Should You Go For An MBA At This Point In Your Life?
Planning to study an MBA program is quite a big step for aspiring to be managers. Some questions arise if pursuing an MBA at a business school abroad a good option or entry requirements or financial investment justified. It sums up the question of whether an MBA degree is worth it at this point in life.
If you are preparing to enter the highly competitive business world, then yes it is.
An MBA offers you plenty of opportunities, especially when you do it from the top business school. Landing a management position, getting a high salary post-MBA degree, becoming your own boss, or developing a strong network are some of the few advantages of looking for a career change at this point in life and studying an MBA abroad.
Here are some reasons why you should consider studying MBA:
MBA can help you develop the skills that are required to keep a company successful. The curriculum of each MBA programme is different, but these are some common expertise that you will develop while studying this program:
Develop, advertise and effectively sell your product
To keep the organization’s finance healthy
Maintain a positive image of the company
Improve leadership and people management skills
Manage difficult situations like public scandals, financial crisis
Network and create partnerships and network
Make tough calls at the right time
Create hierarchies that can help the organization thrive
Create reports based on industry data
Hire top talent
2. Because of its international popularity, many B-schools have developed an extensive range of MBA programs in different aspects of the business. Here are some MBA specializations that you can choose from:
Finance: Good for people who want to be financial controllers, bankers, finance managers, and chief financial officers. The course focuses on Data Analysis, Statistics, Accounting, etc.
Marketing: For businesses that rely on promoting products and services.
International Business: This program is best suited for people who want to work abroad or in a global organization with offices in different locations.
Human Resources: You learn about team development, conflict resolution, defining job responsibilities, motivation, and more.
Consulting: It helps in preparing experts who offer an outside opinion for challenges faced by organizations.
3. The average income of an MBA graduate is much higher than that of an individual with a regular Master's degree. One can expect to earn twice as much as what you can expect from a regular university degree. Postmasters, you can be a management analyst, business operations manager, top executive, market research analyst, HR manager, etc.
4. Many students choose an MBA as they want to learn how to start and grow a business. MBA can help you become an entrepreneur as you get to learn real-life experiences from professors in starting a business. You can also find colleagues sharing the same goals or interests. Share your ideas with them, and you might find a common vision. It is easier to succeed with your partner if you have a partner having your back.
5. If you are looking for a career change at this point in life, then an MBA is a great option to go for. Many students opt MBA to either change the industry they are working in or advance their administrative or managerial position. Before planning for an MBA, decide first the industry and the job role that you want to take up. This will help you pick up the best MBA that aligns with your goals and needs during your application interview. The diversity and versatility of MBA degree specializations are a great support for one's preparation for a career switch. Here are some of the largest organizations in the world that hire MBA graduates:
Apple
JP Morgan
Goldman Sachs
Citigroup
Facebook
Amazon
Bain & Company
The Boston Consulting Group (BCG)
McKinsey & Company
Walt Disney
Microsoft
Concluding, business schools do not consider the age factor when it comes to the admission process. The main criteria are your job experience, which should be 3+ years to be eligible for the program. You must be clear about your plans and make sure that MBA is a suitable degree for it. Convince the admission committee you are determined to study MBA as you have a long-term plan which you want to pursue
Author Bio:
Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years.
Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School updates.