The MBA is one of several business degrees that provide a huge impact on career advancement. Its value lies in the knowledge and skills that will make you a better manager and leader, and the global network you build in your MBA class may be very helpful in the future. Below are some common reasons people enroll in a MBA program:
The skills you learn in your MBA classes can be divided into two types: hard and soft skills. Hard skills include business and organization knowledge such as economics, finance, marketing, operations, management, and accounting. Some MBA programs offer specialization in a particular field such as finance, marketing, strategy, human resource, etc. providing opportunities to study one or more areas in greater depth. Such programs allow students to become very specialized and can help you advance very far in your chosen field.
Soft skills refer to leadership, teamwork, ethics, and communication skills that a good manager need to have. In MBA classes most assignment are group assignments where student learn teamwork, leadership, ability to motivate others. The MBA course also builds communication skills. Listening, speaking carefully and clearly, the ability to put across your arguments fluently in writing are needed to graduate from an MBA program.
An MBA degree program offers access to a network of MBA students, alumni, faculty, and business and community leaders. Many MBA alumni form lifetime friendship and business partnership from the contacts in their MBA classes. As many of the students will become very successful in the future, such network can be very profitable and rewarding. In a typical MBA class you will find not only students from your industry but also from other parts of the world.
Branding and Marketability
Prestigious MBA program offers branding. Having graduated from a highly reputable MBA program will earn you the respect of both your peers and also future employers, opening doors to opportunities.
You may want to gain a position of greater responsibility in your current field. Or you may want to switch from one area of business to another-from marketing or sales to strategic planning or finance, for example.
Earn a better salary. The MBA will make you more marketable when you switched company. Also, the skills you learned will increase your performance and managerial competence, enabling you to advance further and faster in your career. An MBA is sometimes a requirement of some large multinational companies or consulting companies to join their management team.
The MBA program will help develop you in the areas of critical thinking skills, strategic and tactical planning, leadership, interpersonal and communication skills, increased organization abilities and the ability to see the organization as a whole.
Counting the cost
However, an MBA takes a lot of effort and sacrifices. You need to contemplate if it is worth it. The decision depends very much on your career goals and objectives. If you wish to pursue areas of management (especially in the corporate sector) then an MBA is a viable option.
Also, bear in mind that the MBA is not an end in itself. The MBA merely builds you a good foundation and gives you the ability to develop your career to its fullest potential, at an accelerated pace.