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Top 7 Decision-Making Skills Every MBA Student Must Know
Updated on 29 September, 2022
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Decision making is a vital part of management. The decisions you make will have a significant impact on you, your profession, and your organisation. That’s why it’s important to know what decision-making skills you should possess and how you can develop them.
As an MBA student, you have the advantage of time. You can develop your MBA skills early and practice them through application and effort. However, to do that, you must first know which skills you need to acquire.
That’s why we have created the following list of the top decision-making skills every MBA student must know.
Crucial Decision-Making Skills You Must Develop
Having the right skills will help you climb the industry ladder and earn high-end salary packages. Here are the top decision-making skills you should develop as an MBA student:
1. Problem-solving
Among the most critical MBA skills is problem-solving. Problem-solving skills help you tackle both large and small issues in your company. You should be able to factor in multiple viewpoints when facing a problem and consider the required variables to make a well-informed decision.
As a professional, you’d need to make decisions while separating emotions from your discussions with other people as they would influence your outcome adversely. With strong problem-solving skills, you should be able to formulate decisions efficiently and effectively. You’d know how to research the issue and analyse the situation appropriately.
2. Time Management
Time management is one of the most important decision-making skills because every decision has a specific deadline. You must have the ability to think on your feet and make decisions quickly.
While quick-thinking has its advantages, time management enhances that skill further by helping you plan and structure things more efficiently.
With proper time management, you can allocate sufficient time to different decision-making stages and complete the task efficiently. You can enhance your time management skills by applying them in your daily life. Prepare a schedule, test it out and optimise it according to your requirements. You can also plan out your different tasks and try to determine how much time they take. Such activities can greatly improve your time management skill.
3. Emotional Intelligence
Emotional intelligence refers to your ability to stay aware of your emotions and their expression. When you’re aware of your emotions, you can make decisions more objectively and logically.
Apart from identifying your own emotions, emotional intelligence helps you recognise and understand the emotions of other people. As a result, it helps you build relationships with your team and achieve goals accordingly.
To improve your emotional intelligence, you should focus on staying aware and pay attention to your interactions with others. Observing how people use and react to different emotions can help you enhance your own emotional intelligence.
You can also focus on observing your behaviour and how your body reacts to different emotions. For example, you might tend to avoid eye contact when you’re sad or feeling uncomfortable in a conversation. Being aware of such bodily cues will allow you to improvise your body language in a professional setting.
4. Teamwork
Collaboration is key in decision making. No matter what role you pursue in management and leadership, you’ll have to collaborate with other professionals to solve issues and make plans.
For example, you might have to work with the HR manager to determine the best way to retain talent and enhance your team’s productivity. However, teamwork skills depend heavily on multiple other skills, including reasoning, emotional intelligence, and leadership.
In the example, we mentioned above, you’ll use your reasoning skills to figure out the optimal solution to enhance client retention. Afterwards, you can compare the possible KPIs (key performance indicators) that measure your team’s productivity.
Your teamwork skills depend largely on the results you get and the people that get affected by your team’s decisions.
5. Intuition
Many times in your daily professional routine, you’ll have to rely on your instincts to make decisions. Intuition refers to your ability to trust your instincts and take action accordingly.
Unlike most of the decision-making skills we have discussed in this article, your intuition depends on your experience. The more knowledge you’ll gain as a professional, the stronger and more reliable your intuition will be.
As an MBA student, you can develop a strong intuition by working on projects and applying what you’ve learnt in real-world scenarios. You learn lessons from every experience you have, and these lessons help you enhance your intuition.
You should be able to associate your instinct with the actions you’ll take to see if your decision is practical and logical.
Also Read: MBA Elevator Pitch
6. Reasoning
Your reasoning ability is among the most important MBA skills. It ensures that you can make smart decisions with the highest chances of delivering positive outcomes. With solid reasoning skills, you’d review all the pros and cons of the decision you’re considering making. Strong reasoning skills will keep you grounded in reality, allowing you to make rational decisions.
You must consider all the relevant points during the decision-making process and also consider the viewpoint of those involved in the process. You should keep your reasoning aligned with the people you work with and focus on achieving the goals of your team or organisation.
7. Leadership
Leadership refers to the act of organising multiple employees in your organisation. A good leader would establish a consensus about a specific decision. They would work with people and evaluate the situation and the team. They focus on motivating their team and interact with them to achieve the goal through making a better-informed decision.
As a good leader, you should first focus on building a mutually cordial and professional relationship with your subordinates. It would help you understand them while also allowing them to be more comfortable around you to freely speak their minds.
You should stay personable as a leader so your team members can work cohesively with you and make contributions to the decision-making process. This will bring to the table different perspectives on a specific matter, enabling you to look at the issue at hand from all possible angles.
How an MBA degree helps you acquire the right decision-making skills?
Although developing these decision-making skills can be a strenuous task, an MBA degree can be the best pathway to attaining them. Since MBA courses focus on both domain knowledge and overall personality development of candidates, it is an excellent choice for those aspiring to gain leadership, management, and business administration.
By picking the right MBA course, you can learn these skills and get the necessary guidance to hone them. At upGrad, we offer two fantastic global MBA courses – Global MBA with Deakin Business School (Australia) and MBA from Liverpool Business School (UK). Both are among the top B-schools in the world.
The MBA course offered by DBS covers numerous subjects and skills, including Design Thinking, Business Growth Strategies, Strategic Thinking, Change Management, Integrated Business Strategy Formulation, etc. On the other hand, the MBA course by LBS includes Marketing Management, Fundamentals of Leadership, Accounting & Finance, Decision Sciences, Business Economics, Business Strategy, etc.
Conclusion
So, there you go – these were the top seven decision-making skills that will help you advance your career to the next level!
However, remember that merely identifying the skills that will help enhance your decision-making abilities is not sufficient. You’ll have to constantly hone them by understanding their present-day applications and measuring your progress.
Some of these skills are easier to understand while some others take a bit of effort. So, keep exploring and experimenting with your skills in real-world scenarios, and you’ll see what a big difference it can make!
Frequently Asked Questions (FAQs)
1. What are the practical skills I will learn in an MBA degree?
Whether you’re doing an online or offline MBA program, there are various skills you will learn as part of your course curriculum. These skills are highly valued by employers globally. Some of them include leadership skills, risk management and analysis skills, effective communication and public speaking skills, proper project management skills and technical skills which includes understanding business software and related tools.
2. What does the upGrad MBA program with Deakin Business School include?
The global MBA program offered by upGrad includes subjects such as business growth strategies, strategic thinking and planning, design thinking, change management, financing strategies and international business. The programme is ideal for anyone who has three years of full-time work experience as an experienced manager, senior management executive and business owner/entrepreneur. The duration of the program is twelve months, and offers students 1:1 mentorship with industry leaders, offline networking opportunities and 360-degree placement support.
3. What are some of the hard skills campus recruiters look for in an MBA graduate?
Most campus recruiters look for candidates who are proficient in people management, possess necessary quantitative skills, have expertise in data science and analysis, understand supply chain management and the world of marketing. Besides these hard skills, recruiters also want their potential employees to have great communication skills, problem solving, strategic thinking, innovative thinking and technological expertise. While there is no method to learn these skills, you can always work at a firm that allows you to unleash your hidden talent. Since every MBA program requires prior work experience, you will already be proficient in these key skills by the time you get a formal job.
Did you find this article helpful?
Karan Raturi is the General Manager of upGrad North America. He has also led various finance, strategy, and operations teams at Wayfair, Kurt Salmon, and IBM.
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How to Work and Secure an Online Degree in MBA?
