate with soft skills that teach them how to be good leaders and mindful managers. The value of soft skills for effective management is now recognized by most employers and some of the skills you will hone during your MBA include:
- Communication skills
- Interpersonal skills
- Cross-cultural competency
With the four reasons listed above, you can better decide whether pursuing an MBA is the right decision for you.