If you’re thinking of pursuing a career in business, a Master of Business Administration (MBA) is worth studying to develop skills such as management, communication and project leadership. Here are seven ways an MBA can make you a more employable candidate.
Today’s business world is fiercely competitive, with many people vying for top positions. An MBA will help you to stand out from the crowd. Given the present day global economy, many businesses cannot afford to take a chance on a candidate who might be a poor fit for their company, or who will need additional training. When they hire, they want to make sure that they know exactly what they are getting from every candidate.
Many employers favor those with an MBA degree on their CV. This is because an MBA degree demonstrates that a candidate has already learned essential business skills and are aware of how to use them in everyday life, meaning that they will require less training and development than a candidate without an MBA. Many institutions that offer MBA degrees, such as Hult International Business School put a great focus on experiential learning so that their students are prepared for real-life business situations and can quickly utilize their skills from the moment their career in business begins. MBA graduates also have a vast range of career options open to them, increasing their chances of securing a job. Potential roles include executive management, senior management, research, business strategy, finance strategy, consultancy and more.
A better salary
If you have an MBA on your CV, it is an internationally-recognised qualification that is sought after. Many business employers see an MBA as a way of determining a candidate’s market value. An MBA instantly tells an employer that you already possess desirable business, management and leadership skills, with some experience already earned through your MBA training. This in turn makes you more attractive to an employer, and in turn many businesses offer MBA candidates higher salaries.
Understandably, an MBA is a big step to take and is a large investment. That said, it is worthwhile and technically pays for itself within just a few years based on average MBA graduates’ salaries. Having an MBA doesn’t just affect your short-term salary either – it can set you up for the future, so you are very likely to continue having good salaries long after your initial post-MBA job.
Learning of transferable skills
If you decide to study for an MBA, you will learn many transferable work skills in the process. These skills include project delivery and management, presentation, communication, leadership, time-management, data analysis, reporting, persuasion and problem solving. These are of course very highly valued by employers worldwide, and can be applied to any position, ensuring that a new candidate with such skills is likely to settle into their new role without difficulty.
Studying for an MBA gives you the opportunity to develop a network of business contacts for future opportunities. During your course you’ll interact with business leaders, professors, entrepreneurs, other students and teachers with extensive business and management experience. This in turn will enhance your learning and knowledge. Many MBA offer work placements and internships so that students can utilize skills they have learned and apply them to real life scenarios. By the time you have completed your MBA, you will have an extensive network of contacts with many potential opportunities in the business world. Your connections will also give you a better understanding of the business world on a global scale, and how commercialism can be affected by current affairs and events.
Acquiring leadership skills
Many employers view MBA graduates as potential leaders, as an MBA course gives students in-depth preparation for taking on management and team-building responsibilities. During their course, MBA students embrace how to develop their managerial skills and deal with challenging leadership situations, such as resolving colleague disputes, managing HR, and developing strategies to take a business forward. These skills are often developed in real life situations through experiential learning rather than theory.
Employers favor a candidate with strong leadership skills, as these are deemed essential to directorial and other more senior managerial positions, and help a new employee to thrive in a corporate environment with great responsibility. Strong leadership skills also enhance an employee’s chances of becoming promoted internally within a company.
Some students study for an MBA because they are entrepreneurs and want to start or learn how to run their own business. Often, this type of student already has an idea for their business, but would like to know how they can make this idea into a thriving corporate success story. An MBA gives entrepreneurs the skills they need to do this and start a business from scratch, covering tools such as trend and market research, finance, strategy, profitability and business management.
One of the most important personal skills MBA students learn is self-discipline, which is an important asset in the world of business. Frequent attendance of classes and lectures, along with completing tasks and assignments to deadlines and managing workflow, all enable students to learn how to commit to and deliver a successful project with utmost efficiency. By doing so, MBA graduates master how to get more done during working hours without over-exertion – an important business tool.