An MBA (Master of Business Administration) degree is the most logical step for aspiring managers to advance in their careers, regardless of their professional background and industry. It offers you a wealth of advantages and prepares you for the competitive business world. Apart from the high-end salaries and in-depth know-how of management principles, here are the top reasons why you should pursue a master’s in business administration:
An MBA connects you to professionals from diverse industries who have unique perspectives on the world economy.
It enhances your marketability and prepares you for leadership and managerial positions.
It teaches you valuable communication skills that are so vital to succeed as managers and executives.
An MBA grants you an alumni status and expands your professional network to include brilliant and successful executives who can help you advance your career.
An MBA is your ticket to fulfilling entrepreneurial aspirations on a global level and working with high-strung personalities who challenge you.
Given the flexibility and affordability associated with online education, students are increasingly opting for online MBA programs to acquire globally acknowledged certifications from top universities. Apart from providing a shot at a broader range of job opportunities and lucrative salary hikes, an online degree in MBA offers you a chance to pursue higher studies alongside existing work commitments, thereby helping you strike a balance between your professional and personal life.
If you wish to acquire an online MBA degree to attract high-paying job opportunities at top companies, upGrad offers a wide range of MBA programs in industry-relevant specialisations. This is what we’ll focus on today – the top MBA programs you can pursue to succeed on the global platform.
Top 5 Online Degrees in MBA
1.MBA (Global) Degree from Deakin Business School
Duration: 2 years
Program fee: USD 14999
Who can apply: Experienced managers, management executives, and business owners/entrepreneurs in their mid to senior-level career stages possessing a minimum of 3 years of full-time relevant work experience and a bachelor’s degree with at least 50% marks. It is designed for working professionals or entrepreneurs looking to pursue global opportunities.
This MBA program is offered by Australia’s top business school, Deakin Business School, in association with the Institute of Management Technology. It comprises 40+ learning sessions and 20+ expert sessions to help you gain valuable knowledge of Business Growth Strategies, Leadership, Strategic Thinking & Planning Abilities, Integrated Business Strategy Formulation, Design Thinking, Change Management, Financing Strategies, International Business, and Developing High Performing Organisations.
The course also includes 10+ Harvard case studies and six weeks worth of MBA capstone projects sponsored by top companies across industries, some of which include Vodafone, LinkedIn, HP, and ITC.
On completion, you will receive a certification from Deakin and IMT Ghaziabad. Equipped with this degree, you can land lucrative job roles in Management Consulting, Strategy, Operations, Business Development/Sales, Marketing, Finance, and HR Management. Pursuing the course from upGrad provides you placement assistance to pursue global opportunities.
2. Liverpool Business School MBA
Duration: 20 months
Program fee: USD 8999 without immersion; USD 9999 with immersion
Who can apply: Working professionals, business owners or entrepreneurs in their early or mid-career stage with a minimum of 2 years of full-time work experience and a bachelor’s degree with at least 50% marks.
This MBA offers specialisations in six functional domains, including Marketing, Finance, Operations, HR, Strategy & Leadership, and Analytics from UK’s Liverpool John Moores University, and a PGP in Management from IMT Ghaziabad. Apart from providing dual alumni status of LBS & IMT, the WES-recognized degree opens doors to pursue work opportunities on the global platform across Sales & Marketing, Business Development, Growth, Strategy, Management Consulting, HR, and Finance, among other domains.
The course includes 40+ live sessions and 20+ expert sessions from leading management faculty and industry leaders. Our current learners work at leading companies like American Express, Flipkart, Zivame, Star Plus, and Kantar. The advantages of pursuing an MBA online degree from upGrad include:
Live doubt resolution sessions.
Job placement assistance.
Career guidance counselling.
1:1 mentorship sessions with industry experts.
Top 3 Career Opportunities after an Online MBA
A wide range of job opportunities an MBA graduate can pursue at multinational firms depends on the specialisation they choose. Global MBA programs equip students with the management and leadership skills to handle business operations on an international scale, specifically in finance, marketing, logistics, and trade. Here are the top careers global MBA graduates can opt for:
1. International Management Consultant
Average Base Salary: US$ 87,995 per year
A global management consultant is responsible for improving a company’s financial, IT, or marketing operations. Their job role involves reviewing a company’s status, researching and analysing existing issues and potential risks to suggest solutions to tackle them.
They also assess the work culture across all business units of a multinational enterprise and maximise productivity in a cross-cultural workforce. An essential part of their job is to travel overseas to determine areas that require cost and resource optimisation. Thus, they require excellent verbal and communications skills and proficiency with computers and mathematics.
Read: What is the right time to get an MBA?
2. Global Marketing Manager
Average Base Salary: US$ 99,770 per year
An international business manager’s job is one of the most coveted opportunities a global MBA graduate can pursue in the fields of pharmaceuticals, retail, healthcare, and technology. Their primary role is to stay on top of market trends in the international scenario, run profitable advertising campaigns for a global audience, and drive brand awareness.
They are also responsible for a company’s budget planning and communicating business processes to stakeholders and investors at meetings. A multinational marketing manager earns a relatively high salary owing to their vast scope of responsibilities.
3. Global Supply Chain Manager
Average Base Salary: US$ 97,117 per year
Supply chain management is a highly challenging as well as rewarding job profile. The scope of responsibilities and perks further increase when catering to a career in a global business environment. At the peak of their careers, global supply chain managers can command a high base salary of US$143k per year.
Their job description involves overseeing production supplies and ensuring their adequacy to meet global supply chain demands. They work in close association with senior management executives to improve supply and demand processes. They also develop and maintain productive trade relations in the foreign market while working with business or trade consultants.
Boost Your Career Prospects with upGrad!
With upGrad, professionals get a chance to pursue online MBA degrees from reputed universities and attract global opportunities without compromising their job responsibilities and commitments. Apart from the flexibility in timings, upGrad’s online educational format is highly cost-effective.
For instance, business owners or entrepreneurs can acquire an MBA (Global) degree from Liverpool Business School at 1/10th the actual cost! That helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, a 1-week immersion program at the University campus, dual credentials (MBA from LBS & PGPM from IMT), network with peers at offline basecamps and more.
To apply for upGrad’s courses, all you need to do is fill out an application form, and once you receive an offer letter, you can block your seat by paying a caution amount.
Read Moreby Karan Raturi
07 Apr'216.2K+
Growth statistics of MBA in each of its field [Industry Scope, Salary, Roles & Opportunities]
According to the Bureau of Labor Statistics, employment in management occupations is expected to grow 5% from 2019 to 2029. This is faster than the average for all other roles and will generate approximately 505,000 jobs in the US alone.
The scope of management professions is very bright in the US, but that’s not all. These professions have a reputation of being highly rewarding and strenuous. Management roles are integrated deep into the multiple aspects of an enterprise, including finance, human resources, and marketing.
Most of the high-paying management roles require you to have an MBA. Hence, today we’ll cover the MBA growth statistics of different areas and find out why you should pursue a career in this sector.
MBA Growth Statistics According to Specialization
Most MBA programs have the following six specializations:
Marketing management
Finance management
Operations and supply chain management
HR
Business strategy & leadership
Analytics
Following are the MBA growth statistics of every one of these specializations:
1. Marketing Management
As the name suggests, marketing management focuses on handling and overseeing the marketing activities of a business. In marketing management, you will research the industry trends, analyze competition, and drive the advertising efforts of your organization.
