Rewards Of Doing An MBA
In today’s hyper-competitive world having an MBA is like having a sure shot trick up your sleeve that you can rely on every time. Gone are the days when having a vast amount of experience in one field will lead to your promotion time after time. One wonders what are the benefits of doing an MBA in today's age and time. Anything that adds value to you and your portfolio or in simple words gives you an advantage over your competitors is worth investing in.
An MBA (Masters of Business Administration) is a course designed to give you insight into different management styles and give you the right tools, providing several benefits of doing an MBA. To get the most out of the team or people working with you. Another benefit of doing an MBA is the course also allows you to be a part of an alumni network out of which most people will be in very senior and powerful positions 10 years down the line. MBA benefits people with prior work experience but can also be a viable option for fresh graduates.
Are you thinking of doing an MBA and not sure whether or not you will get your ROI then keep reading?
What an MBA teaches you
One of the advantages of doing this course is that it teaches you the skills to grow and maintain the trajectory of a business’s success. While the specialization may become industry-specific most of the syllabus is the same in the first year and makes you familiar with the following things:
- Managing difficult and stressful conditions
- Honing your people management skills
- How to network and create partnerships
- Keeping the finances in order
- Growing the brand reach
- Maintaining the company’s image
- Spotting talent
- Creating detailed and accurate reports
You will be forced out of your comfort zone in many instances as after an MBA you will in most cases be in a Senior Managerial Position. You will have to stay up to date on most of the newest management tools and how you can use them to improve the organization you are in.
As you will be abreast of the latest trends, you will also play an important part in the business strategy and help them be ready for any market-disrupting activities or products. Thus you will help them adapt and overcome various challenges that they may not see coming. This is one of the main benefits of doing an MBA.
With the adaptability that you have in your toolbox now, your skills will be easily transferable to any other industry if you decide to switch at any time. You will be able to make the challenges faced by the economy into opportunities for yourself as you will have a better sense of what’s coming and better adaptability than others.
Benefits of an MBA Specialization
The benefit of doing an MBA specialization is to get a head start in the competition. Due to the rise in its popularity in recent years a wide range of MBAs has been developed to provide one to specialize in different aspects of the world of business. Here are a few of the most popular ones.
|General Management||possibly the most popular branch. General Management is a great course for people who want to develop an all-round effective business skill-set|
|Strategic Management||People interested in long-term planning and how to plan for any shortfalls should pursue this.|
|International Business||People who wish to work in international powerhouses and have no problem relocating from time to time should look into IB. It is perfect for people who don’t want their business to be limited by borders, should also opt for this.|
|Finance||If you want to get into an investment banking or data analyst role, then this is the one for you. An MBA in finance focuses on Accounting, Data Analysis, and statistics, so if you have a knack for these go for this.|
|Marketing||An evergreen favorite because of the safe position that the market holds in today’s economy, an MBA in Marketing is for those who would like to help people promote products and services.|
|Human Resources||Aimed at people comfortable in working with a large no. of people and HR teams, an MBA in Human Resources focuses on conflict resolution and employee morale along with inter-business communication and hiring.|
One reason why an MBA is important is that it can help you in specializing in all these fields and have an edge over others. An MBA uses various techniques and methods that one would seldom learn on their own. The use of MBA graduates in businesses only shows a positive correlation.
Why An MBA is Important
From the business's point of view, a person with an MBA brings a host of networks that can be beneficial to the business in the long run. Thus, as an MBA student, you will have time to network and make connections with people in a wide variety of fields and at the different levels of the hierarchy.
The extensive alumni network of your business school will also help you in having a greater overview of the world of business. Many of these connections will be Vice presidents or Presidents of major corporations and keep in contact throughout their professional journey. A vast network will also help you in forecasting trends and how various global and world affairs can help your business.
One of the greatest benefits of doing an MBA is the fact that you can easily get a high-paying job even as a fresher. The average salary of an MBA graduate is far higher than what a person with a Masters's in any other field can expect.
HR manager, Market Research Analyst, Business operations Manager are some of the roles one can expect after doing their MBA. Those titles alone should answer your question of Why Should I Do an MBA.
