MBA degrees—any of us have heard of them, and some might have even considered joining such a program.
With all the possibilities an MBA program offers, it’s no surprise that a large number of aspiring business students have considered getting this degree at a point in their professional advancement journey.
However, what makes an MBA degree so treasured? Below you can find the answer to this and questions like what it is exactly and the benefits of getting an MBA degree.
What Is an MBA Degree
MBA, which stands for Master of Business Administration, is a postgraduate degree program that provides students with knowledge and skills around key business practices. An MBA program will usually last up to two years and is considered to be equally academically challenging as rewarding.
Such programs are usually sought after by students who already have a few years of experience in the field rather than those who have just graduated. There are a number of perks that come with a successfully completed MBA program; here, we will highlight a few of those.
MBA Degree Benefits
Entering an MBA degree program is by no means a small step to take. Thus, deciding to follow through and commit to such a program takes excellent determination. Although it takes time, effort, and resilience—the reward for completing an MBA program is more than someone can expect.
So, why get an MBA? Here are a few MBA degree benefits that make completing the program worth it.
One of the main (if not the main) reasons for getting an MBA degree is broadening your business skillset and honing the skills you already have. In essence, these skills are the ones necessary to keep a company successful and constantly improving.
Among the skills you can expect to improve and gain during an MBA program are:
- Leadership skills
- Management skills
- Risk-management skills
- People skills
- PR skills
- Crisis management skills
- Data analytics skills
Apart from these, you can look forward to broadening your understanding of business in general and being ready for an ever-changing business environment. You will get to explore new business trends, business tools, the newest management techniques, among many others.
Among the numerous and different reasons that many students decide to enter an MBA degree program is the decent salary that comes with it. In many positions, you can earn almost twice as much as you would with a bachelor’s degree.
When it comes to average MBA salaries around the world, according to the QS Jobs & Salary Report, these are the average salaries:
|Country||Average Salary||Average Bonuses|
|US||102,100 USD/year||18,800 USD/year|
|UK||92,400 USD/year||30,500 USD/year|
|Canada||99,800 USD/year||11,300 USD/year|
|Australia||98,400 USD/year||17,800 USD/year|
|Singapore||82,700 USD/year||22,600 USD/year|
|Germany||77,200 USD/year||16,900 USD/year|
|Switzerland||123,500 USD/year||17,400 USD/year|
|Italy||86,400 USD/year||25,400 USD/year|
|France||98,500 USD/year||17,700 USD/year|
|Japan||80,000 USD/year||26,600 USD/year|
Part of succeeding in the business world is not only the skills you acquire during your studies but also the connections you make. As an MBA student, you will get to interact with like-minded people on a regular basis, be that professors, fellow students, and the whole teaching staff.
Not only that, but you will have access to that MBA program’s alumni network, which can be of great help whether you decide to work on your own start-up, change careers, or have someone give you tips on how to move up to managerial positions. You will also be constantly updated about changes in the industry and the latest trends, which will help you adapt easily to the new environment.
New career paths
Due to the nature of an MBA program, many students will choose one because it allows them to change industries or advance to managerial positions. The versatility and diversity that an MBA program offers are a great support for professionals who wish to switch jobs.
Depending on the specialization, career, and field you choose, with an MBA, you can expect to work as:
- A Financial Advisor
- An HR Manager
- A Business Consultant
- A Finance Manager
- An Information Technology Manager
- A Management Analyst
- An Investment Banker
- A Marketing Manager, etc.
MBA has had growing popularity over the years, which has influenced universities to not only offer traditional general MBA programs but ones that specialize in a certain field as well. Based on what you want your future career to look like, here are some MBA uses and concentrations to consider.
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|MBA Concentration||What is it good for?|
|General Management||It’s great for versatile business environments and developing strong general knowledge around businesses.|
|Strategic Management||It helps with learning how to make long-term business plans and developing back-up business plans.|
|Entrepreneurship||It’s good for original ideas for students who plan on starting a business upon study completion.|
|International Business||It’s good for students who want to work in global business environments and coordinate business goals across borders.|
|Finance||It’s great for students who want positions that include financial planning and management, such as financial managers, chief financial officers, etc.|
|Marketing||It’s helpful to students who want to work with businesses that mainly rely on marketing practices to promote their products/services.|
|Consulting||It’s good for professionals who serve as outside help for businesses and all the challenges they can face.|
|Human Resources||It’s great for future managers who are in charge of HR teams or those that manage large groups of employees.|
|Operations Management||It helps professionals in optimizing business/daily work processes to gain maximum output.|
|IT Management||It’s good for professionals who wish to work with businesses that deal or heavily rely on technology for their daily functioning.|
There are numerous benefits to getting an MBA—from the great salary that comes with it, the opportunity to change careers, and even move higher up the career ladder, among others. Whatever benefit you’re after, if you think an MBA degree is the right fit for you, you can check out BAU’s Master of Business Administration programs and specializations it offers.