Industry scope
The most prominent organizations in marketing management are advertising agencies, whose market size in the US in 2021 is valued at $54.6 billion. The market size of the advertising industry has grown faster than Technical Services, Professional Services, and Scientific Services, and in 2021, this sector is expected to grow by 4.3%.
Roles and job opportunities
Most MBA graduates with marketing management specialization would apply for the role of marketing manager, whose average salary in the US is $136,850. Pay in this field ranges from $97,710 to $185,320, depending on your experience, skills, and location.
2. Financial Management
Financial management is probably the broadest among all the MBA specializations we have discussed in this article. As a financial management professional, you’d focus on preparing your organization’s budget, overseeing the activities in its financial department, and ensuring that your organization achieves its financial goals.
Industry scope
The finance sector in the US has a $5.2 trillion market size in 2021. Keep in mind that this statistic also includes the insurance industry, which is a prominent financial sector. The finance industry in the US has grown faster than the economy overall, and in 2021, it is expected to grow at the rate of 1.7%. Remember, this is a post-pandemic market, and as the situation gets better, this sector might grow faster.
Roles and job opportunities
With an MBA in financial management, you can pursue a career as a financial manager. It is a highly sought-after role as it ranked #17 in 100 Best Jobs and #3 in Best Business Jobs rankings of US News.
The average pay of a financial manager in the US is $129,890 per annum. Pay for this role starts from $92,000 and goes up to $181,980.
3. Supply Chain Management
Supply chain management refers to the management of the flow of goods and services from their origin to the endpoint. It includes all activities related to the collection of raw materials, manufacturing of the product, and its delivery to the end-user.
Industry scope
The pandemic affected the supply chain sector the most, and hence, this field will see a higher demand for professionals all around. In 2019, the global supply chain management industry was valued at $15.85 billion and it is expected to reach $37.41 billion by 2027.
The development of industrial-grade technologies has caused an upsurge in the demand for supply chain management professionals across industries.
Roles and job opportunities
With a supply chain management degree, you can pursue a career as a supply chain manager. The average salary of a supply chain manager in the US is $110,662. Pay for this role starts from $97,256 and goes up to $127,814 per annum, according to your skills and expertise.
4. Human Resource Management
Human resource management focuses on all activities related to the staff of an organization. This includes attracting new talent, retaining current talent, handling payroll, and training the staff to keep up with the industry’s demands. Human resource management has also evolved due to recent changes such as the rise of the work-from-home culture.
Industry scope
In 2019, the global human resource management market size was $16.01 billion, and between 2020 to 2027, it is expected to grow at a CAGR of 11.7%. The introduction of new IT solutions in HR and predictive analysis will contribute a lot to boosting the growth of this sector. The rising popularity of HRM (human resource management) software also plays a big role in this sector’s fast growth.
Roles and job opportunities
The pay of a human resource manager in the US is $105,750 per annum. It’s the most popular role for candidates with an MBA in human resource management. Pay for this role ranges from $93,975 to $118,329.
5. Business Strategy Management
Business strategy management, also known as strategic management, is the formulation and implementation of an organization’s goals and initiatives. It focuses on creating an outline of the actions a company plans to take to reach its objectives.
Industry scope
To measure the size of this industry, we’ll have to look at the size of strategic consulting firms. The global management consulting market was valued at $160 billion in 2019. The pandemic affected this sector heavily in 2020. Thus, the demand for professionals in this field is expected to surge as the pandemic subsides.
Roles and job opportunities
An MBA with a business strategy specialization will make you eligible to pursue a career as a business strategy manager. The average pay for this role is $90,000, and it ranges from $64,000 to $141,000 per annum.
6. Analytics Management
Analytics management focuses on using large amounts of data to generate valuable and actionable insights for an organization. Business analytics and big data have become a huge part of modern-day businesses as it aids them in making better-informed plans and decisions.
Industry scope
The big data and business analytics sector has a market size of $193.14 billion in 2019 and is projected to grow up to $420.98 billion by 2027. The rise of cloud applications and new data analytics technologies has caused an upsurge in the growth of this sector.
Roles and job opportunities
There are many roles in analytics management, of which the most popular is that of the analytics manager. An analytics manager earns an average salary of $113,149 in the US. Pay for this role can go up to $181,037, depending on the organization and experience.
MBA Growth Statistics: What do they tell us?
The future scope of management specializations is very bright in the US. As companies in various industries prepare to meet the demands of a post-pandemic world, they require the expertise of qualified management professionals who can handle their various avenues.
From finance to marketing, companies would require the services of industry experts in all sectors. This creates an excellent opportunity for those looking to enter the marketing sector.
It would be best to pick an MBA program that offers specializations in these sectors so you can capitalize on the industry trends early and advance your career more efficiently.
At upGrad, we offer an MBA program with the Liverpool Business School with specializations in all six sectors. Do check it out if you’re interested in pursuing an MBA degree!
The upGrad Advantage
When you choose an upGrad course, you will receive many additional benefits. First, you will receive unparalleled guidance from industry mentors, teaching assistants, and graders. The course features one-on-one feedback on submissions and offers personalized feedback on your assignments, allowing you to improve whenever possible.
Learning directly from industry mentors helps you avoid confusion and resolve doubts much quickly. You will also have a dedicated student success mentor who will help you with all of your non-academic queries.
In the regular live sessions with the experts, you can ask any questions you might have about the concepts you studied and keep the learning process efficient and smooth. The program also features a Q&A forum where you can ask questions to teaching assistants and peers. The personalized feedback on case studies and assignments also streamlines your learning experience.
Not to mention, the program will help you network with fellow peers and open up numerous exciting opportunities before you!
Read Moreby Karan Raturi
04 May'215.5K+
When is The Right Time for me to get an MBA? [4 Crucial Criteria]
Climbing the corporate ladder is the dream of many. However, to make progress in this journey, you need a suite of accomplishments, an MBA degree being one of them.
Having an MBA degree can quickly boost your chances of getting senior roles in large organisations, become an industry leader, or even get into the C-suite.
However, thanks to the plethora of MBA courses available today, it is pretty natural to feel overwhelmed by the range of choice. Another question that troubles most MBA aspirants is – when to pursue an MBA course? Granted that completing an MBA program will bring numerous opportunities before you, it’s crucial to time it right.
Today, we’ll help you figure out the right time to pursue an MBA course. Not just that, we’ll also shed light on the various factors you should consider while opting for an MBA degree to get the optimal outcome.
How to determine the right time to pursue an MBA?
Although this might seem like an arduous task, determining the right time to do an MBA is quite simple. All you have to do is keep the following factors in mind:
1. Professional experience
An MBA course teaches you advanced management and leadership skills in a specific domain. They offer different specialisations and help you get into senior roles in your industry. Due to their advanced nature, many MBA courses require students to have considerable professional experience.
However, the requirement criteria vary according to the institution. For example, our MBA program with Deakin Business School requires you to have a minimum relevant work experience of three years along with a bachelor’s degree with at least 50% marks. Similarly, our MBA course with Liverpool Business School requires you to have at least two years of full-time work experience with a minimum of 50% marks.
What does it mean?
It means you must have worked in your industry for a certain number of years before you become eligible to enrol in an MBA course. If you already have a few years of experience, you can apply for an MBA course right away. On the other hand, if you’re a fresher with no experience, it would be best for you to spend a few years in your industry and gain work experience.
Having some professional experience will help you in multiple ways. First, it will make you familiar with the ins and outs of the industry. Moreover, it will give you a solid foundation to learn the advanced concepts of business management and administration.
2. Developing soft skills
Many MBA programs require students to have multiple soft skills. As a student, it can be quite challenging to develop and hone these skills. On top of that, it can be even harder to showcase these skills to recruiters and interviewers.
