It goes without saying that a Master of Business Administration degree doesn’t come easy. Aspiring managers pay an average of $60,000 for a two-year program. If you find yourself at a top business school, that number can quickly reach the $100,000 mark. Coupled with accommodation and day-to-day costs, you can expect to shell out $200,000 in total for your certificate. Many part-time courses take five years to complete.
So then, why do countless students go to such great lengths to obtain this degree? The general assumption is that an MBA sets you up for a higher salary. While certainly true, there’s more to it than that.
With some help from the 2018 QS Applicant Survey, which reflected the responses of 3,850 MBA applicants from around the world, we’ve put together a list of 5 compelling reasons to pursue an MBA degree.
Referencing another survey, it was found that around 85% of all positions are filled as a result of networking. It’s good to know then, that MBA students are exposed to a range of opportunities to interact with students, professors and teaching staff during their course. This can go a long way in helping you build a strong business network for the future.
Most MBA courses also help you get in touch with several alumni of the particular program. In doing so, you can gain a much deeper understanding of the career you’re pursuing and the world that surrounds it. You’ll be able to stay ahead of the curve and remain aware of current trends while making connections between various events and affairs.
Variety of Specializations
Thanks in part to their international popularity, many institutions have started offering a diverse selection of MBA concentrations. This gives you the ability to choose a course that suits your career goals and drives you towards the specific area of business that you want to work in. Here are some examples of MBA specializations:
• General Management: One of the most popular and versatile options. Great for developing all-round skills.
• Finance: Suitable for bankers, financial officers and finance managers. Focuses on statistics and accounting.
• Strategic Management: Improves your business-planning skills.
• Entrepreneurship: Best for students who want to establish their own company or start-up.
• Marketing: For promoting products and services.
• IT Management: For leaders who want to work in tech. Major focus on data and product development.
• Consulting: Prepares you to offer your advice to help companies faced by challenges.
These make up a fraction of the concentrations available today. Keep in mind that it’s also possible to take a course that provides dual specializations, which further improves your job market versatility.
If you’re unsure about which MBA is best for you, Suffolk University has an informative guide on the best concentrations. Check out the Suffolk Online blog to learn more about the specializations that score big in the business world.
Your MBA course will equip you with a powerful and valuable set of skills that are necessary to support a thriving organization. While the curriculum can vary, you can expect some of the following competences to make up your program of choice:
• Leadership and people management
• Product development and advertising
• Networking and building relationships
• Managing challenging situations
• Handling business finances
• Ensuring a positive public image
• Hiring and retaining top talent
• Making difficult and timely decisions
• Obtaining, interpreting and compiling reports from data
As you can probably imagine, a resume with these competencies can take you considerably far. That might not be a concern if you plan to start your own business. But in that case, these skills will still prove immensely valuable.
Pursuing an MBA degree will expose you to new challenges and force you out of your comfort zone. You’ll explore the latest trends and techniques, apply new methods and tools, and engage in collaborative efforts with fellow students. Adopting this kind of versatility will ensure that you can easily change careers if you ever want to.
It’s worth taking a moment to look into what you can expect to earn as an MBA graduate. After all, tuition fees are often high and it helps to have peace of mind knowing that your investment will pay off from a financial perspective.
As per the most recent QS Jobs & Salary Report, the average MBA salary for students in the United States is $102,100 per year. In some countries, it’s even higher, such in Switzerland where you can expect to earn $123,000 per year. Of course, it also depends on your specialization.
For example, PayScale estimates that an MBA in marketing will set you up for a salary of around $91,000 per year. An MBA in finance sits at $98,000 per year, while an MBA in technology pays a generous $112,000 per year. Depending on where you take your career, the numbers can be higher. Chief information officers earn a neat $202,000 per year.
Just about every concentration will lead to a high salary. If that’s a priority for you, then be sure to consider consulting, technology, healthcare and financial services. In addition to consumer-packaged goods, these are some of the highest-paying MBA specializations.
When it comes to starting your own business, equipping yourself with an MBA can make a world of a difference. Many students pursue the degree purely because they want to know how to establish and grow a successful company.
Aside from providing the skills you need to start a business, an MBA course will also help you get in touch with professors and other individuals who have real-life experience. They can give you knowledge on the mistakes to avoid and how you can ensure the stability of your organization.
You may also run into a fellow student who shares your vision and is interested in becoming a reliable partner. Moreover, you’ll learn how to communicate effectively and deal with a variety of people.
While considerable on their own, these aren’t even all of the reasons to pursue an MBA degree. So, be sure to give it some thought as you determine the course of your education.
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