To get a Master of Business Administration (MBA) degree or not? This is a question on the minds of many professionals looking to enter the competitive business world.
An MBA degree offers you a wealth of benefits ranging from learning business principles to building leadership skills. In this article, you will learn 10 benefits of getting an MBA Degree.
10 Reasons to Get an MBA Degree
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It prepares for your career
More industries are looking for employees with empathy and team management skills. Also, employees with communication, collaborative and strategic goal-setting skills. Candidates are expected to develop these skills during the MBA experience. These skills will help you to thrive and amass a competitive advantage in the job market.
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It accelerates your professional career path
An MBA degree could help advance your professional development in a specific industry. Also, to gain access to senior roles with higher paychecks in the industry. This is because employers expect that you have acquired the necessary skills. These skills include the following:
- Academic skills
- Leadership skills
- Interpersonal skills
All of which could aid you to provide solutions for complex business problems. This is one of the reasons to get your MBA degree from a top MBA program.
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Expands and diversify your network
The MBA programs have become a community of connected future leaders from different industries. Most top MBA programs provide access to networking events. Clubs or employers host these events—affinity workers and student-led conferences too. You could connect with recruiters, old and new business people or keynote speakers. These events provide you access to opportunities to broaden your reach. To improve your chances of thriving in the competitive business world as well.
According to a survey in 2016, 85% of all jobs are filled through networking. Networking is essential for students, it gives them a chance to learn from each other. Also, to exchange ideas and be exposed to various business practices, points of view and cultures.
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Aids overall Personal Development
An MBA will help you in overall personal development. This is in addition to the soft skills you will acquire. It equips you with newfound survival skills and expertise. These allow you to develop notable communicating and problem-solving skills. It gives you a whole new outlook on the business world and life as well.
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More significant Career Influence and Mobility
Students pursue an MBA degree for various reasons. Some for leadership roles and the others for a salary boost. The percentage of the former beats the latter. An MBA degree offers you an incredible career influence and job security.
This world report reveals that there’s a higher employment rate for graduates with MBA degrees. There is a guarantee for job security as well. Also, over 90% of employers reported that business school graduates create more value for their companies.
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Erases Entry Barrier into the corporate world
For some top industries, a prerequisite for advancement is an MBA degree. Also, many other industries and businesses have made a policy to hire only job candidates with MBA degrees at the entry levels, otherwise known as management trainees. These trainees would later move up the ladder. Typically, an MBA degree eliminates entry barriers into the corporate world.
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It aids career change
You could get into a new career path with an MBA degree. For example, you could go from sales to any of the following:
- International business
- Marketing analytics
- Business development
- Human resources
- Statistics
- Economics
- Technology and information systems.
This simply means that an MBA degree opens up doors to better and widespread career opportunities.
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It sharpens your communication skills
There might be other ways to improve your communication skills. But, the MBA experience might be better and easier for you. This is because business professionals from different backgrounds will surround you. The projects and presentations you will be required to conduct will help to advance your communication skills. This includes your writing and speaking skills as well.
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It helps You launch your own business
An MBA degree might not be a prerequisite for starting your own business. However, the MBA experience, the valuable skills and your technical know-how of the business world can be an indispensable entrepreneurial tool. You will learn business management and planning. You will also learn financial handling. These skills from an MBA equips you with all you need. You will gain the requisite knowledge to develop and run your own business.
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It can lead to a salary increase
Obtaining an MBA degree will earn you bigger paychecks. Based on this survey, students gain an 80% increase in their salaries after graduation. Whether in the private or public sector, an MBA graduate salary ranges between £70,000-£120,000 on average.
Frequently Asked Questions on Getting an MBA Degree
When is the right time to get an MBA Degree?
There is no one correct answer to this question. Most graduates already have up to 5-year work experience before getting into MBA programs. You can get your MBA degree whenever you want. Provided you meet the requirements.
What can I get an MBA Degree in?
Basically, an MBA degree goes beyond getting just an advanced degree. For instance, there are 19 MBA majors at Wharton you can get your MBA in. These majors include the following:
- Entrepreneurship and innovation
- Finance
- Organisational effectiveness
- Healthcare management.
However, you could have the opportunity to craft an individualised MBA major. It must be related to an interdisciplinary path of study. But this is if you do not fit into the available majors.
How much does it cost to get an MBA Degree?
The cost of an MBA degree may vary across different MBA programs. However, the average tuition for a two-year MBA program costs between $50,000-$80,000. Or $100,000 in top MBA programs.
Worldwide Integrated Network and Education (WINENET EDU) assists students and professionals in their academic pursuits. Are you looking to study for an MBA abroad? Reach out to our certified education consultants at admissions@winenetedu.com to help you process your admission in any top school in the world. Check out our affiliated schools like the EU Business School
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