Some of the standard industry soft skills include leadership skills, teamwork skills, communication and interpersonal skills, negotiation skills, time management skills, etc. Keep in mind that MBA programs prepare you for leadership roles in different industries. Hence, they require you to show leadership potential.
You’ll need professional experience to develop and nurture your soft skills. As you’ll work with fellow professionals and solve business problems together, not only will you get to develop these skills, but you’ll also get to showcase them as much as possible.
Top MBA programs prefer candidates having industry-relevant soft skills. This is where a few years of professional experience will come in handy.
Also Read: Growth Statistics of MBA in each of its field
3. Your career aspirations
MBA courses require a lot of dedication and commitment. This is because most MBA programs span for two years, covering a wide range of industry-specific subjects and specialisations.
So, before you make such a commitment, it’s essential to figure out why you want an MBA. Is it because you want to get a promotion? Or do you want an MBA so you can switch industries?
There can be many reasons to pursue an MBA, but it’s vital to determine your MBA goals. An MBA degree isn’t a requirement for many career profiles, so figuring out your MBA aspirations can help you realise if your chosen career requires an MBA or not.
Suppose you’re a software engineer and want to get ahead in the tech domain. In that case, it might be better to get an AI and ML course rather than an MBA as it’s more industry-specific and prepares you for advanced roles in your sector.
To determine when to do an MBA, you must clarify your career aspirations. You can start with the 5-4-3-2-1 method, where you chart out your goals in a sequence of five years, four months, three weeks, two days, and an hour. Think of your career goals and then figure out if your career goals require an MBA or not.
4. Affordability of MBA courses
We talked about the financial and time commitment of MBA courses. Different institutions charge differently for their MBA courses. However, the course pricing is usually high for reputed and established institutes.
Many people hesitate to join MBA programs because they cannot commit to full-time classroom learning while keeping their professional commitments. Similarly, many people think MBA courses are too expensive, so they don’t consider pursuing them even when they are interested. Thanks to online courses, time commitment and affordability are no longer an issue for MBA aspirants.
When you choose an online MBA course, you can study from your preferred locations and at your convenience. Generally, you need to commit a few hours every week to continue your online MBA education. Also, online courses are much more affordable than on-campus MBA courses.
How to get started with your MBA journey?
Now that you know how to figure out when to do MBA courses, you might wonder, “How do I get started?”
In the current pandemic-ridden world, it would be best to join an online MBA course. You will remain safe within the confines of your home while enjoying a top-class learning experience delivered by trained mentors and industry experts.
Moreover, as we discussed before, online MBA courses allow you to work while studying, so you don’t have to interrupt your professional life to start your learning journey. At upGrad, we offer multiple MBA courses, including:
Master of Business Administration (MBA) with Liverpool Business School
Global MBA with Deakin Business School
All three of these courses are online and allow you to learn comfortably. You can pick any one of them depending on your career aspirations and requirements. Do check them out!
Conclusion
So, as you can see, deciding on the right time to pursue an MBA course depends on several external factors, including the eligibility criteria of different MBA courses, your professional experience, and your schedule. But most importantly, it depends on your interests and career goals.
If you have work experience and the passion for an MBA degree, you shouldn’t delay your plan to pursue an MBA. Figure out your career aspirations and start your journey as early as possible!
Read Moreby Karan Raturi
04 May'216.89K+
MBA Elevator Pitch: Tips for Writing an MBA Pitch with Examples
How do you professionally introduce yourself to someone you’ve just met? When an interviewer asks you to describe yourself, what do you say? The answer lies in an MBA elevator pitch.
If you are on a job hunt, pursuing career advancement opportunities, or simply networking, you will find yourself pitching to potential employers now and then, and that too, in less than a minute! And an effective self-introduction can help you create a memorable first impression and open up the right employment prospects for you.
Your pitch is how you convey to others, who you are, your achievements, interests, and goals in life. The primary aim of such a pitch is to start a conversation and facilitate further professional relationships within the time it takes an elevator to cross a few floors, i.e., less than a minute. Hence, the name “elevator” pitch.
It need not say everything about you, but just enough to let the other party display some interest in hiring you — an MBA elevator pitch is essentially the demonstration of your personal brand.
Be it at any interview or cover letter, an elevator pitch is deemed very useful for business personnel, especially for potential candidates of an educational program.
In the words of the brand-builder at Walt Disney, Curtis Johnson, “Your personal brand is what you represent, what you stand for, what people think of you when they see your name. What qualities, strengths, and values does your personal brand summon in the minds of others – particularly those in a position to evaluate your candidacy for the MBA program of your dreams?”
Now comes the important question – how can you develop a stellar MBA elevator pitch?
We’ll tell you how!
Tips for Writing an MBA Elevator Pitch
Understandably, it’s no child’s play to get your pitch working at one go. It should take you several days and quite a few hits-and-miss to refine and perfect a personal pitch. However, there are a few pointers you should include in your MBA elevator pitch to maximize your chances of success:
1. Who you are
Before approaching someone with a pitch, a proper introduction to who you are is an absolute necessity. Introducing yourself using your full name can be how you begin as you lend out your hand to shake. Greetings and smiles are key to ensuring the effectiveness of an introduction speech that catches the attention of the listener.
Remember that your pitch needs to be less than a minute, so you can’t go on explaining every little detail about yourself. Only the most relevant details that are likely to interest your listener are enough.
2. What you do
Next, is a brief insight into your background that builds upon who you are – it paves the way for your principal motive. Mention only the most pertinent details like your education qualification, professional experience, and relevant strengths that set you apart from the crowd.
There is a lot you could say at this point. But once again, you must resist the temptation to say more than what is necessary – only stick to the key points.
Start with scribbling down all you can say about yourself. Once you have all of it jotted down, go ahead and scrap sections that aren’t relevant or necessary for the particular situation.
3. What you want
This segment of the pitch focuses on what you’re pitching for — whether it is an education program, an internship, at a job interview, or simply for contact information.
You must be very clear about what you can offer an organization through your skill sets, the quality of work you stand to bring, and how it is in your listener’s interest to consider you.
Suppose you’re pitching for an education program, you should focus on setting yourself apart from the crowd — anything that shows that you are a more suitable candidate. If it is for a job opportunity, then reflect on why you are the best fit for the job — what it is that you can offer that will benefit their company.
Even though it is your pitch, it should cater to the needs of your audience. He/she will never be interested in hiring you or working with you if they do not acknowledge your need in their institute or company.
Also Read: Growth statistics of MBA in each of its field
4. Conclude
The final step is as most important as any other step in delivering a successful pitch. This is where you actually take things into your hand and set the course of the conversation.
Always end your pitch with what you want to do next. If it is at an interview, conclude with confirming that you’ve answered a question completely; or if you are looking for a mentorship opportunity, clearly address it. Being straightforward shows that you are confident and fit to handle complex business situations.
Everything you have said up until that point rests on your conclusion. So, it’s a good idea to give the conversation some operational item rather than letting it hang off a cliff. But you must also remember that you’ve just met this person, so rather than asking the moon, keep it simple and to the point.
Here is an example elevator pitch:
“Hello! My name is Jane. It’s very nice to meet you! I am a business analytics professional with over ten years of experience in devising data-driven solutions for complicated business problems. I recently completed a global master’s certificate course in business analytics and have had success in strategically evaluating data analysis at the executive level. I understand you do similar work. I would love to know if there are any business analytics opportunities in your team.”
