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Top 10 reasons to do an MBA
In today’s society there is a massive choice of career fields to choose from, and an abundance of well-educated people to compete with for those careers! With so many career choices, finding the right postgraduate educational program to enrol in can be a challenge.
Studying a Masters of Business Administration (MBA) is a great choice for those who want to pursue a career in business and management, as this program will provide you with the requisite knowledge, skills and ethics to fit right into the business community.
There are many reasons to study an MBA, from opening up career opportunities and increasing your earning potential, to gaining business management skills and growing your network.
Despite the fact that an MBA can be an expensive choice, it should be regarded as an investment in your future and there are plenty of advantages for choosing an MBA program. In this article we are going to take a look at the top 10 reasons why you should study an MBA.Find your PERFECT BUSINESS PROGRAM
1. High salary potential
One of the main benefits of studying an MBA is that it can increase your earning potential.
Research into salaries paid out to an individual with an MBA versus salaries of those with other degrees show that there is a significant difference. In comparison to other employees within any establishment, an MBA graduate is usually better and more heavily compensated. Whether an MBA graduate is employed within the private or public sector, their salaries range from £70,000 to £120,000 on average. This doubles the amount paid to those with an ‘ordinary’ university degree.
Which MBAs can bring the highest salaries?
All MBAs have generally higher salaries, but there is higher earning potential in certain industries compared to others. Some industries require their employees to have an MBA in order to progress in their careers – these tend to be careers in finance and banking.
Some of the industries that provide the highest salaries for MBA graduates include:
- Investment banking
- Financial management
- Marketing and sales management
- IT management
- Management consultancy
- Healthcare management
- Business operations management
If you are the kind of person that is driven by a high salary, it is a good idea to study an MBA that is relevant to those industries. However, it is important not to let a high salary be the only thing you aspire to achieve in your career. You should study an MBA that interests you and provides you with relevant skills in an industry that inspires you.
If money is your main drive, another consideration should be that the average MBA graduate salaries can also vary based on country:
2. Be your own boss
By successfully completing a Master of Business Administration, many graduates become young entrepreneurs, this is because many MBA programs are devoted to developing and improving entrepreneurial skills. By enrolling in an MBA program, you can acquire the requisite knowledge and practices needed to potentially develop and operate your own businesses.
With an MBA degree program, you’ll be taught business management, planning and even financial handling. These skills will put you in the perfect position to manage your own business effectively, while contributing to the economic development of your country.
Studying an MBA program is the perfect way to learn how to bring your business idea to life with practical skills from industry experts as business schools tend to have great links with local, regional, national and even international businesses and corporations. You can use the time on the MBA program to gain real-life experience in starting a business and learn which mistakes to avoid when growing a business once the course has finished.
On the MBA you’ll learn business skills, as well as key interpersonal skills that will help you successfully run and operate a successful business – these skills will include:
- Pitching your business ideas
- Writing a business plan
- Plan marketing campaigns
- Forecast your business accounts
3. Better career opportunities
An MBA program provides a more diverse and wider field for graduates to expand in. There are several core areas covered within an MBA, including human resources, statistics, technology and information systems, economics and finance.
All these areas qualify an MBA graduate to pursue a career in multiple areas and business sectors, as well as the public sector, providing a wide range of career opportunities to MBA graduates.
Having an MBA qualification looks great on your CV and will provide you with a competitive edge over other job candidates in today’s highly competitive job market. It demonstrates that you are able to study and learn at a high level, and that you have the academic capacity to meet certain challenges.
Employers also recognise that studying an MBA takes hard work and dedication, signifying that you are career-driven and passionate about working your way up to top positions.
4. Ideal for business networking
Business school provides a great base for MBA graduates to meet people. The sort of people you can meet while studying your MBA program includes recruiters, keynote speakers, old-school businessmen, new entrepreneurs, managing directors, the list is almost endless.
Additionally, your fellow MBA students will be just as ambitious to succeed in the business world, meaning you’re likely to network with many budding entrepreneurs and have the potential to meet your future business partner. In short, an MBA program paves the way for you to interact with future business managers and executives within your peer group. When the course is finished, your fellow MBA students could be ideal business partners or even provide exceptional recommendations on your behalf.
Having a reliable business partner can make starting your business much easier, as you can support one another and be responsible for different aspects of the business. Having the right business partner could make the process of setting up a business less stressful and more likely to succeed in the long term.
Customarily, those enrolled in an MBA are often sent out as interns. This provides MBA students with yet another way to meet potential employers. The consolidated network of people you will meet while studying your MBA program is sure to prove beneficial in the future.
Number of PG business students in the UK
There are plenty of postgraduate students to network with whilst studying your MBA program in the UK.
This table illustrates the numbers of students studying a postgraduate business masters degree in the UK over the last few years according to HESA (Higher Education Statistcs Agency).
Number of PG business students
5. Specialise in your chosen subject
One of the main pros of studying an MBA is that students can choose to specialise their studies in a subject of their choice. If you are interested in setting up your own business and MBA with a specialism in Entrepreneurship – like the MBA Entrepreneurship offered at the University of East London – could be the perfect match. Alternatively, if you want to excel in the world of finance then an MBA with a specialism in Finance – such as the MBA in Finance at the University of Bedfordshire – could be a good choice.
MBA programs have international popularity – with employers worldwide recognising their significance in demonstrating a student’s skill. There are also a large range of MBA programs available that specialise in different areas of business from an international perspective, like the MBA in International Business at the University of Birmingham or the .
