If you have considered undertaking an MBA, or Master in Business Administration degree program in the past to improve upon your career prospects but have failed to go through with the process for one reason or another, then 2020 should be the year that you finally bite the bullet and make your dream become a reality.
An MBA is an ideal choice if you are looking to pursue a career in business and want to ensure that you have the necessary skills, knowledge, and ethics to fit into this type of industry.
Plus, this degree program has the added benefit of being a lot more accessible than you might think.
Interested to know more about how an MBA degree can help you fulfill your professional goals and ensure that you reach your full potential career-wise?
Keep reading to find out more!
You do not need an undergraduate degree
If you have been under the misconception that you need an undergraduate degree in business to be able to undertake a master’s in business administration, then you will be happy to know that this is not the case.
Many MBA programs such as the degree provided by Aston University Online favor experience over qualifications and will accept professionals who have between 2-5 years of business experience even if they do not have an undergraduate degree.
Furthermore, as their degree programs are 100% online, you will be able to continue to work in your current position. At the same time, you study, meaning that you will not suffer financially to further your education and gain a highly valuable business qualification.
You have the chance to start your own business
For those that are fed up with working tirelessly only for someone else to reap the rewards, an MBA could be the way forward for you.
By enrolling in an MBA program, you will be taught the fundamentals needed to both develop and operate your own business, from business management to strategic planning to financial handling. Once you have completed your Master in Business Administration, you will be more than ready to go it alone and embrace your entrepreneurial spirit.
You can complete your studies on your own terms
By choosing to complete your MBA online, you will be able to plan your studies to fit in with your current lifestyle. An MBA program can be extremely flexible, with both full and part-time options available, meaning that you will be able to work at a pace that is suited to you as an individual without the stress or pressure of set timetables and classes.
You will be portrayed as an expert in your field
Whether you want to progress in your current workplace, or you are looking to branch out on your own, an MBA will give you a level of credibility that will both attract new clients and impress existing ones. Even your work colleagues will regard you with more respect and will look to you for guidance due to your new-found knowledge and abilities.
You will have the opportunity to choose your niche within the world of business, such as finance management, or business consultancy, meaning you can quickly become incredibly knowledgeable in a specific sector.
Your communication skills will improve
Even if you already think your communication skills are strong, everyone can benefit from improving upon this crucial ability within the workplace, especially as employers now value this skill more than ever before.
When you choose to embark on an MBA program, you will be taught how to speak clearly, confidently, and distinctively to managers, colleagues, and clients alike, a skill that is invaluable in today’s business world, although one that many have yet failed to master.
From how to give effective presentations to how to motivate others, an MBA program will teach you how to use language to ensure you can effectively communicate with those around you.
You will develop advanced management skills
Many professionals who decide to embark upon an MBA degree have only a few years of experience in the world of business and are keen to grow their confidence in their ability to lead and manage a team.
Depending upon the specific MBA program that you pick, you can expect to:
- Improve your leadership and people management skills
- Be able to develop, market and sell your products or services
- Have the ability to network effectively
- Be able to manage difficult situations
- Manage company finances
- Promote and maintain a positive image for your company
- Create in-depth reports based on industry data
- Hire new talent and retain current employees
- Make tough decisions on your own
You can choose your own area of expertise
If you have a particular area of business that you are keen to explore and learn more about, then you will be pleased to know that there are many different MBA programs for you to choose from.
Some of the most popular current choices include:
General Management – Ideal for those who want to be able to adapt to any business environment.
International Business – The perfect choice if you want to travel and work in different countries and amongst different cultures. An MBA in this field will teach you how to align business goals across borders.
Finance – If you already work in the finance sector but want to climb the career ladder, then an MBA in finance could be the best choice for you. Focusing on areas of learning such as statistics, data analysis, and accounting, this is a good option for potential bankers, CFO’s, and finance managers.
IT Management – With new technologies emerging every day, a degree that prepares you to do business in the tech sector will always offer a professional advantage.
Consulting – If you see yourself in a consultancy role, offering outside advice to companies who are facing a wide range of challenges, then this is the MBA subject for you. Plus, consultants can work in a variety of different sectors and are typically paid handsomely for the privilege. Check the average business consultant salary in the US here.
Other popular MBA subjects include Human Resources, Operations Management, Entrepreneurship, and Marketing.
You will be offered excellent networking opportunities
Whether you choose to carry out your degree in a classroom surrounded by your fellow students and with face to face interaction with your professors, or if you decide to undertake an online course where you will join a global alumni network and have the opportunity to build connections with future business leaders, an MBA provides invaluable networking possibilities.
By meeting people from a wide variety of business backgrounds and varying industry sectors, you will be able to obtain an excellent overview of the business world, enabling you to learn from and adapt these different practices to your professional life.
You have the potential to earn a high salary
Not only do MBA graduate jobs come with some of the highest salaries in the job market, but they also offer excellent job security. This element is particularly pertinent for many people at this time.
In the US, the average MBA wage is $102,100, meaning that you can easily pay off your tuition fees within only a few years of entering an MBA graduate position.
Some of the highest paying sectors are:
- Consultancy
- Financial Services
- Technology
- Healthcare
- Consumer Packaged Goods
You do not need to be an A* student
If you have been put off by the belief that a master’s in business administration is too challenging for you, then rest assured that this is not the case. With the right mindset, experience, and determination, almost anyone can undertake an MBA.
As a rule, an MBA is only as difficult as you make it. The more that you want to get out of it, the more effort and work you will have to put into the process.
There are certain expectations for someone undertaking an MBA, and therefore, it is a good idea to know what you can expect from this degree program.
Areas that you may be expected to study include:
- Accounts for Managers
- Organizational Behavior
- Financial Management
- Marketing Management
- Human Resources Management
- Strategic Management
- Business Law
- Managerial Economics
You are not restricted by age
For those who have been putting off studying for an MBA for many years, perhaps because family life got in the way or you decided to focus on gaining more experience in the workplace, you should know that it is never too late to take an MBA.
Whether you are in your 30s, 40s, or even 50s, if you have the dedication and determination to take on the challenge of an MBA program, then there is nothing stopping you from doing so.
The main criteria for most universities are full-time job experience, a factor that most older students should have in abundance. However, it is essential that you also have a clear reason for wanting to study for the MBA and that you can express long-term commitment to your chosen program.