How will an MBA benefit your career?
By Richard Orr in Online Degrees / Mon February 4, 2008
Ultimately, gaining an MBA can help you become the business professional you want to be.
An MBA has topped the ranks as the most popular post graduate qualification in the world. It’s estimated 12,000 students a year graduate with an MBA in the UK. So what are the advantages of an MBA, and how will it benefit your career?
Think like a business leader
An MBA can teach you to think like a business leader, train you to understand complex business issues and think strategically. Not only can an MBA enhance or provide the business skills you may be lacking, it can also enhance your soft skills such as leadership, cross cultural understanding and teamwork - all important characteristics for future business leaders.
Learn off the job
While you can learn MBA course content on the job, you might never receive those opportunities in your workplace. Studying for an MBA provides those opportunities in a safe and structured environment. MBA study allows you to investigate business concepts in a disciplined and holistic way, and equips you with the necessary frameworks and models to analyse real world business problems and opportunities. You will learn from those who have been there, and you’re much more likely to actually study core MBA topics when you are in a focused environment and motivated to make the grade. If you didn’t know your KPIs from your RFPs before B-school you certainly will afterwards!
Jump up the career ladder… or move it completely
An MBA can help you develop your career to its full potential at an accelerated pace. It can open the door to many new opportunities; sectors or functions previously unconsidered, senior level roles, or roles that require an MBA and were previously out of reach. Many of the MBAs I work with were unaware of the professional possibilities available to them before they attended B school and many others change careers as a result of their MBA. Furthermore earning an MBA can signify to an employer that you can handle the pace of a demanding job; you have the drive, determination and time management skills to succeed.
Increase your salary
Senior level roles offer greater compensation and there is much evidence that the initials MBA on your CV can lead to salary growth as well. The top ranked schools in the FT Global MBA rankings reported increases in salary of over 100% and all schools, in the 100 schools ranking, reported increases of over 50%. And even though an MBA can be expensive an MBA graduate is likely to receive a return on their tuition investment within three-to-five years.
The MBA is a globally recognized brand that can open doors to a new network of associates from diverse industries and diverse lands. Student colleagues, faculty and alumni all contribute to your new network and offer unparalleled opportunities for future collaboration. Additionally business school events can help you hone your professional networking skills.
Despite the economic downturn MBA students recently surveyed by GMAC (GMAC Global Management Education Graduate Survey are optimistic about their future. They believe their MBA has increased their potential and helped them develop the right skills to advance their career.
While you may be inspired to jump the career ladder, create new networks and open doors you’ve never dreamed of, sometimes the best reason to take on a new challenge is simply personal happiness. Ultimately, this must be your number one reason for pursuing an MBA.