An MBA (Master of Business Administration) is a highly valued postgraduate degree. It is sought after by employees in the business arena and therefore it is highly valued by employees too. For some, it is a logical next step to an undergraduate degree in business or a related field. For others, it is a course they undertake once they have been working for a few years and have some business experience.
There are many benefits to achieving this qualification. Here are ten benefits that you may want to think about.
1. It Makes You More Employable
Even before you have got your foot in the door of a company, your MBA is already speaking volumes for you. Your CV may be one of a couple of hundred that a recruiter will receive for the most sought-after positions.
Most of your competition will have undergraduate business degrees but few of them will have MBAs. This will put you ahead of the pack from the very beginning as it will make your CV stand out from the rest. This will make it much more likely that you will get an interview. As long as you perform well during the interview, the position could be yours.
2. It Increases Your Salary
With an MBA, not only are you more employable but you are more likely to be offered the salary you are looking for too. This is true at the beginning of your career where it is estimated that a person with an MBA will be offered around 50% more than someone without one. This rises to an increase of around 80% after five years of work.
A lot of people are worried about the cost of obtaining an MBA in terms of both fees and the time away from work it will take them to complete it. However, it may be more prudent to question how much it might cost you not to achieve an MBA, as this cost is likely to be much greater.
3. It Makes Promotion Easier
Once you have the job, you may find yourself working in a very competitive environment where everyone is trying to reach the next step up the career ladder. It can be hard to stand out from the crowd and get in your bosses’ good books in these circumstances. Stepping out of your comfort zone and taking on more challenging projects will help you to do this, but your boss needs to know that you can be trusted to undertake these endeavors.
An MBA will speak for itself here. Your boss will realize that you have undertaken more challenging work in the past and have demonstrated your leadership and management qualities by obtaining this. This will make you more trustworthy and more likely to be offered more challenging projects. It will then be easier for you to climb the ladder of success.
4. It Makes You Less Likely to Be Fired
Over the course of your career, which may span about forty years, the business world will go through some difficult times. The cyclical nature of the economy means that there will be naturally occurring recessions. On top of this there may be difficulties with individual industries going through hard times due to increased competition and many other issues that may lead to redundancies or the end of lucrative contracts.
A company that is going through a hard time and looking to lay people off will first decide who they don’t need. Who is not pulling their weight, for example, or whose job could be done by someone else? With an MBA, you will always be useful to a business and your versatility and leadership qualities mean that your company will be more likely to want to keep you in difficult times. You are less likely to be fired or made redundant.
5. It Helps to Build Superior Business Knowledge
An MBA will help you to build up superior business knowledge and gives you a great way to step ahead. However, if you have already decided which area of business you would like to focus on, studying for an MBA with a concentration will allow you to gain advanced knowledge in a particular area.
For example, you could study accounting, HR, Finance, or Marketing. This will further enhance your skills and employability. It can also help if you want to change careers and gain knowledge of other industries. Click here for more information about studying for an MBA with a concentration.
6. It Helps You to Network
It is safe to say that your fellow students will also be the movers and shakers of the business world in the future. Spend some time getting to know them and networking and you will find that this is invaluable to you as your career goes forward. You will have made some great contacts with whom you can do business in the future. You will also learn a lot about how to network which you can use outside the course too.
7. It Helps You to Develop Soft Skills
Soft skills can often be overlooked in the business world, but they shouldn’t be as these are very important as well. An MBA can help you develop a wealth of soft skills that will help you to get ahead in your career. For example, the knowledge that you have completed such a prestigious award will help you gain confidence.
This newfound confidence can be used in business meetings and give you the courage to speak up for yourself. This in turn will help you to develop leadership and management skills. Finding the time to complete an MBA can be challenging and will certainly teach you great time management skills that can be used throughout your career too.
Nothing helps your career as much as obtaining an MBA will. It will help to improve your job prospects and maximise your skills. Achieving an MBA now will help to pave the way for the rest of your career and beyond.