A master’s in business administration is a high-level qualification that provides further advancement potential in your career.This qualification is more often self-funded now compared to years past where the education fees were often covered by an employer. It may be because following graduation, the employer needs to offer a promotion, or they know the newly minted MBA graduate will look elsewhere for career advancement opportunities.
Here are five reasons to take an MBA this year.
1. Competition is Only Getting Tougher
There’s a real sense in the employment world that a degree is so blasé now. At the lower management level, having a degree is a prerequisite. To rise above the competition, it’s necessary to study for professional certifications relating to the industry. However, that only takes you so far. Beyond that, making the commitment to take an MBA demonstrates that you’re serious about investing in your career.
Conveniently, anMBA course can be taken entirely over the internet at a place like Suffolk University Online. This way, students who are working aren’t forced to drop out of the workforce for several years to improve their resume. This makes this course far more convenient for students.
2. Boost Your Management Prowess
A central focus within MBA courses is on management skills. MBA graduates come out of the course with a far better understanding of how to manage and motivate staff. They also develop new leadership skills which translate well should they get the chance to lead a company one day.
Hiring well is a key skill that many managers fall down on. Students better appreciate why hiring matters and what to look for in potential team members. Also, the importance of staff training and follow-up are so important to shepherding the careers of team members too.
3. Understand Corporate Finances
While MBA students don’t become accountants, they do come away with an appreciation of the financial underpinnings of a business.
They learn about the complex capital markets. How companies are funded through bank loans, bond issuances, stock placements and more. This experience comes in handy later when tasked with refinancing the business to reduce debt or cut the average interest rate payable on existing company debt.
This is a net positive for companies looking for key employees to use a stronger hand with the company’s financial foundations this year.
4. Makes Senior Management Viable
While lower management might be your current level, when holding an MBA, upper management is the next hurdle to overcome.
It’s been found through global surveys with MBA alumni that more than half are working at the board level or are now senior managers in the corporate world. This includes top-tier companies like Microsoft, McKinsey, GE and other blue-chip mega corps.
5. MBAs Are Globally Recognized
The MBA qualification is well-known around the world. There are just as many European or Asian companies looking to recruit MBA graduates as there are American ones. This is because it’s an advanced degree and a known quantity.
Companies that have previously employed people with MBAs have seen first-hand what they’re capable of delivering for their business; they know their value. While each course is customizable with electives to individualize it, they still maintain a high standard.
The earlier that you study for an MBA, the sooner you can gain enough credits to qualify. The first semester of the new study year begins in September, but applications close before that. So, don’t leave it too late if you’re considering taking a masters this year.