For Career Advancement, Find Out Why Many MBAs Swear by their Degrees
Whether you are at the beginning of your studies or you are just reaching the finish line, the question – “what now?” must have come to your mind at least once.
Or it might be that you have already finished your bachelor studies and are currently working or looking for a job opportunity.
In whichever profile you fit in, one thing is sure – while considering your next step, the idea of doing an MBA must have crossed your mind.
Now you might be thinking – is it worth studying for two extra years, is it better to do masters or MBA, how do I know if I’m a fit for doing an MBA,… and so on.
Questions are countless and, needless to say, important as they are the matter of your future, and we understand the level of pressure you are feeling currently, as well as the need to make the right decision.
Worry no more – we’ll cover all the pros and cons of doing an MBA and answer all of the questions (even those you didn’t know you’ve had) so you can be sure in your choice and excel in it!
WHAT IS MBA?
“Hey mum, what is MBA?” Believe it or not, there is a high possibility that the kid in primary school will one day ask their parents about MBA.
It has become a widely-known thing and people from all around the globe show respect to those who finish the MBA.
Even though a lot of people still don’t understand what an MBA is and why it is important, somehow they know that it is respect -worthy.
Not to live in the blur anymore, we’ll demystify MBA once and for all, and help you understand completely its benefits.
The acronym MBA stands for the Master of Business Administration. The master of business administration (widely known as MBA) is an internationally-acknowledged degree aiming to educate and equip students with all necessary knowledge and skills in the field of business and management.
Above is the easiest and shortest definition you will find. If you are not looking for a career in business or management, the definition shouldn’t discourage you from reading the text further.
On the contrary, if you are seeking for professional development in fields of the public sector, private industry, government and many more – MBA might be the key for your success.
As mentioned previously, the MBA helps you develop managerial skills, but those skills can be applied in different areas, which gives MBA such value.
The majority of MBA programs (and there are a lot of them! But more about that later) are designed in a way that students choose their majors, similar to bachelor studies.
There are some essential subjects you have to take in order to get an MBA – economics, marketing, operations, and accounting. In the end, it is called the Master in Business administrations, and all these subjects are necessary for you to become an expert in this field.
However, you still have huge flexibility and you can choose from a variety of subjects, based on your interests, needs, wishes or thing you find most profitable.
Again, it is your choice!
Many students adore the program exactly because of this freedom to choose additional subjects.
Another interesting thing that is necessary for almost every MBA program is that there is an obligatory internship that each student has to complete in a specific company, startup or organization.
Not only that you get practical experience while still studying, but you also get a high chance of finding a job easy after finishing an MBA if you prove yourself during your internship.
If you are still in your bachelors, make sure you understand this now – most of the business academies will require you to have at least a couple of years of experience in your professional field before the start of your MBA program.
Is it really necessary? In most of the cases, yes –you need to have relevant professional experience.
Does my experience in serving coffee at Starbucks count?
Sorry buddy, only if during the time you served coffee in Starbucks the sales in that shop grew disruptively and it is tightly connected to you working there, this experience will count.
If not, you will have to start looking for an opportunity that will be more related to your field of studies.
As for the other documents, in order to get into MBA program, you’ll have to prepare a Graduate Management Admission Test (GMAT if you prefer) or Graduate Record Examinations (GRE shortly) scores, letters of reference, academic transcripts and a motivational letter (in a form of an essay or statement of purpose) explaining why you want to do an MBA and what drives your motivation.
Bear in mind that if you are not a native English speaker, passing language exams that prove your English skills such as TOEFL or IELTS will be necessary for you to gain an ability to start MBA.
All courses are delivered in English and therefore this skill is essential.
If you’ve finished your bachelor studies in English, it might be useful to highlight that on your application – it might happen that they’ll free you from taking English exams.
The first line with the kid asking his mum about the MBA was not a joke. This program has been the number one choice for all young people worldwide for many years now.
It is no surprise that even at a young age children hear about MBA and learn that is the most popular professional degree in the world. Translated to their language – “the school you go to if you want to be successful!”
And kids have the right. The MBA program started its raising career in the last century and its origins are in the United States.
Even though it hasn’t been long since the start, now there are more than 2500 MBA programs at universities at each corner of the world.
Most of them are delivered in English which broadens the opportunity to many ambitious people.
As the time, economics and industry have changed, so did the MBA program. Nowadays, besides the old-fashioned two-year MBA program, you can choose a one-year program or even a part-time and online MBA.
You don’t have to miss out on getting an MBA just because you are full time employed or have some other obligations that require your full attention, you can simply choose between these adjusted programs.
