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.
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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:
- Operations and Supply Chain Management
- Human Resources
- Business Strategy and Leadership
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.
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!
What are some of the best career options after doing an MBA program?
If you’ve just completed your MBA, and are looking to explore some versatile career options, there are several. Since it is one of the most competent programs, it is recognised globally. You can explore a career in banking and finance, information system management, investment banking, management consulting, business analysis, marketing, data analysis, private equity and entrepreneurship.
What are the work experience requirements for MBA programs?
To be eligible for an MBA program, you need to have a minimum of two years of experience. In certain cases, five years may be required. If you’re planning to go to a B-school in the US, Europe and Canada, four to six years of work experience on an average may be required. The kind of experience you need depends on the B-school you’re applying to. Some even consider part-time experience. Real work experience before pursuing an MBA is important because it provides a candidate basic information on business and management. Some B-schools allow you to apply without work experience but start only once you’ve met the course prerequisites.
What are the most in-demand MBA specialisations?
If you’re looking to apply for a specialised MBA program, some of the sectors you can explore include international management, international business, general management, strategy, consulting, finance, leadership, human resource marketing, entrepreneurship, operations marketing, information technology and marketing. If you’ve already planned which industry you want to start working in once you’ve completed your course, you should definitely choose an MBA that gives you several elective options. This enhances your internship and placement opportunities and fetches you a higher pay package.