Some more tips to help you ace that MBA elevator pitch
1. Be consistent – Since you’re trying to sell yourself as a brand, you should display consistency. Think of it as a story where all the plot points are connected, and one point leads to the other. So, your pitch should be supported by your background and achievements. Based on this, you can formulate what you want.
2. Customize – It is advantageous to keep a basic pitch ready to be used anytime and anywhere, even though there’s no guarantee that the same old wine will work every time.
You have to customize your pitch to the needs of your audience, along with your objective – what you are hoping to take away from it. A resolute intention will bring out the best results. Remember that everyone values authenticity and uniqueness. These two are the most powerful weapons in your hand.
3. Maintain a balance between conversational and professional approach – You must practice your pitch until it comes naturally. You do not want it to be too professional so that it sounds rehearsed, but at the same time, you should also avoid an entirely conversational approach.
Be creative and reframe your pitch in the particular context and situation, but most of all, deliver a professional presence. It is important what you say, but how you say it also matters. This is what actually draws the listener’s interest, thus enabling them to process what you’re saying.
Final Thoughts
An MBA elevator pitch is about making an impression, a positive one. Be careful at choosing what you say. A successful pitch is short, crisp, and leaves one curious to know more about your abilities and accomplishments.
If you are a business owner, entrepreneur, or a working professional with up to 5 years of full-time work experience, you should consider acquiring a global Master of Business Administration (MBA) degree from a top university like Liverpool Business School, UK to advance in your career. An elevator pitch that highlights qualifications such as an MBA or MSc is more likely to catch the attention of your listen.
An MBA can help you pitch leadership skills, digital business innovation abilities, risk management strategies, marketing strategies, project management abilities, etc., to potential employers. Since the course is 100% online, you can pursue the degree alongside business duties. What’s more, it will also teach you how to do an MBA elevator pitch effectively since communication is an important skill to learn as an MBA student.
We hope this provides you with the necessary context for creating a successful MBA elevator pitch!
Read Moreby Karan Raturi
04 May'215.35K+
How Does Completing an MBA Program Help Your Career?
MBA or Master of Business Administration is a highly sought-after degree among professionals and students who wish to advance their careers. However, there are more pertinent questions that need to be sorted before you opt for an MBA course:
Will an MBA align with your career goals?
Will an MBA degree transform your career?
What can you expect from getting an MBA?
If you feel that your career aspirations will materialise after obtaining an MBA education and if it will help you bag the job role you’ve been eyeing for so long, it is the right choice for you. After all, recruiters often prefer MBA graduates over their non-MBA counterparts, thanks to their extensive industry knowledge and versatile business management skills.
An MBA can help you in multiple ways, particularly when you get one from a reputed institute. Not only will an MBA program introduce you to multiple specialisations in your chosen field, but it will also help in your overall personal and professional development.
A few sentences wouldn’t do justice to explain how MBA helps your career. So, let’s deep dive into the matter to get a more comprehensive view of why you should get an MBA for your career.
How Does MBA Help Advance Your Career?
Earning an MBA degree will help you to:
1. Specialise in your field
The curriculum of MBA programs generally covers various advanced concepts and subjects that help you learn more about the industry you choose. Most MBA programs offered by reputed institutes offer numerous specialisations to encourage students to acquire highly specialised skills and advance their careers accordingly.
Having specialised knowledge of a field can help you in multiple ways. First, it will help you reinforce your position as a subject matter expert and make you a preferred candidate for job roles in that field. Specialised professionals earn more than generalists and are usually highly valued in their organisation.
For instance, our Master of Business Administration program with Liverpool Business School offers six specialisations for you to choose from. These are:
Marketing
Finance
Operations and Supply Chain Management
Human Resources
Business Strategy and Leadership
Analytics
So, you get a diversified choice. While you’ll gain general industry skills and knowledge, you can also choose to master a niche subject/field.
2. Become eligible for senior roles
With an MBA, you can start applying for senior roles in different companies. You’d know various aspects of management, organisation, and leadership that would help you perform your duties in those roles with ease.
Many MBA programs require you to have a few years of work experience as it helps you to understand real-world business challenges and management concepts better. For example, our MBA from Liverpool Business School requires you to have a bachelor’s degree with a minimum of 50% marks and at least three years of full-time relevant work experience.
With several years of professional experience under your belt, you wouldn’t have difficulty applying for various senior roles in different organisations. MBA programs also consist of numerous assignments that help you showcase your talent and expertise.
With an MBA degree, you’ll be eligible for leadership roles in management consulting, operations, business development, marketing, strategy, HR management, and finance. And if you can support the degree with a few years of industry experience, you can even get into the C-suite, which is a dream for many young aspirants and professionals alike.
3. Earn better pay
Professionals with an MBA earn significantly more than those who don’t have an MBA. According to the National Association of Colleges and Employers, the average starting salary of MBA grads in the class of 2021 will be $87,966. It is 11.3% more than the average starting salary among 2020 grads.
NACE projects that the pay for MBA graduates in 2021 will be $29,000 more than the projects for people who receive a bachelor’s degree in business this year. The standard income for management roles is usually higher than non-management jobs.
Similarly, the Graduate Management Admission Council’s corporate recruiters survey found that the pay for 2020 MBA recipients would range from $105,000 to $115,000.
You should keep in mind that the current statistics are of a pandemic-ridden world where both employers and employees face uncertainty. Hence, the pay for MBA graduates can increase substantially more in the coming years as the demand for management and finance professionals will rise.
4. Get networking opportunities
Networking is vital for anyone who wants to climb the corporate ladder.
Networking makes you noticeable in your industry and helps you advance your career. It also enables you to get more opportunities to meet the right client or the right person in a superior position.
Students who enrol in an MBA program get plenty of networking opportunities. During the course, you can connect with mentors, industry leaders, and peers from across the world.
Not just that, many MBA programs also allow learners to access an exclusive group of professionals to help hone their networking skills.
By interacting and engaging with students and professionals from different backgrounds, you can also stay on top of the latest industry trends and capitalise on them. Networking will also help boost your self-confidence and open up new avenues before you.
5. Help you stand out
It is a well-established fact that candidates with an MBA stand out from the crowd. Recruiters prefer MBA professionals as they have specialised knowledge of their field and are better equipped to handle business challenges.
This means you can get ahead of your peers and bag high-paying roles pretty easily. Moreover, most MBA programs offer placement support to help you kickstart your career. upGrad’s MBA programs give you access to the Student Success Corner, where you will get dedicated career counselling and personalised resume feedback. You will also receive interview preparation support, where you will get one-on-one mock interviews with industry mentors to help with your preparation.
Such preparation and qualifications ensure that you can easily bag your dream job and have an excellent career. Don’t forget that you will also work on multiple projects. They will enhance your resume further, making you a definite choice for potential recruiters.
6. Embark on entrepreneurial ventures
Getting an MBA degree is one of the best pathways to becoming an entrepreneur. This is because you will have in-depth business knowledge – how it functions, how you can efficiently run a business, and how to tackle business challenges.
An MBA teaches you vital concepts of business management. In the Global MBA program with Deakin Business School, you will learn:
Business Growth Strategies
Strategic Thinking and Planning Abilities
Design Thinking
Integrated Business Strategy Formulation
International Business
Change Management
Financing Strategies
When you’d have such knowledge of business, it becomes easier for you to start a company and build it into a successful venture. Since you’ll have a deep understanding of the nitty-gritty of running a business, you’ll be better equipped to manage your team, create actionable business plans, and communicate with stakeholders.
Conclusion
The above points clearly illustrated how MBA helps your career. And if you choose an online MBA program, you can study from the comfort of your home while maintaining your professional commitments. So, you need not uproot your life to chase your upskilling aspirations.