There is even a special program called Executive Master of Business Administration (EMBA) specially designed as a part-time program for professionals who have broad experience behind them – meaning a couple of years working in business or management.
In whichever category you feel you belong, one is sure – there is an MBA program for you and you can gain so much from it.
WHY DOING MBA IS SO IMPORTANT?
If you are thinking about going abroad and starting the international career, you’ll be thankful to yourself for finishing an MBA.
If not, you’ll still have plenty of reasons to be thankful. Let’s check the most popular ones.
1. The Title
It might sound ridiculous and funny, but allow yourself to think about it for a second. Although this might not be the main reason you choose to do an MBA, it might be the most beneficial one.
Take a look into any business surroundings and you’ll see how people treat differently those who have letters MBA right behind their names.
So if you are looking for a better position, up scaling your business or gaining the respect of your colleagues you are on the right track.
MBA is a proven program that shapes a countless number of experts each year and at each corner of the world, making them the most desirable employees and colleagues.
Just by letting people know you have finished MBA, you will leave the good first impression. And that is an excellent starting point both professionally and personally.
Having only the title itself won’t help you much, but will definitely open a lot of doors for you.
Then it will be time for you to prove yourself and apply everything you’ve learned through your MBA. Use this advantage wisely and get the best out of it. After all, you’ve studied really hard to get it!
2. Business Knowledge
If you remember correctly from the beginning of this article, we explained that an MBA is not only for people persuading a career in management in business but also in any other expertise. Additional subjects let you choose your interests and gain skills in the desired areas.
However, no matter what your profession or interests are, if you finish an MBA you will definitely gain knowledge in business, which many people lack.
Let’s say that you are kicking it in the IT area and that you are seeking for career advancement.
If there is a colleague with the same IT expertise as you and the only difference is that you also have business knowledge and skills, who would get a promotion, what do you think?
Most probably you. By completing MBA, you are equipping yourself for a broad number of positions and increase your chances of getting a promotion, as in higher places it is necessary to possess management, accounting, economics, marketing, and similar skills, which you would gain through the program.
If on the other hand, you are a freelancer or an entrepreneur that has other companies, startups or organizations as clients, with MBA you will understand your clients better and therefore provide them with a better service.
If you are thinking about starting your own enterprise,
3. Increasing Your Chances for a Better Job
You have to admit that the competition is strong and that each year we have more and more educated people and with globalization, the competition became even bigger.
That’s what puts companies in a position to demand longer working experience or advanced management training when opening positions.
And who could fill out all these requirements? That’s right, an MBA graduate. MBA programs put you through different courses such as management, business, accounting, finances, and etc. all with the aim of you getting all the required skills and knowledge, alongside with experience.
Don’t forget that many MBA programs include an obligatory internship in a company, startup or an organization which then combines advanced business training with relevant professional experience. Bingo!
The history of hiring MBA graduates that turn out to be excellent employees, managers and colleagues are what gives you and any other future MBA-er a chance to get amazing job opportunity even at the beginning of your career.
The fact that you’ll be attending classes for additional two years (or at least one) might sound boring, but when you take into consideration what kind of classes there are, which fields you get to study and how much relevant practical experience you get – it seems to be worthy.
We’ll mention it once again as it is a common thing. If you prove yourself as a hard-working, educated and ready to learn more interns, you have a high chance of getting a job in that company once your internship ends.
And again, amazing job opportunity (you didn’t even have to look for) thanks to the MBA program.
4. Higher Income
Wow, we probably don’t even have to explain this and tell you why it’s better to earn more.
Everybody in the world knows it, wants it and in most cases fails to have it.
So how exactly can enrolling into MBA program help you have a higher income?
Getting an education is like investing in yourself. Literally and also in any other context.
By getting a higher education, attending courses, seminars and training, interning in a company and working on your personal and professional development, you increase your value.
Companies know how to recognize this value and reward it equally.
That’s why they choose to invest in their top employees and pay those with finished an MBA more than average employees. It is as simple as that.
From one perspective it might sound unfair to others – we are doing almost the same job and one of us is getting paid way more than the other just because he or she went to another school.
True, but if you look at the facts and all the knowledge, skills and expertise a person got from finishing MBA and how much a company can prosper from it – it is only fair for that person to be paid more.
If you look at the statistics, you’ll find it all there. Even the starting salaries at almost every job are higher if you have an MBA.
If it happens that a company doesn’t value an MBA, well, maybe it’s time you consider choosing another company for your future career. Just a bit of friendly advice.
5. Getting an Important Role
This one goes kind of without saying but still we will mention it as nothing is to be blindly considered.
For all of you who feel in your bones that you are ambitious and want to have an important role, MBA will help you climb that ladder.