Some of the most popular MBA program specialism include:
- Management & International Management
6. Flexible studying
For those who are currently employed and would like to keep their jobs while gaining their masters program, an MBA can offer this degree of flexibility. Most MBAs are offered as an online or part-time course as well as full-time, and by choosing one of these first two options, particularly the online one, students can continue to work whilst studying at a pace that is ideal for them, without feeling hassled or stressed.
Whatever way you choose to study your MBA there is usually the option to attend classes in the evenings and even occasionally on weekends to fit your studies in with the rest of your life.
For those who are hoping to move away from being secularly employed within an organisation and working for others, and instead want to challenge of working for themselves, an MBA can offer credibility as well as a great new skillset.
Other companies and individuals conducting business with an MBA graduate will be more relaxed about their expertise and more inclined to trust them, in comparison to working with someone without an MBA. An MBA ultimately demonstrates that you have are an expert in your field, showing potential partners that you are highly competent and dedicated to your industry. In addition, an MBA shows mastery over a particular area or sector such as finance, management, business consultation etc.
After completing an MBA degree, a graduate is certified in all known core areas or at least some major managerial roles within an establishment.
This degree is highly recognisable throughout the world, giving MBA graduates the opportunity to work in a different country or region by clearly demonstrating their business and administrative skills.
It can be used to pursue other career fields since it is highly compatible with other degree programs.
8. Enhances knowledge and develops advanced business skills
Many MBA graduates have found that this postgraduate degree has thoroughly enlightened them on certain aspects of life, especially concerning operations within the business world.
While those without an MBA could potentially ponder endlessly and wonder how and why a particular business decision is made, an MBA graduate is able to relate, because they would have been taught beforehand. With an MBA, graduates acquire an in-depth view of the business world.
An MBA also provides the student with a strong understanding of how to adapt to ever-changing business environments and evolving industries. This is a very important skill that’s needed to maintain a successful business.
Develop communication skills
As part of an MBA program, students are taught how to speak clearly and distinctively. They are taught the art of language and how to add meaning to their words, as well as how to develop effective and exceptional presentations. MBA students will also learn how to interact with other professionals in and out of the classroom setting. These communication skills are invaluable in the business world.
9. Ideal for a career change
One of the main reasons to study an MBA is to develop business skills in an entirely new industry. Many people study an MBA to enable them to take a different career path and retrain in a different field, with the year spent studying the MBA providing the perfect level of exposure into this new field.
Many MBA graduates choose to enter either the financial or consulting industry following their graduation. Having an MBA opens up opportunities in these industries, which may not otherwise be available to students who have different educational or career backgrounds.
One of the reasons that MBA graduates’ salaries are significantly higher than the national average is because of the opportunity to enter into more lucrative industries as a result of the qualification.
10. Personal development
It is not an overstatement to say that an MBA graduate almost becomes a new person after their degree program is complete. With a new outlook on life as well as a great new understanding of the business world relating to the different areas taught in an MBA program. An MBA graduate will have new-found survival skills and professionalism, enabling them to develop into exceptional communicators and advisers.
Without a doubt, studying a Masters in Business Administration will alter your whole perception of life and help you develop the right attitude for professional success.
Key personal development skills that can be acquired by studying an MBA include:
- Business acumen
- Communication skills
- Leadership and people management
- Ability to manage difficult situations
- Effective business decision-making skills
How can doing an MBA benefit your career?
An MBA (Master of Business Administration) can be a very beneficial qualification to take as it enhances both skills and knowledge in the finance sector. If you wish to attend a business school to study an MBA, you may at first be put off with how demanding and expensive this program is, not to mention its high entry requirements. Nowadays, there is a great selection of online MBA options, which means you don't have to put the rest of your life on hold to study the program and can continue to earn while you learn.
By signing up for an MBA, you will be richly rewarded and transformed, so what are you waiting for? Find your perfect MBA program today!
Are you the right sort of person to study an MBA?
If you are contemplating whether you will be a suitable candidate for this program, then you should ask yourself the following questions:
- Are you the type of person who can easily handle a leadership position?
- Do you feel comfortable taking on a lot of responsibility?
- Do you like being in charge of a team?
If the answers are yes – then you are good to go!
Career options for MBA graduates
For MBA graduates, there are excellent array of career options available, ranging from financial roles and management consultants to analysts. As well as these great career options, you could also look to other more specialist roles, such as a real estate planner in banks, an insurance advisor or a credit manager.
There is no denying about the high salaries that investment bankers earn, as their main responsibilities are to raise capital and advise people on acquisitions. This is a sought after career option, which offers you scope for self-improvement.
MBA holders can also turn to the healthcare industry as a different career. As the number of medical facilities grows and the population expands, trained professionals will be in more demand to make important decisions.
There are also other positions that are held by MBA-trained professionals. These include construction and regional management, where you would be responsible for paying monthly visits to all these shops, interacting with the floor managers, and providing support.
Independent and team opportunities
MBA graduates may either work as part of a team or independently. If you are allocated to work as part of a large team, you are expected to delegate the work responsibly. You must be able to handle conflicts that may arise in your team and listen to any suggestions that your team members make.
If you work independently, you will be expected to manage your time wisely. One of the main advantages of working on your own is that you can set your own working hours, but still remain productive.
Exciting opportunities await
These career options should give you some idea of the exciting and challenging opportunities that await you as an MBA graduate. With your MBA qualification, you can set the path to a successful and fruitful career in a wide range of industries.
And if you are unable to attend a university to do your MBA course due to work or family commitments, don’t worry, as there are many online institutions that offer this program. This means you can study part-time or full-time at your own convenience and upgrade your skills and knowledge to make sure you keep up with the changing times.
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