Pursuing a master’s degree is a huge step toward advancing your career and increasing your net worth to employers. An MBA is the next logical step after a bachelor’s degree as an aspiring manager.
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However, many students struggle with the cost-benefit analysis of pursuing a master’s in Business Administration. They aren’t sure about investing their resources in a master’s program because they are unaware of its benefits.
To be relevant to big organizations, you need to have an MBA degree under your belt. It offers students many advantages, especially if you pursue it from a well-reputed business school.
According to the Graduate Management Admission Council, MBA graduates make 75 percent more salaries than those with only a bachelor’s degree. Their median salary is approximately 115,000 USD annually.
You should pursue an MBA regardless of your industry or focus, whether you are an entrepreneur or an active job seeker for a managerial position.
Here are a few more reasons to pursue an MBA degree.
1. Increased Job Opportunities
Today’s job market is highly competitive; hence, standing out from the crowd has become increasingly important. Likewise, an MBA can increase your chances of scoring a managerial job at a well-reputed organization by a great degree.
Organizations prefer hiring MBA graduates for senior managerial positions due to their greater exposure and skill set; they are an asset to an organization.
MBA students and graduates should actively look for jobs in their vicinity to get employed in one of the best companies.
It is not difficult to look for jobs in this digital age; for instance, if you are or have done MBA from Boston, Google “best companies for MBA graduates in Boston,” and you will get the desired results. Go through all the companies, shortlist the ones you like and send your job application.
You can do the same if you live in any part of the country.
2. Diversified Specializations
An MBA offers a plethora of specializations to choose from. Its immense popularity and the constantly changing business environment have led to many new specializations being introduced. You can choose any specialization that you believe complements your personality and interest.
To help you better understand, here are a few MBA specializations that are highly popular:
- International Business: This specialization is great for someone who wants to work in MNCs. You learn to align local and regional goals and objectives with the global objectives of an organization.
- Management: This is the most popular MBA specialization. You learn to become an all-rounder and can manage e-business, whether domestic or international, in a great manner.
- Marketing: This specialization is relevant to effectively marketing the product to the target audience and creating awareness about it in the market. It is one of a business graduate’s most challenging and rewarding specializations.
- Finance: This specialization is great for those interested in the financial side of the business. The basic elements of this specialization are cash flow management, accounting, statistics, and financial data trends.
- Entrepreneurship: Want to start your own business? Have an idea that has great market potential? Entrepreneurship should be your go-to specialization if you want to launch a start-up.
- Human Resources: This specialization primarily covers hiring and recruiting, training and development, compensation and benefits, and workplace safety. They work actively to ensure that the human capital is working towards organizational goals and are satisfied with their jobs.
- Operations Management: This is primarily important for graduates who want to become managers in a production facility or those who want to run business operations.
You can also go for a dual specialization depending upon your interest and the market demand.
3. Highest Compensation and Benefits
This is one of the most attractive benefits of an MBA degree. Job security and high salaries are great motivators for many people.
The average income for MBA graduates is the highest remuneration in the market. Here are a few examples of the median salaries of MBA graduates from the QS Jobs and Salary Report:
- In the United States – Approximately 102,000 USD/year
- In Australia – Approximately 99,000 USD/year
- In Canada – Approximately 100,000 USD/year
- In Singapore – Approximately 83,000 USD/year
- In Germany – Approximately 77,000 USD/year
- In the UK – Approximately 92,500 USD/year
- In Malaysia – Approximately 82,000 USD/year
- In Switzerland – Approximately 124,000 USD/year
As you can see, you can easily recover the investment you made in your MBA degree in a couple of years of working.
4. Business Networking
Networking is extremely important for your growth. As an MBA graduate, you are bound to meet people from different walks of life. People like motivational speakers, HR managers, entrepreneurs, MDs, and business people are all intangible assets for you.
The more you learn from them about the internal working of the industry, the more successful you are bound to be.
Moreover, your batch mates are also great people to network with and build good relations with. They will also step into the corporate world just like you, and hence they can benefit you. You might even be sitting in class with your potential business partner.
5. Provides Credibility
An MBA degree provides credibility and instills different skills in you, such as problem-solving, critical thinking, leadership skills, etc. Many people who hire MBA students for their business tend to be more relaxed because of their credible skills.
You can master the ins and outs of a specific sector of the corporate world, such as finance, HR and marketing, etc., by pursuing any one or dual specializations for your MBA.
After doing an MBA, you open the doors for yourself to achieve successful career growth and many new job opportunities in the market. You can learn much more about the field you choose to specialize in, making you a value-added candidate for many active recruiters.
Hence, we recommend that you pursue an MBA if you want to excel in your career at an unprecedented rate. Hopefully, this article proved helpful to you and answered all your concerns regarding pursuing an MBA degree.