Students after graduation generally face a dilemma of which path to take. A course of Masters in Business Administration (MBA) is, however, a very popular choice. But it does require a lot of investment both in terms of efforts and money. Good and well-accredited business schools all across India and the world cost lakhs of money for a 1-2 year course. But a large number of graduates pursue this course. So the question is, is it worth it? Or is it just the common flow everyone is following?
Not just graduates, many professionals give up their jobs temporarily to pursue MBA for either career advancement in the current profession or starting their ventures. It is rather a common scene these days where people take up employment after their graduation, prepare for the MBA entrances, give up their jobs, and join the course.
Even if the B schools are not the most top tier- they have relatively higher fees than other Post-graduate degrees. But it does not affect their popularity or their student intake. It is one of the courses with one of the highest numbers of aspirants all over the world.
So why should a person opt for MBA? What are the actual benefits? Is it worth it?
These are the few common questions that people generally have. Below described are several reasons why a person should study MBA. Read on!
Why MBA – Top 5 Reasons to Pursue MBA
1. Better Management Skills
Like already said earlier, people who opt for an MBA are not just graduates but also professionals who have an average of two years of experience. Even Professionals who are at the senior level sometimes opt for the course to upscale themselves. A degree in MBA generally equips a person with better management skills. These skills help a person to manage and run a company better. These make them a great catch for companies who are looking to recruit managers.
Also, the degree in MBA is not just theoretical. The students learn about recent business trends, make practical applications of their knowledge, interact with companies, get global exposure, etc. Hence, it helps people run up the professional ladder to post its completion and enable people to start and grow their ventures effectively. Even though there can be different specialisations that MBA comes with, but the general management knowledge and skills that it provides remain constant.
MBA degrees are not a general course. It provides several speciations to the students opting for it. These range from Human Resource, Marketing, Finance, IT, International Business, Operations, Consulting, so on and so forth. MBA is a great option for people with specific goals and aspirations. They can choose the specialisation that they want to learn and advance their career in that field.
For example, for people who want to work abroad or with global companies and handle international operations, they can choose International Business as their specialisation. Consulting allows people to provide outside opinions to companies and resolve their issues and is one of the highest-paid careers after an MBA.
3. High Salaries
Even though studying MBA costs relatively higher than other post-graduate courses, the salaries of MBA graduates are one of the highest in the job market. Irrespective of the fact that a person is a graduate from a premier or a middle-tier B-school, the salary that a person is most likely to get after an MBA degree is comparatively higher than others. That’s one of the biggest reasons why a lot of people opt for an MBA is to increase their earning potential.
A person with an MBA degree can expect to earn twice as much as another person with a general Master’s degree under normal circumstances. Consulting and Finance are consistently listed as the highest paying MBA domains. The investment made to study an MBA is high, but with the high salaries it offers, the cost incurred will be covered within a maximum average of 2-3 years.
Some of the countries with the most affordable and low-cost MBA degrees include Germany, Austria, France, Finland, and Sweden.
Also Read: 10 Best HR MBA Colleges in India 2020
A lot of people with a vision of setting up their own business join an MBA. Since an MBA teaches the whys and running a business, it gives a path to bussing entrepreneurs. It teaches them how to start a business, how to grow it, and how to stabilise it over-time, even in the face of various economic and competitive uncertainties.
An MBA equips a person with a wide business network whose benefits they can leverage on. The professors in B-schools generally have a great deal of experience themselves. The classmates may share a similar idea and have sources. A student in an MBA institute also gets to build a network with the alumni, and all of these factors help a person grow a business. A good business network is what almost everyone wants to build.
Also, setting up a business alone is not a cake-walk. Hence, a person in a B-school might find someone who shares the same vision as him/her. This will enable them to exchange their knowledge mutually and, in some cases, get on board, become business partners, and set up a business together. This can be a great opportunity for budding entrepreneurs.
5. Change In Careers
Many people opt for an MBA because they want to change their careers and explore newer avenues of work. This is mostly applicable for people who already have professional knowledge and pursue an MBA degree henceforth. It is great for a person who does not feel one with his/her current profession. A specialised degree in MBA will equip this person with specific skills and hence pave the path for making a career in that field and exploit the thriving opportunities that it comes with.
These being the most significant ones, there are varied reasons why people opt for an MBA and why it is worth it. MBAs accept a lot of older students, and hence its scope is not limited. It allows the opportunity to study worldwide, and that’s a prospect people do not want to miss out on. It helps people build a network, and no matter how challenging it is, it is not difficult to graduate. Hence these are the reasons why people pursue an MBA, and honestly, given the outcomes, it is a pretty great choice to make.