All the MBA programs we mentioned in this article are online MBA courses delivered by the top mentors and industry experts through videos, live sessions, and one-on-one student-mentor interactions.
Now that you know how beneficial an MBA degree can be for your career, don’t wait up – enrol in a global MBA program today!
Read Moreby Karan Raturi
04 May'215.88K+
Top 7 Decision-Making Skills Every MBA Student Must Know
Decision making is a vital part of management. The decisions you make will have a significant impact on you, your profession, and your organisation. That’s why it’s important to know what decision-making skills you should possess and how you can develop them.
As an MBA student, you have the advantage of time. You can develop your MBA skills early and practice them through application and effort. However, to do that, you must first know which skills you need to acquire.
That’s why we have created the following list of the top decision-making skills every MBA student must know.
Crucial Decision-Making Skills You Must Develop
Having the right skills will help you climb the industry ladder and earn high-end salary packages. Here are the top decision-making skills you should develop as an MBA student:
1. Problem-solving
Among the most critical MBA skills is problem-solving. Problem-solving skills help you tackle both large and small issues in your company. You should be able to factor in multiple viewpoints when facing a problem and consider the required variables to make a well-informed decision.
As a professional, you’d need to make decisions while separating emotions from your discussions with other people as they would influence your outcome adversely. With strong problem-solving skills, you should be able to formulate decisions efficiently and effectively. You’d know how to research the issue and analyse the situation appropriately.
2. Time Management
Time management is one of the most important decision-making skills because every decision has a specific deadline. You must have the ability to think on your feet and make decisions quickly.
While quick-thinking has its advantages, time management enhances that skill further by helping you plan and structure things more efficiently.
With proper time management, you can allocate sufficient time to different decision-making stages and complete the task efficiently. You can enhance your time management skills by applying them in your daily life. Prepare a schedule, test it out and optimise it according to your requirements. You can also plan out your different tasks and try to determine how much time they take. Such activities can greatly improve your time management skill.
3. Emotional Intelligence
Emotional intelligence refers to your ability to stay aware of your emotions and their expression. When you’re aware of your emotions, you can make decisions more objectively and logically.
Apart from identifying your own emotions, emotional intelligence helps you recognise and understand the emotions of other people. As a result, it helps you build relationships with your team and achieve goals accordingly.
To improve your emotional intelligence, you should focus on staying aware and pay attention to your interactions with others. Observing how people use and react to different emotions can help you enhance your own emotional intelligence.
You can also focus on observing your behaviour and how your body reacts to different emotions. For example, you might tend to avoid eye contact when you’re sad or feeling uncomfortable in a conversation. Being aware of such bodily cues will allow you to improvise your body language in a professional setting.
4. Teamwork
Collaboration is key in decision making. No matter what role you pursue in management and leadership, you’ll have to collaborate with other professionals to solve issues and make plans.
For example, you might have to work with the HR manager to determine the best way to retain talent and enhance your team’s productivity. However, teamwork skills depend heavily on multiple other skills, including reasoning, emotional intelligence, and leadership.
In the example, we mentioned above, you’ll use your reasoning skills to figure out the optimal solution to enhance client retention. Afterwards, you can compare the possible KPIs (key performance indicators) that measure your team’s productivity.
Your teamwork skills depend largely on the results you get and the people that get affected by your team’s decisions.
5. Intuition
Many times in your daily professional routine, you’ll have to rely on your instincts to make decisions. Intuition refers to your ability to trust your instincts and take action accordingly.
Unlike most of the decision-making skills we have discussed in this article, your intuition depends on your experience. The more knowledge you’ll gain as a professional, the stronger and more reliable your intuition will be.
As an MBA student, you can develop a strong intuition by working on projects and applying what you’ve learnt in real-world scenarios. You learn lessons from every experience you have, and these lessons help you enhance your intuition.
You should be able to associate your instinct with the actions you’ll take to see if your decision is practical and logical.
Also Read: MBA Elevator Pitch
6. Reasoning
Your reasoning ability is among the most important MBA skills. It ensures that you can make smart decisions with the highest chances of delivering positive outcomes. With solid reasoning skills, you’d review all the pros and cons of the decision you’re considering making. Strong reasoning skills will keep you grounded in reality, allowing you to make rational decisions.
You must consider all the relevant points during the decision-making process and also consider the viewpoint of those involved in the process. You should keep your reasoning aligned with the people you work with and focus on achieving the goals of your team or organisation.
7. Leadership
Leadership refers to the act of organising multiple employees in your organisation. A good leader would establish a consensus about a specific decision. They would work with people and evaluate the situation and the team. They focus on motivating their team and interact with them to achieve the goal through making a better-informed decision.
As a good leader, you should first focus on building a mutually cordial and professional relationship with your subordinates. It would help you understand them while also allowing them to be more comfortable around you to freely speak their minds.
You should stay personable as a leader so your team members can work cohesively with you and make contributions to the decision-making process. This will bring to the table different perspectives on a specific matter, enabling you to look at the issue at hand from all possible angles.
How an MBA degree helps you acquire the right decision-making skills?
Although developing these decision-making skills can be a strenuous task, an MBA degree can be the best pathway to attaining them. Since MBA courses focus on both domain knowledge and overall personality development of candidates, it is an excellent choice for those aspiring to gain leadership, management, and business administration.
By picking the right MBA course, you can learn these skills and get the necessary guidance to hone them. At upGrad, we offer two fantastic global MBA courses – Global MBA with Deakin Business School (Australia) and MBA from Liverpool Business School (UK). Both are among the top B-schools in the world.
The MBA course offered by DBS covers numerous subjects and skills, including Design Thinking, Business Growth Strategies, Strategic Thinking, Change Management, Integrated Business Strategy Formulation, etc. On the other hand, the MBA course by LBS includes Marketing Management, Fundamentals of Leadership, Accounting & Finance, Decision Sciences, Business Economics, Business Strategy, etc.
Conclusion
So, there you go – these were the top seven decision-making skills that will help you advance your career to the next level!
However, remember that merely identifying the skills that will help enhance your decision-making abilities is not sufficient. You’ll have to constantly hone them by understanding their present-day applications and measuring your progress.
Some of these skills are easier to understand while some others take a bit of effort. So, keep exploring and experimenting with your skills in real-world scenarios, and you’ll see what a big difference it can make!
Read Moreby Karan Raturi
04 May'215.49K+
Why is MBA Work Experience so Important Before Applying?
Completing an MBA degree can be a game-changer for many. It would help you get better pay, bag senior roles, and accelerate your career growth by a considerable margin. Not just that, an MBA degree will help you stand out among your peers and make you look more appealing before potential recruiters.
On the other hand, if you want to switch industries or get into a company’s C-suite, an MBA degree will certainly take you a step closer to your goals.
However, you can’t enrol in an MBA program right after college. That’s because every MBA program requires you to have a few years of work experience.
For instance, our MBA program with Liverpool Business School requires you to have a bachelor’s degree with 50% marks and at least two years of full-time work experience. Professional experience is so valuable that institutes recommend students who lack professional experience to join an internship or a part-time job during summer breaks.
Why gain work experience before enrolling in an MBA program?
When you have a few years of industry experience, you will possess:
1. A better understanding of your Industry
No matter how much time you spend with books, there’s specific knowledge you can get only through professional experience. Working as a professional will help you get first-hand knowledge of the different avenues. You’ll see the various aspects of your field and see how multiple business departments work together to achieve a specific goal.
