If you're trying to decide whether or not it is worthwhile embarking on a Masters of Business Administration (MBA) degree, then the short answer is yes. It may be the most expensive of all postgraduate degrees, but an MBA will pay you back more than ten-fold in the long-run.
An MBA degree is recognised worldwide as a symbol of excellence, and the person who has one will have automatic credibility within the business sector, particularly in management roles. Having completed an MBA shows that you have the relevant skills to run a business well because most MBAs cover core subjects such as human resources, marketing, accounting and statistics. It is often the case that there is room for completing modules of specific interest alongside the core modules, allowing you to tailor your MBA for the career path you have in mind.
Jay Manton, an MBA student at the University of Strathclyde, says, "The strong strategy focus and the ability to hone in on specific areas offered by the electives has been particularly key for me as I’m considering starting my own business once I’m back in Canada..."
Graduates who have MBAs tend to find that their starting salaries average at around £70,000 - £120,000 a year, with the ability to increase this with experience. It is a huge increase on what graduates with a regular postgraduate degree can expect to earn. However, you might decide that you want to work for yourself after gaining an MBA and the very fact that you have it means that the clients you do business with will take you seriously; not to mention the fact that you will have all of the necessary skills as well as the business connections to make a success of your business.
Which brings us to another benefit of having an MBA: networking. During the course of your studies you will not only make connections with other students who are likely to go into the business sector, but you will also have plenty of opportunities to network with business people from all walks of life. This is an amazing opportunity that doesn't occur with many education programs and is something that you should take full advantage of because it will be incredibly useful to you when you're qualified and either in employment or setting up your own business. It's true what they say about more business being done out of the office than in it!
There are a number of ways to complete an MBA. The most common route is at an educational establishment, usually a university, on a full time basis, which means that the course is generally completed in two years. As they have risen in popularity, universities have started to offer part-time MBA courses, as well as those that can be completed online, to allow individuals to work or gain experience in their chosen career around completing their course. This flexibility means that more people are able to complete an MBA and make a difference to their lives and that of the business sector.
If you need some help funding your MBA program, Prodigy Finance offers loans for MBA students with competitive interest rates, based on future affordability without the need for a co-signer or additional collateral. Find out more.
Prodigy Finance is one of many potential funding options for international postgraduate students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.