The value of an MBA has not changed as the world has become more high-tech, though many think it has. Nor has the degree decreased in value as the number of people holding it has grown. The MBA remains one of the best ways to advance your career, and it is a good option when you want to change careers. It is also one that you should consider if you want to have an advantage as an entrepreneur or were thinking of becoming one. Let’s take a look at a few reasons why the MBA is still a game-changing qualification.
It Allows You to Change Industries
An MBA makes it easier to change careers. This is often only possible with a new credential such as an MBA. A side benefit of an MBA is that you could move into management in your current industry even if you decide not to change careers. You’ll learn a number of universal skills such as:
- Gathering and analyzing data
- Decision making
- Creating and managing budgets
- Public relations
- Human resources management
This knowledge set may allow you to become a manager in a whole new industry, or you could become an analyst instead of working in the field. Around one in three students surveyed say this is why they earned the degree.
It Is Often Necessary to Manage People
An MBA is generally associated with management. It teaches you how to manage teams, delegate work and cultivate talent. It also teaches you the business side of management from budgeting to scheduling. All of this is necessary to move from senior team member to project lead. This same knowledge is needed if you want to start your own firm and have others working for you.
It’ll Help You Grow Your Business
An MBA can give you the skills you need to grow your small business. You’ll be given case studies to learn best practices from. You can ask questions related to your industry or your own experiences. You’ll get answers from professors and peers that you could apply in your own life.
It May Be Required to Advance Your Career
An MBA isn’t always necessary to advance your career. However, if you work in certain fields, you will either need an MBA to work in the profession or work independently instead of being the assistant to someone else.
“ There are still a few industries where an advanced degree like the MBA is still needed.” Stated CNBC contributor and bestselling management author Suzie Welch. “Good luck getting into finance or business consulting without an MBA.” She added.
Many people are functional experts in their field. This could be marketing, engineering or something else. And they may be able to work in their niche. However, they need to expand their knowledge base and gain a broader perspective if they want to do more than be the go-to expert in that one area. An MBA gives you that broader perspective, and that’s necessary to move up in management.
At least you don’t have to quit your job to earn an MBA. You can now get an online MBA. Most programs have multiple start dates, and you could choose the MBA program with the specialization you want. For example, you could earn an MBA in IT management, healthcare administration or marketing.
Common MBA specializations include:
- Strategic management
- Finance
- Marketing
- General management
- Human resources
- IT management
- International business
- Operations management
- Entrepreneurship
This means you can choose an MBA based on the career path you want to follow. A side benefit of specialized MBAs is that they can often be completed far faster than a generic MBA.
It’s a Great Way to Build a Solid Network
Another great thing about online MBAs is the wide pool of talent they attract. Because of their flexible nature, online MBAs are particularly popular with long time business and startup owners trying to get a deeper understanding of the administrative aspect of business.
They may be successful self-taught entrepreneurs, or others coming from fields like IT and engineering. This allows you to rub shoulders with people who’ve been there and done that and learn in a way you’ll never be able to through theory alone.
You’ll also be able to make contacts that will help your whole career. They may give you leads for hiring your next top performer or provide advice on where else you could sell your product or services. They may also introduce you to untapped markets you never knew existed.
Earning an MBA is challenging, but it is worth it. It opens up a wide range of opportunities that you cannot get any other way. So, don’t fall for the hype of the dropout entrepreneur, and look at how an MBA could help you further your career, or start one.
