Many have heard the acronym MBA and know that it has something to do with business education. Some may even decipher and say that an MBA is a Master of Business Administration. But few people know how these three letters can change one’s life and make a person happier. This article will help you understand this topic better, and most importantly, answer an important question: “Do you need an MBA degree?”
The MBA, as an educational stage, has existed for over 100 years (the first MBA program was founded at Harvard in 1908). During this time, MBA education has become not only popular but also a prestigious indicator of knowledge.
An MBA Degree Increases Your Chances of Getting the Desired Position
At college, we get a profession. We are taught to be good accountants, marketers, doctors, that is, competent specialists. However, when a person becomes a leader, he/she realizes that now his/her main task is to manage the team. He/she must be able to organize the work of subordinates, motivate them to achieve a result, resolve conflicts in time, effectively allocate time and achieve goals with minimal costs. The MBA program is designed to teach executives everything they need to know and be able to do successfully and to help them avoid mistakes.
Business school graduates are more likely to get jobs, enjoy life more often, and move up the career ladder faster. The world experiences prove the importance of the MBA diploma for further employment. Evaluate for yourself the power of such education.
- Adds value to your resume
An MBA is a qualification awarded to a manager following his/her studies at a business school. It confirms that its owner has all the necessary skills and knowledge to successfully cope with the functions of a leader. Your resume will include information about studying at Harvard, INSEAD, or some other prestigious business schools. These names have become a sign of quality for candidates, and the employer will more confidently invite a graduate of a top business school to a responsible position. But, of course, it’s not just the line with the name of the top educational institution.
- Provides the necessary theoretical and practical knowledge
For a year or two of study (depending on the chosen business school), you gain deep theoretical knowledge in your chosen field, practical skills after internships in international companies, and work on practical cases with fellow students. The MBA helps you achieve two important goals:
- Develop all the necessary managerial skills (an ability to set goals, make the correct decisions, manage time effectively, etc.);
- Have a clear understanding of all the company’s business processes. After the MBA graduation, the leader will be able to make decisions that will be beneficial to the company.
- Promises a lot of important acquaintances
Business school students have tremendous networking opportunities:
- Close communication with fellow students (future top managers of companies from all over the world) and professors (practitioners with significant experience in the field taught).
- Full-time MBA students have many opportunities to meet potential employers through internships that are included in the program of almost all top MBA programs.
- Business school students and alumni gain access to an ever-growing network of MBA alumni (professionals with key positions in well-known companies).
All these acquaintances more than once help graduates in their careers, providing quick access to relevant information from the business community and providing the best opportunities for career and professional growth. By the way, many MBA graduates consider this advantage to be the most significant.
- Facilitates job search
Business school graduates don’t just get more interesting and prestigious top positions. They also receive them with a greater guarantee. More than 90% of graduates of a top business school receive an offer within 3 months after graduation (despite the fact that about 4% of MBA diploma holders prefer to start their own business).
- Guarantees a high salary
On average, the salary of MBA graduates rises by 30-40% compared to the salary level before entering the MBA. The salary of an MBA graduate can grow significantly. The growth rate of wages depends on many factors: from what position the graduate went to a business school, what experience he/she already has, in what state the country’s economy is.
- Opens up job opportunities in many areas
MBA graduates find jobs in various fields. Traditionally, the most attractive sectors for graduates from Europe are consulting and the service sector. Executives with MBA degrees perform better and achieve greater results for the companies in which they work.
Also, new knowledge will be useful to people who graduated not from an economics, but from a technical or humanitarian faculty. For teachers, scientists, military personnel, doctors, MBA is a way to get into business and supplement their professional knowledge with business skills.