There has been a debate for a long time regarding whether or not one should opt for an MBA after their graduation. There are a handful of reasons behind one thinking of “why get an MBA?’ or “Why should I get an MBA”.
The first is the shift in the labor market, which is now more skill-oriented rather than accepting candidates based on degrees. The second is the overwhelming number of MBA students that graduate every year. These two reasons might make one think, “why MBA?”.
Even though these two reasons create a conflict, a Master’s in Business Administration (MBA) degree still holds great importance in enhancing career opportunities. Apart from expansive roles in organizations, if a person wishes to start their entrepreneurship journey, an MBA is the perfect degree to aid them with the skills and knowledge required to work on a startup.
However, market opportunities are often influenced by college reputation opted by candidates, which is most likely to cost a fortune. This is also one of the reasons people ask the question, “Why get an MBA?”. For many, the question is whether they will be getting the proper return on their investment or not.
To judge whether or not pursuing an MBA degree is worth it, one has to understand the degree, its present, future, and the foreseeable pros and cons.
What is an MBA degree?
MBA is a post-graduate degree that includes a broad spectrum of business-related topics such as Finance, Human Resources, International Business, Risk Management, Entrepreneurship, etc., hence, preparing students for various managerial positions in an organization. The degree provides theoretical knowledge and, more importantly, serves the students with real-world working scenarios that help strengthen their professional decision-making skills.
As the degree is often pursued by candidates who have already started working, the degree is available both in full-time and part-time forms, with both offering unique trade-offs. Full-time programs are more suitable for freshly graduated students who can afford to invest a significant amount of time in the degree. In contrast, a part-time program is preferred by working professionals who hope to juggle work and upskill themselves with relevant certifications at the same time.
What is the Value of an MBA in 2022?
As the degree differs from the conventional post-graduate academic degrees, few people often overlook the effort, and dedication one requires to excel in this degree. From the pre-admission test preparations to the rigorous curriculum that pushes one to network, communicate, and think beyond their comfort zone, the course helps an individual develop a better version of themselves.
Apart from that, standing in 2022, the value of an MBA degree is still quite high as a survey of 3600 MBA graduates has shown that 87% of them believe they got their return on investment. Moreover, 94% of the survey participants voted that the degree has helped them enhance their knowledge and personality.
As per the US News, 2022, graduates who finished their MBA degrees in 2021 were typically offered a six-figure salary, which was also attested by the Graduate Management Council’s 2021 corporate recruiters survey. The average salary of the candidates was around $115,000, almost the same as the amount before the economic downfall led by COVID-19.
The news report also highlighted an increase of a significant 123.5% of employment advertisements within management occupations. Job positions such as Business operations manager, Marketing Manager, Financial Manager, Health and safety manager, and IT manager are some of the top trending career fields right now, providing generous salaries and growth options.
|Average Salaries in 2022 (per annum)
|Business operations manager
|Health and safety manager
|Information Technology (IT) manager
Some might still question, “why should I get an MBA degree when there are also many high-paying jobs?” and their concern is fair. A handful of job roles can help achieve a better paycheck; however, the fields are mostly tech-based or healthcare related, which is very niched down.
Apart from that, there are also several benefits that one can only achieve from an MBA degree.
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So, What are the benefits of pursuing an MBA degree?
1. The degree helps in building strong management skills
An MBA degree enables the students to obtain better knowledge concerning the business world, therefore developing strong management skills. Apart from that, the degree aids one with the essential qualities required for sustaining in an adverse and constantly changing business environment. It teaches one to apply the latest management tools and techniques, enabling them to sustain in harsh business environments.
2. There are a lot of specializations to choose from that fit one’s needs
There is a wide range of specializations for one to choose from, such as international business, strategic management, Finance management, marketing, entrepreneurship, operations management, business analytics, IT management, Human Resource Management, Consulting, etc., comprise some of them. Some universities, such as James Morgan University (the US), also provide the facility of dual specialization.
3. The candidates get great exposure to business networks
As an MBA student, one must have great networking capabilities. Not only does one interact with their classmates, but they are often introduced to prominent business figures in seminars and gatherings. Along with that, the students also get access to the extensive alumni network of their chosen MBA program.
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4. One can start their entrepreneurship journey with the knowledge
MBA equips candidates with the right set of skills, networking abilities, and a flair for communication which often leads them to start their own company right from scratch. A course like MBA in Entrepreneurship is an excellent choice to construct a solid foundation for future entrepreneurs.
5. The growth opportunities are very high
A large number of candidates choose to do an MBA in order to upskill themselves and obtain industry-relevant skills for better work opportunities. Various studies show that the majority of the senior managers or board directors of big firms are MBA graduates.
6. The degree can be pursued full-time/ part-time/ offline/ online
One can choose to pursue a full-time or part-time MBA program at their convenience. Those who work alongside their program often prefer taking the part-time option as it gives them the time to continue their jobs. After the pandemic hit, colleges now also offer online programs which candidates can complete remotely, making MBA a flexible option for interested learners.
7. There is no age limit to pursuing this degree
With a requirement for work experience and a substantial skill set, learners of all age groups can enroll in an MBA program. There’s no age bar for pursuing an MBA, and the years of experience only add to strengthen your resume further, making it a feasible option for many working professionals.
What is the cost of pursuing an MBA degree in the US?
The cost of pursuing an MBA degree in the US widely depends on the college one chooses. The US has some of the most prestigious colleges that offer MBA degrees, such as Stanford University, Harvard University, and the University of Pennsylvania. A degree from Harvard can cost around $1112,764 a year. In the case of Stanford, the numbers stand around $149,532 a year. Apart from that, the University of Chicago, Northwestern University, Massachusetts Institute of Technology, and Yale University are great options that cost an average of $76,000 per year.
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It is safe to conclude that MBA is pretty relevant and worthy in today’s circumstances. MBA graduates still enjoy the benefits that come with the degree, such as better pay, faster promotion, and high chances of getting to their dream managerial position. These points probably have answered the question, “why MBA?’.
Those who are still skeptical about investing significant time and money for the course can check out the MBA(Global) program curated by upGrad in collaboration with Deakin Business School. The course provides added benefits such as dual alumni status, live sessions with global experts, 1-week on-campus immersion program, etc.