Not only that it will help you get the desired job, but will also help you prosper and move up in the hierarchy.
By finishing the MBA and proving yourself at your workplace, you increase your chances of getting a more important role, all thanks to your previous experience and all managerial and business skills you have previously gained.
If you know that you wouldn’t be satisfied with the same job until the end of your career, researches show that with an MBA comes a higher job satisfaction. Sit down, think about your goals and priorities and if this is one of them – think about getting an MBA degree.
6. Acknowledged Expertise
Nothing says more “I’m an expert” than taking additional time, money and effort and putting it into getting that expertise through programs such as MBA.
MBA shows how passionate and devoted you are to your career meaning that you most probably have high expertise in your field.
By no circumstances can you compare a person with a bachelor degree with a person who has finished an MBA.
By investing in yourself and putting additional resources in order to develop, you show how serious, professional and dedicated you are, which is something that each company appreciates in its employees.
7. Personal Development
We’ve talked pretty much about professional development – the knowledge you gain, the skills you develop, the experience you get to live. But what about personal development?
Benefits of enrolling into the MBA program are more than clear now, but just before sending your application bear this in your mind – it is by no means easy to finish an MBA.
Finishing the MBA program successfully requires people to give up on their free time, savings and often sleep (as sleeping time can turn into the study or working hours). And what does this mean to your personal development?
It means that you will develop, a lot. By facing constant challenges, you will become more organized, focused and start learning quickly and easily.
Not to mention all the simulations and exercises you get through the actual MBA program that helps you develop your soft skills even further.
So after you finish your MBA you will proudly write those letters behind your name and walk into the office with your head high, giving yourself the best present ever – confidence in a working place.
Networking has a high tendency to become the most wanted skill in the 21st century. Nothing becomes as valuable as contacts you gain and the network you develop.
So can you imagine a better network than that consisting of MBA graduates?
By enrolling into MBA you surround yourself with people who are as passionate and as devoted as you are and that will most probably have amazing careers in their field of expertise.
Those kinds of people you want to have on your side, in case you want to start your own business, look for recommendation, start a cooperation, etc. for anything you need in your business, people and contacts you collect are the most precious and can help you succeed, or hold you down – if you lack them.
These are only some of the benefits you gain from finishing an MBA.
What is most beneficial to you depends only on your preferences and career plans and goals.
Focus on them and realize what is the most important thing you want to get out of MBA experience.
You probably still have some questions, so we’re going to go ahead and answer some frequently asked questions.
1. How much does MBA cost?
According to the Poets & Quants website, an MBA from a top school can cost upwards of $200,000 — over $400,000 if one cares to include lost job income.
That is a lot, we completely agree. There is no misunderstanding – MBA costs a lot, it is a fact.
Don’t feel discouraged, as you might find a cheaper option. Just remember – it is about your education and in the end, future.
Don’t save money on that, invest in yourself. If you do well, it will pay off more than you can imagine.
Also, you can check and look for some scholarships or funding. There are a lot of companies, organizations and even government that want to invest in your education.
2. Should I do an MBA if I have more than 10 years of experience?
Most probably not. There is no correct answer, but our advice is to focus on some other things rather than doing an MBA.
If you are so far in your career you have probably gained all the knowledge and experience you would through an MBA so it won’t bring any value to you.
3. Where can I do my MBA?
As mentioned previously there are more than 2500 universities offering MBA programs. That gives you a broad specter of options.
You can do it locally in your home town, or you can choose a country in which you would like to work and apply for MBA there. It will probably be a good starting point for you.
4. What are my chances of getting into an MBA?
We have covered some basics regarding requirements for applying to the MBA program, but we’ll highlight them again.
The most important and mandatory ones are work experience (at least two or three years), GMAT or GRE score and bachelor degree with a good GPA. If you have any extracurricular or volunteering experiences, it might be helpful to you.
Also, if you are not a native English speaker, you’ll have to dome tests to prove your language skills. Your level of English should enable you to listen and learn in this language as it’s your mother tongue.
5. What is the difference between Master program and MBA?
A Master program is a chance for each undergraduate to upscale their knowledge in their field and learns something additional in their expertise.
MBA is a type of master program, but focuses mostly on business and management and equipping you with all skills and knowledge that will help you become a successful businessman in your area of expertise.
Whether you are at the beginning or end of your undergraduate studies, already working or looking for a job, it is a high time you start considering an MBA.
If you are looking for a dynamic career and opportunities for prospering, an MBA might be your helping tool.
Whatever you decide and whichever path you choose, we wish you good luck and know that as long as you keep on working on yourself, you are going to get to where you want to be!
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