According to the people at U.S. News, the best starting salaries are bagged by people who have done an MBA in:
- Financial Services
- Consumer Packaged Goods
If you wish to earn even more in the future your MBA skills will help you in getting your foot in the door of high-paying jobs. But don’t let these figures' stats make you think an MBA is all you need for a job. Many recruiters factor in work experience too, while giving you a figure for your salary.
Cost of Doing An MBA
An MBA is a considerable investment in one’s future, and you can expect the fees to look the same. Top Business Schools have been known to charge a premium for their expertise in molding you into an industry-ready individual. So before you even apply have the reason for joining an MBA very clear in your mind.
Many European natives also have the opportunity of pursuing an MBA in their countries free of cost. Not only does this help in producing highly skilled candidates for different jobs but also prevents brain drain from the country.
Empowering the Entrepreneurial Spirit
MBA is popular among people who want to start and make a profit from their businesses and be their own boss. Many entrepreneurs will take down this path so that they have the knowledge to set up and grow a business.
Professionals who have worked in the field can tell you about the major hurdles that you need to avoid to keep your business running and growing successfully. They will also tell you about how you can have stability in your company through tough times and how to work under stress. MBA uses a variety of techniques to train you for these challenges.
Learning effective communication is also a key skill that is of paramount importance in the business world is one of the benefits of doing an MBA. Whether it be talking to a client or negotiating a contract or pitching your idea to be investors, knowing how to tell you thoughts in a concise and precise manner can make the difference between a good and growing business or one that crashes within two years.
Surveys have shown that up to 85% of all the people studying MBA want to start and run their own businesses. With the e-commerce boom, the chances of finding a niche market and making profits quickly have enticed the minds of many.
Switching careers With an MBA
MBA can be taken up by working professionals so they can change their careers if they are not satisfied with their current position in their respective industries. Many students doing an MBA are not satisfied with either their position or the industry they are working in. This makes an MBA a very good option. As you gain new skills, you can also change your career path simultaneously.
We would recommend that you choose the industry and any job that you plan to switch to as MBA is a very fast-paced course. This way you can work on your end goals from the start of your education in Business School and make the connections in that field.
In most cases, you will join a senior level managerial position and the company will rely on your expertise and tactful decisions to help them maintain and grow the growth trajectory. Big companies like Amazon, Apple, and Goldman Sachs actively hire MBA graduates every year.
The Course and Its Difficulty
An MBA is not a run-of-the-mill Masters that aims to hyper specialize you in one field. Rather, it gives a great insight into the world of business and its different aspects. It is not the easiest of courses available in the market, nor it is the hardest. However, knowing the difference between PGDM vs MBA. Your attitude is what will decide how easy the course is. Many people who take up MBA say the tests and the curriculum are the easiest part whilst networking and getting to know the real-world application is what will separate the successful from the people who are not so successful.
In short, life in an MBA is what you make of it, nothing else nothing more. We can guarantee that if you put in the time and effort, you will reap rewards that will justify your time and investment fully. This can be said to be an advantage or one of the disadvantages of an MBA. Ask yourself the question ‘Should I Do an MBA’ and try to do a SWOT analysis.
Sunstone is a leading higher education service provider that works with academic institutions in up-skilling students for employability. Sunstone offers career oriented training interventions for undergraduate and postgraduate students at 30+ institutions across 25 cities.
Sunstone’s training programs are industry endorsed to enhance employability. These programs are designed for hybrid delivery with unparalleled focus on soft skills and personality development. Sunstone’s focus is to provide students with holistic educational experience.
FAQs About the Benefits of Doing an MBA
How does an MBA help you?
Managing difficult and stressful conditions
Honing your people management skills
How to network and create partnerships
Keeping the finances in order
Growing the brand reach
Maintaining the company’s image
Creating detailed and accurate reports
How does an MBA affect your salary package?
Consumer Packaged Goods
If you wish to earn even more in the future, your MBA skills will help you in getting your foot in the door of high-paying jobs.
How much does an MBA cost?
The price range is not fixed and can vary considerably depending on the academic history, placement record and brand reputation of the institute offering the management course.