An MBA (Masters of Business Administration) degree has been long regarded as a passport for career success, helping students enhance their marketability, job opportunities, and earning potential.
However, with the average cost of an MBA program ranging between $55,727 to $161,810, you might wonder if this qualification is worth it. Whether you are an aspiring entrepreneur or are looking to climb the managerial ladder, this article will outline some of the benefits of doing an MBA to help you make your decision.
- Increased Earning Potential
MBA graduates will typically earn higher salaries compared to employees without one, and within a couple of years, graduates will have recouped their investment.
According to the Graduate Management Admission Council’s 2020 Corporate Recruiter Survey, at $115,000, the median mean salary of MBA graduates is 75% higher than that of employees with a bachelor’s degree only. On average, the annual MBA salaries for the top 10 countries in the world are as follows:
- Switzerland – $123,500
- US – $102,100
- Canada – $99,800
- France – $98,500
- Australia – $98,400
- UK – $92,400
- Italy – $86,400
- Singapore – $82,700
- Japan – $80,000
- Germany – $77,200
- Networking Opportunities
With access to an extensive network of alumni and teaching staff with business experience, many universities also facilitate initiatives for on-field work experience, mentorship programs, and networking events with CEOs, entrepreneurs, and other business leaders. This network of peers and experienced professionals can help graduates succeed throughout their career.
- Career Opportunities
An MBA degree can open up an extensive range of business opportunities in a number of different industries. Many universities and business schools offer several MBA programs which cover different areas of the business world. Specializations include Finance, Marketing, Consulting, and International Management. With all these areas of expertise, MBA graduates have greater access to a broader and more diverse range of career opportunities.
MBA graduates are also globally recognized as having expertise and managerial competency, and can therefore explore opportunities in many parts of the world helping them to advance their careers.
- Real-World Experience
Through practical assignments such as developing business plans and identifying and evaluating new business opportunities, MBA graduates receive hands-on learning experiences which will equip them as future employees or entrepreneurs.
These mock situations will prepare graduates for real-world business scenarios by helping them understand how to make sound decisions, negotiate, and avoid making mistakes.
- Improved Skill Set
Unlike many other professional business courses, an MBA aims to equip students with both hard and soft skills. With an emphasis on developing personality and professionalism within students MBA programs help to produce confident communicators and leaders within the business world.
In addition to hard skills, it is now widely recognized that soft skills are essential for effective and successful management. Some of the soft skills that an MBA graduate will develop include:
- Interpersonal skills
- Problem solving
- Conflict resolution
- Time management
- Ability to work under pressure
The five reasons highlighted above can help you make an informed decision as to whether to pursue an MBA. To learn more about this accreditation you can also go to online Australian MBA programs.