If you're planning on doing a postgraduate degree, nothing is quite as beneficial to your career as an MBA. It’s one of the most popular routes for graduates as it increases employment opportunities and maximises your potential. But, because of the high costs of these programmes many people remain reluctant to invest in them and although worrying about the debt you’ll be accumulating is justified, it’s worth stressing the benefits of an MBA.
1. It Increases Your Earning Potential
What is perhaps the most practical advantage of an MBA is that it helps you earn more. Many studies have concluded that this qualification will help you get a better salary - maybe even double your earning potential upon graduation.
Of course, you shouldn’t take it for granted that you will automatically get a fantastic salary and rest on your laurels. To increase your salary significantly you are going to need to work hard and apply the knowledge gained from your degree.
2. It Makes it Easier to Get Promotions
If you’ve ever worked in an office environment then you probably know that distinguishing yourself from the competition and getting on your boss’s good side is not easy. Proving to your boss that they need to give you more responsibilities and that you can be trusted with different tasks can be quite challenging.
Fortunately, an MBA does all the hard work for you; it lets your boss know that you have that something extra that will allow them to trust you and put you in charge of a team or other important responsibilities. An MBA gives you a competitive advantage that will allow you to earn promotions and be your employer’s number one choice whenever there is a position available.
3. You Enjoy Greater Job Security
Job security is not as important as it once was. Most millennials expect that they’ll change roles many times throughout their professional lives and are willing to embrace the opportunity to explore new workplaces with different responsibilities.
Despite that, getting fired remains one of the biggest fears and concerns for millennials. Thankfully, having an MBA gives you an advantage in the sense that your employer will be less likely to let you go.
4. It Makes You More Employable
Another benefit of the MBA degree is that it generally goes hand in hand with higher employment rates. Many alumni find that getting a job with a company of their choice is much easier. Keep in mind that this degree is one of the most prestigious postgraduate degrees and it’s generally held in high respect in the financial and business community. Even if you hail from a different sector or plan on being employed in another industry, the MBA remains one of the most prestigious programmes you could ever pursue.
5. You Acquire Transferable Skills
Although the MBA is generally specific to business and finance, the modules taught throughout the course of the programme touch upon various industries but more importantly can be put to good use in a number of different sectors. It gives you specialised knowledge on managing a business, at the same time it teaches students how to improve their leadership skills, analyse data and make the right decisions. These skills are useful across all industries, and they can allow businesses outside the financial and business sector to thrive.
6. You Build a Superior Business Knowledge
Apart from the transferable skills, the MBA will also help you gain specialised business knowledge. You will be taught various concepts and practices which will allow you to better evaluate data and calculate risks to make important decisions. During your time studying you’ll be gaining superior business knowledge which will make you more confident when taking business related decisions.
7. It Provides You with Networking Opportunities
One of the reasons many people opt to do an MBA rather than other types of master’s programmes is because they know that this qualification can help give you access to influential people. Whether it’s classmates who will go on to run or start their own businesses, or tutors who have a wealth of knowledge, there are many people who can help your career move forward. You need to make the most of these networking opportunities by building meaningful relationships with these people.
8. It Helps You Change Careers
It’s not uncommon for people to find themselves midcareer wondering if they should be doing something else, like starting their own business or being in a different sector and wondering if they should pursue an academic degree to make the career transition they desire. A career change can be made much easier after gaining an MBA qualification because it essentially surpasses all other qualifications a person could ever gain and it’s a testament to your expertise and your abilities to run a business. But, I would suggest that you pursue an online MBA rather than giving up on everything before you are sure that you can indeed successfully make the transition.
9. You Become More Specialised
It is your one-way ticket to the C-Suite, and it’s an essential qualification if you’re interested in becoming more specialised in your field. It can help you gain knowledge that will allow you to better understand your industry and therefore, be better able to make important decisions.
10. It Aids Personal Growth
A benefit that should not be overlooked is its ability to help individuals grow on a personal level. This includes becoming more confident and better at problem-solving, two qualities that are necessary for anyone who’s hoping to eventually get a managerial position. What’s more, this qualification can also help make professionals more credible and give a boost to their team-working skills.
11. You Gain Leadership Skills
Despite the many advantages of an MBA, most professionals pursue this qualification to improve their chances of earning a promotion or even starting their own business. To do either of those things, one needs excellent leadership skills which means the need to know how to handle not only the business-making aspects of running a business, but also motivating and encouraging teams to work hard and dedicate their loyalty to the business.
12. You Test Your Abilities
It’s a platform where you can test your abilities. It gives you the chance to identify any weaknesses and learn how to deal with them in a space where a mistake will not cost a company any money.
13. You Become a Respected Member of Your Community
As we’ve already discussed, an MBA gives you a competitive advantage while at the same time it offers prestige and value. This can be extremely beneficial when you are trying to create a name for yourself in the business world or when you’re trying to establish your own business.
14. You Gain Employer Support
As many employers are now focusing on retention they are more willing to invest in an employee’s future. Luckily this translates into benefits and perks for employees and if you’re someone who’s interested in gaining an MBA you may want to discuss it with your boss and explain how your reasons for wanting to gain this degree align with the business’s potential and goals. This will encourage trust and will make your employer more supportive of your choices which in turn can give you more breathing room to make decisions and take initiative.
15. It Provides You with Entrepreneurship Opportunities
One of the biggest advantages of gaining an MBA is that it gives you the knowledge and the skills required to start your own business. Of course, many people start businesses without this qualification and you’re probably wondering if spending a few more thousands to gain this qualification is worth the risk when you also have to spend thousands to get your business running. However, keep in mind that studying an MBA can help prevent mistakes, while it can also open doors to sponsorship, etc.
If you’re thinking of getting an MBA, then you should know that there are many benefits to take into consideration and that in spite of its admittedly high costs, it can definitely help you turn your life around.
Would you pursue an MBA? Or would you rather go for another master’s degree? Let me know in the comment section below.