Are you thinking of applying for your Master’s degree? If yes, then you might have many questions popping in your head. Which university should you apply to? What kind of specializations should you consider? What kind of finances should you have in mind? Most importantly, will your Master’s degree help you achieve your goals?
Choosing your niche can be one of the most daunting decisions when considering higher education. But if you’re aspiring to climb up the professional ladder, An MBA might be a suitable pick. Sure, it may sound mainstream, but there are some solid reasons you should consider one. We’ve listed some below to convince you.
Acquire unique business skills
An MBA equips professionals with unique technical skills that help them navigate the business world. You’ll learn about core business functions, including accounting, project management, marketing, human resource management, finance, etc. So, you’ll be able to work in a start-up or a multinational company and be a valuable asset with these skills.
You’ll also learn/polish several soft skills. These include business communication, critical thinking, analytical, and interpersonal skills. These soft skills are what modern-day employers look for in their employees. They’ll come in handy when managing teams and negotiating with other people in the business environment.
You can opt for concentrations
If you’re looking for something more niche, some MBA degrees also offer concentrations in specific subjects. These concentrations are helpful if you want to focus your career in a particular direction. For example, a Master of Business Administration in Management focuses on practical learning that enables you to work in various managerial roles. Likewise, an MBA with a concentration in finance is better suited for professionals aspiring to become CFOs. Did you know that you can also do an MBA in healthcare administration?
Learn online
Distance learning is not a new idea. But the coronavirus pandemic has increased its popularity. So you can also earn an MBA online like many other degrees. You won’t have to quit your current job. You can complete coursework anytime, including your lunchtime at your workplace. So you’ll save time and money. Online MBA programs also offer collaborative learning experiences that come in handy when working with diverse business teams, which also brings us to the next reason on this list.
Good networking opportunities
When you enroll in an MBA program, you open several networking opportunities. You get to interact with other students, professionals, mid-level managers, and even company heads. You also get to network with accomplished alumni. These interactions help you in the long run, especially when trying to give a boost to your career.
Also, when you work together on group assignments with other professionals, you get to study real-life case studies. These learnings can be instrumental for your professional development and help you see business problems from different perspectives.
Become a successful business owner
Obtaining an MBA is not a prerequisite to starting your business. But there’s no denying that the knowledge you acquire through such a program helps ensure your success as a leader and business owner. It develops your business acumen, which increases your chances of success. MBA grads also tend to score higher on the criteria for skilled leadership, making them better entrepreneurs. Over the past ten years, self-employment has increased. So, if you are looking to work on your start-up, an MBA just might save your dreams.
More job opportunities
In the next ten years, management jobs are expected to increase. Many start-ups and small businesses will require skilled managers to lead companies in a competitive environment. Therefore, these companies will need employees with relevant MBA specializations to manage daily operations. As a result, you’ll have access to more diverse employment opportunities in the future.
Vertical growth
If you’re stuck in the same position in your company and want to make it to senior management, consider earning an MBA. Some companies, especially multinationals, require potential candidates for senior promotions to possess a certain level of qualification. This is usually a postgrad degree. So an MBA is a straightforward way to get the eligibility criteria for senior job roles. As mentioned above, you can complete an online MBA quickly and climb up the ladder in your company.
Better pay
If money’s your motivation, you’re in luck. Data from the Graduate Management Admission Council’s 2020 Corporate Recruiters Survey states that the median salary for MBA grads is 75% higher than their colleagues without a master’s degree. And you can earn a 6-figure salary if you land the right job. Since MBA grads take up senior management positions, their job roles have more responsibility. The added perk of earning more comes with more knowledge, skills, and accountability. So if you have big financial plans, consider doing an MBA to make big bucks.
Industry switch
Working in the same industry and doing the same daily tasks can get monotonous. So if you feel you want to change things up by stepping into a new niche, an MBA might be the perfect place to start. Since you’ll study different courses and have more work opportunities, you can easily switch your industry and find something that intrigues you. For example, if you’re bored of being an engineer, consider upgrading and switching to people management. If you’re a burned-out nurse with a knack for creative storytelling, consider doing an MBA and joining an advertising agency.
Conclusion
Choosing a postgrad major to study is a crucial decision you’ll make in your life. So be wise. This article mentions a few compelling reasons to consider opting for an MBA. A simple MBA is still one of the most in-demand qualifications because of the technical and soft skills it teaches. Management positions are expected to grow by 9% in the coming decade. These are merely a fraction of the jobs you can apply for. Some other niches you should consider for an MBA concentration include banking, marketing, finance, consulting, and IT.