An MBA program would prepare you to take on advanced roles, where you’d have to handle many responsibilities. Such positions require you to be familiar with the different aspects of your industry so you can tackle industry-specific business problems effectively and efficiently.
Spending several years in the field will help you see and experience the different challenges of that industry, helping you formulate actionable solutions for the same.
2. More Clarity about your Career Aspirations
Getting an MBA degree largely depends on your career aspirations. When you figure out your career goals, you must think about what you want to do ten years from now and which industry you want to enter.
As you spend more time in your field, you’ll learn about its different aspects, including the advantages, downsides, challenges, etc. Having such knowledge would help you determine what you want to achieve from your career.
Many freshers face confusion when they come out of college. They don’t know what they want to do professionally. Diving into the workforce can help such students as well and help them define their career goals.
For freshers, the career goals and aspirations would be based on the limited knowledge they have of the industry. As they gain more experience and knowledge, their career aspirations shape into better-informed and clearer plans and objectives. Learn more about growth opportunities in MBA.
3. Greater Independence
As a student, a lot of your choices are limited. However, as a professional, you will have a lot more independence to make your life decisions. More importantly, you’ll be financially independent.
No matter which MBA program you pick, it would require you to make a huge commitment both personally and financially.
Thus, it’d be better to step into your MBA journey as a financially independent person, capable of making crucial decisions. There are many important decisions you need to make when it comes to getting an MBA. For example, you’d have to choose between an online MBA program and an offline one.
After the pandemic, online MBA programs have become more popular because they provide quality education while keeping you safe within the bounds of your home. Online MBA courses also have the upper hand as they don’t require you to leave your job to study.
4. Crucial Soft Skills
After getting an MBA, you can pursue senior roles in various fields such as Business Development, Growth Strategy, Sales and Marketing, and Management Consulting, to name a few.
Every senior or leadership role requires you to be adept at different soft skills, including communication, teamwork, time management, organization, and leadership. Developing these skills as a student is quite challenging and demonstrating them is even more difficult.
On the other hand, you can develop and hone these skills as a professional. You will be working with different professionals to handle your organization’s day-to-day tasks and overcome the challenges of your industry. There, you’ll have to communicate, collaborate, and even lead others to keep the business operations flowing smoothly. You might even have to train junior employees at your organization and coach them about your organization’s goals and vision. Read on how MBA helps improve your management skills.
When you add such skills and competency to your resume, you appear as an ideal choice for companies.
5. Competitive Advantage
In most cases, companies prefer candidates with more experience over others. Having professional experience will help you stand out among your peers and bag lucrative roles with much ease.
Having more experience will help you a lot in your career. For example, a product manager with one to four years of professional experience earns $92,000 per annum on average, while one with five to nine years of experience earns $105,000 per annum on average. That’s not all, product managers with 20+ years of experience earn over $120,000 per annum on average. Learn more about MBA salary in the US.
Indeed, having professional experience will give you an advantage over your peers.
6. A Strong Foundation
MBA programs focus on teaching you the advanced concepts of business and specific fields. They help you specialize in your domain and become an expert.
Due to lockdowns across India, multiple universities and b-schools are now offering their MBA programs online. You can consider some of these world-class MBA programs offered by top Business schools. upGrad can help you apply for an MBA from Liverpool Business School with a specialization in marketing or other domains. This course offers you a dual alumni status, an MBA graduate from Liverpool Business School.
Spending a few years in the workforce will help you learn various skills and aspects of your industry. For example, if you want to pursue an MBA in digital marketing, you can start out as an SEO executive and learn the different principles of search engine optimization as a professional.
You’d already know about the different SEO tools and how they are used in digital marketing. So when the MBA program introduces you to the industrial applications of these tools, you wouldn’t be overwhelmed or confused.
MBA courses prepare you for specialized roles, so having a basic understanding of that field will help you learn the advanced concepts for those specialized roles more effectively and efficiently.
Conclusion
So, now you know why MBA work experience is important in the present job market.
Industry experience deepens your understanding of the industry you work in, teaching you valuable lessons on how to thrive in the competitive market and upskill to stay relevant. Since MBA programs teach you advanced subjects and skills, your real-life experiences will come in handy to help you grasp those concepts much better.
We hope this helps!
Read Moreby Karan Raturi
04 May'215.38K+
Why Young Business Graduates Must Consider Working at a Startup
Amazon, Facebook, Instagram were all startups at one point. Startups have become increasingly popular thanks to their ability to innovate and disrupt industries. Most of the new technologies we use every day are a result of a startup’s innovation.
Startups aim to reach unicorn status, meaning it has to attain a market value of one billion USD or more. The USA has among the highest valued unicorns globally, which is why many business graduates pursue a career in startups in the US.
Business graduates bring a unique set of skills and expertise to the table, making them a sought-after option among startups.
If you are wondering why to work at startups, look at these points that elaborate on why choosing to pursue a career in the startup arena is an excellent choice for you!
Top Reasons to Work at Startups
There are many benefits to working for startups. The following points will help you understand them better:
1. It offers immense scope for growth
Startups offer a lot more freedom than large companies and organizations. You can express your ideas more freely and openly in a startup than in a large organization. You also get more opportunities to participate in the different aspects of the business, which you couldn’t have accessed otherwise.
You also get a lot more autonomy in a startup, allowing you to use your skills and expertise more extensively. This way, you can develop business skills and learn about your industry more effectively.
As a business graduate, getting the opportunity to handle multiple responsibilities will allow you to enhance your business acumen and become a sought-after MBA professional. Startups look for MBA graduates to help them handle the backend operations of their organization.
When you begin your career in a startup, you gain valuable experience as you juggle multiple responsibilities, which will further enhance your growth substantially. The unique challenges of a startup require you to stay innovative and think on your feet, allowing you to develop strong critical-thinking and problem-solving skills.
Many MBA graduates prefer startups over big companies because they get to set their own success parameters and choose how to work on them. You can aim for the stars!.
Read: When is the right time for me to get an MBA
2. Startup experience is great for your Resume
When you work in a startup, you’ll have to function as a versatile professional. You’ll handle much more responsibilities than you would have in a niche role of a large company. Not just that, you’ll face real-world business challenges on a daily basis. Naturally, as you have more industry exposure, your practical skills improve tremendously.
Many companies look for candidates that can showcase a deep understanding of business and their industry. Professionals with startup experience would certainly stand out here because they already possess the know-how of tackling business problems.
You can highlight your projects and cases on your resume to showcase your potential to recruiters. It will considerably spice up your resume, making you a more appealing candidate for high-end job profiles in top-tier companies.
3. You understand the inner workings of a business
Another great advantage of working at a startup is you will have the opportunity to learn about the ins and outs of a business.
In a large company, you are an employee of one of the many departments present in it. On the other hand, in a startup, you are only a handful of people managing multiple teams and departments at once.
In a startup, you are generally closer to the inner workings of the company. Startup founders tend to involve all team members while making important decisions, which is something you can’t expect in a large company.
You will be directly involved in the various processes of your company. From interacting with vendors to helping other departments create plans, you will get the opportunity to do things you couldn’t have done in a large enterprise.
4. You develop industry-relevant soft skills
Soft skills are vital for every professional, irrespective of the industry. You can function optimally within a professional setting only when you have the right set of hard and soft skills. No wonder why recruiters are always on the lookout for professionals possessing a diverse range of soft skills.
After all, soft skills are what sets great candidates apart from others. However, developing soft skills is pretty challenging since you learn most of them on the go, such as leadership, teamwork, management, negotiation, and communication skills.
