Thanks to Anusha Nandigam for contributing this article!
The Master of Business Administration (MBA) is a post-graduate degree (PG) that falls under the management spectrum. If you are planning to do an MBA and are not sure if it's the right path, here are some advantages of pursuing this degree.
1
Career Switch:
If you find that you don’t see yourself continuing on your current path and are looking for a change in your career, you may want to consider an MBA as an option. MBAs allow you to switch a large variety of careers including: Operations, Marketing Management, Supply Chain, Finance or Accounts, Human Resources, IT, Analytics, Healthcare, Consultancy, Technology, etc. For example, I (Anusha) am an electrical engineer who later figured out that I’m more inclined towards business development and IT. I then did my MBA and landed a job that is more exciting to me.
2
Career Advancement
If you are just graduating or working in a company for 1-4 years, you may notice how instructions are given to you by your manager or team leader and you have to execute them. If you see yourself managing a team and delivering results, an MBA from a reputed business school is an easy way to get there. For example, take the IT industry. It takes about 8-15 years in a service-based company to become a manager. Meanwhile, with a two-year MBA degree from a good university, you can advance directly to that path in much less time.
3
Starting Your Own Business
If you are interested in starting your own business or want to take up your family’s business, you don’t want to completely depend on someone else to understand what your leverage, marketing expenses, EBITA, etc. should be. Is it mandatory to do an MBA to gain this knowledge? The answer is not always, but you will understand your business better. In particular, you will gain a holistic idea of the business process and will understand the different functions like Finance, Sales and Marketing, Operations, Human Resources, etc.
4
High Paying Jobs
Needless to say, MBAs are paid much higher than most other jobs. This job security and high salary are dreams come true for many students.
However, business careers even with an MBA aren’t exactly a cakewalk. Remember that high salaries come with additional power and responsibility. If you are someone who aspires to have a well-paid lifestyle and are fine with the additional work, an MBA might be one of the best options for you. However, don’t get tricked by the salaries published by business schools when making your judgement.
While schools often suggest that an MBA certificate from their university is all that’s necessary, please remember that the salaries are highly determined by your previous relevant work experience, bonuses or variable pay, your skills, and the current market in the area of your specialization.
5
Skills
One of the reasons why many people do an MBA is because business skills are hard to acquire without one. An MBA is not the only channel to learn, but it is definitely one of the most effective ways. Trust me, after two years of rigorous battle in a business school, here are some of the many skills you will acquire:
- Strategic thinking
- Leadership skills
- Time management
- Communication skills
- Team management
- Critical decision-making
- Resilience
- Self-awareness
- Cross-cultural awareness
6
Networking
This might not be a reason for someone to get an MBA, but it surely is one of the benefits that helps you with your professional growth. You get to work with the brightest students of the country and network with them. Most of the business schools have a wide network of alumni that you can reach out to for any help. The alumni from top business schools often hold positions of CxO in good companies and are willing to interact with the students of their college.
Bonus
Is business school worth the cost?
You definitely do have to consider financial obligations when applying to business schools. If you’ll have to take a loan to cover the costs but are hoping to work in a high-paying environment afterwards, it might be worth the loan!
Trust me, you get to learn so much about the industry and market. Doing an MBA from a reputed business school pushes you beyond your boundaries. Competing with some of the best minds, doing individual and group assignments with diverse groups, solving hundreds of business case studies, the process of learning and unlearning, classroom sessions, group discussions and heated debates with your professors and batchmates, & competing in national and international competitions will surely make you a better person.
Everyone should definitely think about doing an MBA – especially if in transition from the armed (or other) services. Certainly in the UK you don’t need a first degree – start immediately if you are aged over 19! And starting at £5,800 or so all in. If you have served 8+ years in the UK armed forces, you can use Enhanced Learning Credits (ELCs), to reduce your contribution to just 20% of that!
And it opens so many doors!
Ask me more!!
Mils.