Further studies after completing a basic degree are the logical next step to achieving career advancements. A Master’s in Business Administration (MBA) holds an array of benefits. Many people are, however, hesitant to enroll due to the commitment and expenses involved.
A 2021 Graduate Management Admission Council survey projected that MBA-qualified professionals can earn approximately $3m more than their bachelor’s degree counterparts over a 35-year span. This projection naturally depends on the specialization fields and company specifics.
An MBA and career advancement go hand-in-hand. The US Bureau of Labor Statistics foresees a 9% growth in management positions by 2030, which makes an MBA a strong asset in one’s professional arsenal.
An MBA increases your marketability
An MBA underpins a greater awareness of global markets. Candidates interact with other students around the world and gain valuable insights into different perspectives, work experiences, and the ebb and flow of the world’s economies.
This qualification promotes and nurtures soft skills such as competent communication in different setups and scenarios. The ability to convey and translate concepts and action plans to different people at different levels brands someone as a solid leader. It enables micro goals toward achieving macro or overarching outcomes.
Successful MBA graduates emerge with unique theoretic and practical skills that are in high demand in most industries. This advanced degree sets them apart from the pack in highly competitive job markets.
Qualified MBA professionals harbor a versatility that makes them suitable for anything from a fledgling startup to executive positions in established companies. Their distinctive blend of financial and marketing skills, combined with soft qualities such as time management and communication skills, makes them highly marketable.
Some analyses indicate an increase in the quality and quantity of job opportunities. Many graduates have little trouble finding full-time employment, while others fast-track their careers.
Enrolling in an MBA is not cheap. A two-year program can cost more than $200,000. So, it only makes sense that graduates want a solid return of investment (ROI) to show for their expenses and efforts.
In a November 2021 report, Forbes indicated that 87% of MBA alumni reported positive outcomes for the time and money they spent on achieving this prestigious qualification.
Business schools promote networking, and this is one of the main advantages of an MBA. While studying, candidates will meet and engage with other like-minded professionals. Tapping into an alumni network after graduating can greatly help you with specific and general challenges.
The Graduate Management Admission Council found that on average in 2021, MBA graduates were offered median base salaries of $115,000 compared to a median of $65,000 for bachelor’s degree holders. On average, MBA-qualified individuals can expect 28% more than those who do not have advanced degrees.
Many companies also offer signing bonuses when employing MBA graduates. The average signing bonus is roughly $10,000, making it a lucrative benefit.
MBA professionals learn business fundamentals such as leadership, communication and critical-analytical thinking. Core curriculums usually focus on accounting, ethics, finance, marketing and economics. Reputable courses also incorporate electives to grow leadership skills, expand networks and advance projects.
An MBA covers and is used in many different sectors. Some of these include finance niches, healthcare management and business enterprises.
Not all MBA qualifications are created equal. When enrolling for an MBA, especially if you plan to study online, you should carefully research the depth of courses on offer and the overall standing and reputability of the institution.
Aston University equips its MBA professionals with a leadership edge that they can implement in their respective real-world scenarios. An Aston University online MBA gives candidates a boost to feature and perform at the forefront of business.
MBA professionals leading a future workforce
Digitization, coupled with the COVID-19 pandemic, started an evolution, forever changing the essence of work approaches, workforces and workplaces. Today, remote work models offer tangible financial benefits, while advancing technologies continuously push the digital agenda.
Analyses show that approximately 1.1 billion jobs will transform or become obsolete thanks to technology. The World Economic Forum (WEF) predicts that 50% of all employees will need reskilling by 2025. It also highlights the desirability – or marketability – of skills such as constructive problem solving and critical-analytical thinking. MBA graduates have a definitive edge in these transformative times.
Intercultural networking is crucial in a dynamic global economic environment. The connections that students acquire and build during their MBA studies prove invaluable to communicate, negotiate and network across different boundaries.
Enhancing financial performance is a must if a company wishes to survive and ultimately thrive. MBA professionals combine their financial and problem-solving skills to hit revenue targets.
Formulating business strategies that meet customer demands is vital. Today’s customers want concrete services and products that deliver and perform. Customer value and elevated experiences build lasting relations and cultivate loyalty. MBA professionals use their theoretic base in marketing and customer relations to develop avenues and values that meet these needs.
MBA graduates design organizational strategies, which incorporate practical concepts, frameworks and models, to drive strategic decision-making. They have the unique ability to mold plans from inception to execution. While doing so, an MBA professional manages basic operations, systems and processes through various means such as automation, technology and people.
Changing work environments and practices need MBA professionals at the helm. Their acquired ability to integrate theory and practice to address real-world challenges makes them a true asset when it comes to leading complex and dynamic organizations.
Although an MBA is a demanding course over a relatively short period, the knowledge and skills gained are worth it. This qualification opens doors and fast-tracks careers. You will not only enjoy more financial benefits but will also grow professionally and personally.