This is where startups provide you with an edge. When you work in a startup, you learn and practice different soft skills as you interact with team members, clients, partners, vendors, etc. Due to the small size of a startup, you will work with a close-knit team of fellow professionals to solve business challenges, create actionable strategies, develop products, and set short and long-term goals.
You will have to demonstrate leadership qualities when you work with junior members and even train new recruits. Startups offer a ton of growth opportunities that help you become a versatile and well-versed business professional.
Also Read: Decision making skillset every MBA students must know
How to stand out from your peers?
Working with a startup can help you tremendously in kick-starting your career and enhance your expertise. However, if you want to bring business management expertise to the table, it would be best to go to them with an MBA degree in hand.
Startups prefer MBA graduates as they have an advanced understanding of different business concepts that can help the company combat multiple business problems at once. Moreover, with an MBA, you can easily get a senior role in your startup and ensure that you get the most out of your career.
Startups offer a ton of career opportunities. In 2020 alone, startups created more than three million jobs!
If you want to be a sought-after candidate among startups, you should get the latest MBA which teaches you in-demand skills and helps you stand out. For example, at upGrad, we offer a Global MBA program in partnership with Deakin Business School.
The course lasts for two years and gives you dual credentials (MBA from DBS and PGPM from IMT). Deakin Business School is among Australia’s top B-schools and has AACSB and EQUIS accreditation.
The program teaches you many business schools, including Design Thinking, Leadership, International Business, Strategic Thinking & Planning Abilities, Developing High Performing Organisations, etc. It’s an online program, so you need not leave your job to continue your education. You will study directly from industry experts during the program through videos, live sessions, and assignments.
You only need to have a bachelor’s degree with a minimum of 50% marks and at least three years of full-time relevant work experience. The program offers 40+ live sessions, 20+ expert sessions, and a six-week capstone project. You can find out more about the program here: MBA (Global) with Deakin Business School.
Conclusion
By now, we hope it’s much clearer to you why working at startups is one of the best career decisions for recent business graduates.
A startup culture will usually expose you to the inner workings of the industry, allowing you to develop a better familiarity with your field.
Don’t forget that you will also get plenty of networking opportunities – you will meet industry leaders, entrepreneurs, visionaries, and fellow peers. Connecting with such inspired people will help broaden your field of knowledge and vision.
Read Moreby Karan Raturi
04 May'216.04K+
How an MBA Degree can help you Become a CFO of an Organization?
Chief Finance Officer or CFO is among the most coveted positions in an organisation. CFOs function directly under the CEO and are responsible for a company’s overall financial performance and work. They interact with stakeholders, manage staff in the finance department, and offer sound advice on long-term business and financial planning to the CEO and senior management.
This leadership role demands extensive industry experience and domain-specific knowledge. Companies look for individuals with a good understanding of various finance subjects and management and business concepts to handle such a vital role.
While many dreams of becoming a CFO, it is necessary to know which skills you must possess to fit into this role. In this article, we’ll throw light on the job role of a CFO and their skills. By the end of it, you’ll have a fairly good idea of how to become a CFO with an MBA degree.
What are the Responsibilities of a CFO?
A CFO has a highly complex job as it involves managing all the financial aspects of an organisation. They supervise the accounting department, share data and insights with the necessary stakeholders, and ensure that the business functions in compliance with the relevant regulations. Paying dividends to the shareholders and filing taxes for the organisations are a few other vital responsibilities that CFOs bear.
A CFO is responsible for identifying their company’s financial weaknesses and strengths to improve on the weak areas and create plans accordingly. A CFO’s job has transformed significantly over time as companies now operate in a globalised and fast-paced economy.
Additional responsibilities of a CFO are:
Decide on investment strategies while considering liquidity risks.
Conduct risk management by analysing the company’s investments and liabilities.
Manage the company’s financial planning.
Handle the vendors and ensure their interactions remain smooth.
Set up and manage the company’s finance IT infrastructure.
Make sure the cash flow is suitable for the organisation’s operations.
Manage the team of financial analysts and financial controllers.
As you can see, a CFO shoulders multiple responsibilities of an organisation, but it does not go without rewards. The average pay of a Chief Financial Officer in the US is $395,882 per annum. Pay for CFOs starts from $215,289 and goes up to $600,857 per annum.
In fact, according to The Wall Street Journal, the pay increase for CFOs is outpacing the pace of CEOs’ pay growth. The demand for skilled and experienced chief financial officers is high and is expected to increase steadily.
Pay for a CFO depends on multiple factors, including their experience, location, skills, and industry. You should keep these factors in mind while analysing a job’s pay and benefits.
What skills should a CFO have?
Conducting all the duties as a CFO requires deep knowledge of financial planning and business strategy concepts. You must also be familiar with the industry of your company and its different avenues. To drive their company’s finances, CFOs must be skilled at planning while considering various factors such as the company’s capital, operation costs, the available resources, and desired goals.
Unlike most management roles, where you focus solely on one or two aspects of a business, as a CFO, you’ll need to consider a large number of factors while making any decision. Thus, you must have strong analytical and problem-solving skills. Apart from this, CFOs must also be master negotiators with excellent interpersonal skills.
How to become CFO?
After seeing the required skills and the responsibilities a CFO has, you might feel overwhelmed. However, with the right experience, skills, and knowledge, you can easily bag this role. The first step would be to gain in-depth business and financial expertise. And the next step would be to develop business acumen and management skills.
What better than an MBA program to acquire these skills?
How MBA helps you in becoming a CFO?
An MBA program would teach you the basics and advanced concepts of business management. It also allows you to specialise in finance and learn the necessary subjects for this role. Due to these reasons, the best way to pursue this role is by getting an MBA.
Moreover, many companies mandatorily require their candidates to have an MBA because of this role’s unique nature. So, having an MBA would ensure that you are eligible for an opening for a CFO.
At upGrad, we offer the MBA in Digital Finance and Banking program with OP Jindal Global University. It’s an online course that lasts for 24 months and teaches you the latest subjects in finance, including but not limited to:
Artificial Intelligence in Business
Blockchain and Cryptocurrency
Managing Fintech Ecosystems
Financial Management and Valuation
Design Thinking and Leadership
Digital Fraud and Risk Analysis
With such skills and expertise, you can easily manage the responsibilities of being a CFO. Plus, you will learn how to formulate a robust business plan and run a company using a business simulation tool.
The program is designed specifically for working professionals, business owners, and entrepreneurs who want to work in top companies. You only need to have a bachelor’s degree in science, business administration, engineering, commerce, or mathematics with passing marks and pass the Jindal Management Aptitude Test (JMAT) if you haven’t given particular entrance exams.
During the course, you will receive dedicated guidance from industry mentors, teaching assistants and graders. You will also get one-on-one feedback on all your submissions, which would help you learn new concepts faster and start your career effectively.
To help you prepare for senior roles such as CFO, the program features a capstone project. Through the capstone project, you will receive the first-hand experience of how the different sections of a business work together, how you can see and envision the bigger picture for an organisation. This project will serve as a badge of your business expertise.
The program also provides dedicated resume feedback where you get personalised inputs on your resume content and structure. A professionally curated resume will make it much easier for you to advance your career and get the roles you pursue. Moreover, the program offers interview preparation through one-on-one mock interviews conducted by industry experts.
Conclusion
By now, we hope this article provided you with a sense of direction on how to become a CFO of a reputed organisation and how an MBA degree can help your pursuit. With an MBA degree, you’ll have access to a plethora of employment and entrepreneurial opportunities.
So, what are you waiting for? Enrol for an MBA program today!
Read Moreby Karan Raturi
04 May'21