Deciding to study an MBA (Master of Business Administration) is a big decision to take for aspiring global managers.
Is choosing an MBA at a business school abroad worth the investment and the demanding entry requirements?
If you’re preparing to enter the business world the short answer is “definitely YES!” An MBA will offer you a wealth of advantages, especially when it is a top business school with a very good reputation.
Getting a higher salary after graduation, landing a top management position or even becoming your own boss are just a few of the advantages!
Here are the top 15 reasons for which it is worth to start studying a Master in Business Administration:
1. Get free access to a large business network
As an MBA student, you have great networking opportunities. You’ll get to know and interact in a context that accentuates your business management capabilities with colleagues, professors and teaching staff (usually former or current potent business people, with great management experience).
Furthermore, if you are not doing a part-time MBA next to your job or within your company, you have good chances to meet potential employers through the various internships that are part of most MBA programmes.
Last but not least, you gain access to the extensive alumni network of that particular MBA programme. Your connections will give you a great overview of the business world, and a deep understanding of the slightest changes in the business environment. You can reflect on some big business issues, make connections between various global events and world affairs.
2. Develop priceless managerial skills
An MBA education is usually pursued by young professionals and even by senior employees that feel up to the challenge. After some time in the professional life, it is in the human nature to conform to a certain repetitiveness and to avoid taking risks.
An MBA and various connected specialisations will teach you a lot about everything that makes a company tick. You will learn how to:
i) Manufacture, advertise and sell your products;
ii) Keeping the company’s finances healthy;
iii) Maintain a positive image of the company;
iv) Gather and interpret industry data;
v) Hire the right people and keep them motivated;
vi) Create hierarchies that help the company thrive;
vii) Know when to make the tough calls.
Studying a Master of Business Administration forces you to get out of your comfort zone, deal with the latest issues in international business, apply the newest management techniques and constantly challenge yourself.
3. Better chances for a higher salary
The average salary for an MBA graduate is considerably higher compared to the salary of an employee with a regular Master’s degree qualification. You can expect to earn twice as much as what you would expect to earn from a regular university degree.
4. Start your own company from scratch
Many students choose an MBA because they want to become entrepreneurs and learn how to run a successful business. They have an idea and a big dream and want to know how to turn them into reality.
An MBA programme will help you acquire the knowledge and business practices that are needed to start a new business or help an existing business grow and develop.
Many MBA graduates end up starting their own business and those who don’t, initially land middle-level or top-level management positions within big companies. How would becoming your own boss look like?
5. Open the door to thriving career opportunities
Due to their qualification, graduates of an MBA programme have higher chances of obtaining and holding a high-level management position. More than 50% of the MBA graduates worldwide are senior managers or board directors. This type of position brings along a higher salary but of course also a higher responsibility and longer working hours.
According to Bloomberg Magazine, some of the top employers that hire the largest number of MBA graduates in Europe include Deloitte, Ernst & Young, McKinsey, Boston Consulting Group. American companies like Apple, IBM, Procter and Gamble, and Amazon are also constantly hunting for MBA graduates.
6. An MBA means the worldwide recognition of your credentials
Once you successfully graduate from an MBA, regardless of the location where you plan to build your career, your degree will be acknowledged and you will surely increase your credibility among business people.
The real advantage of an MBA however, is its proven versatility; with an MBA, you can pursue many career fields, and advance to higher and better-paid jobs way faster.
7. The chance to stop and reflect on some big business issues
Taking two years off to sit in a classroom might seem crazy in today’s deadline-driven world. How can you possibly forgo two years worth of salary, plus pay the tuition?
Yet, on the other hand, it’s an amazing luxury to be able to get out of the day-to-day grind and actually sit and learn with a little reflection mixed in. It might seem like a luxury to those who can’t afford to do it, so appreciate it and make the most of that reflection time.
8. The chance to make some lifelong friends who will accomplish great things over their careers in business
This is probably the big one that most MBA grads talk about several years down the line. You go through a tough experience like getting your MBA together and it’s hard not to make a few friends along the way.
These friends are more than just good people. They’re likely to go on to be successful in their speciality of business that they focus in. They’ll be sounding boards for you in the future.
Friends of their friends will probably be potentially invaluable contacts for you down the line. Meet as many friends in your class as you can and keep up the relationships.
9. The chance to realize how little you understand about the world
When you get into B-School, you think you’re the best-of-the-best. And you are, to some extent. But you’re probably only in your mid- to late-20s.
Even if you were tops in your high school, went to a great college, and had an amazing job prior to Business School where you were pulling in big bucks, the chances are extremely high that you’re still an idiot. It’s not your fault.
You’re still the best of the best in your cohort. It’s just you’re still very green. You’ve got a ton to still learn about business and the world. Well, good news. You’ll get a chance to make a dent in that ignorance while getting your MBA. Go in with your eyes wide open.
10. The chance to learn about how to get a bunch of high-strung, Type-A personalities to work together as a team
At any good Business School these days, you’re going to get the chance to work on a series of team projects. This is very important. All of you best-of-the-best students are keeners. You all think you’re brilliant.
You all likely want to be the leader when a task presents itself. It’s a great challenge to learn how to work together and get other Type-A types like you moving in a similar direction. You may not figure out how to do it perfectly but you will get the chance to learn.
11. The chance to go listen to as many accomplished executives when they come to talk at your school
If you want to be great, you’ve got to learn what’s made great people great. You’ve got that chance when these people come through and talk. And don’t just listen. Sit up at the front of the auditorium. Be the first one to ask a question afterwards.
12. The chance to refocus yourself
Even though you’re in your mid- to late-20s, the clock is ticking and your career window is closing. You can’t reinvent yourself at 30 and then 35 and then 40. The people who really go far in their business careers focus.
You’ve got your chance now at B-School. If you worked in manufacturing before and now you want to focus in on finance, you can do that. If you did accounting, but want to focus on private equity, you can do that do.
The sooner you pick the area you want to focus on, the more you can focus on the right classes, the right clubs, and the right summer job to go after between 1st and 2nd year.
13. The chance to interact with Professors who will really challenge you
To succeed in your career, you’re going to likely have to find and nurture at least a couple of good mentor relationships. At B-School, you’ll probably get a handful of professors who really stretch your thinking.
You’ll hear about them from other students. If you’re lucky, you’ll get into their classes. If you’re smart, you’ll try to build relationships with the professors and make the most of learning all you can from them.
If you want good mentors later, start by learning how to build a mentor relationship with one of these dynamite profs yourself.
14. The chance to learn about managing people
You will get a few classes in managing people. They might be called leadership or motivation, but they’re about how to manage a group of people working for you. Prior to B-School, you probably will have had little opportunity to manage big teams.
Therefore, you might blow off these “human relations” classes. However, post-B-School, you have no idea how important managing people will be to your career. Stop snickering and start opening your ears to what concepts they’re talking about it these classes.
15. The chance to learn how to get up and string a few sentences together
It seems silly but a big part of your success in business will depend on how you present. A lot of people just basically can’t get up and talk. More people are afraid of giving a speech than dying. It seems crazy that more people would rather die than give a talk.
The MBA student population is more speech-savvy than the general population, but a lot of B-School students stink at speaking too. Nevertheless, you’re going to get lots of opportunities to improve it. You might as well take advantage of it and actually get good. You’ll be amazed how far it takes you later in life.