What Are the Benefits of an MBA?
An MBA – master of business administration – is a second degree that many professionals choose to take since it offers a wide range of benefits, both personally and in terms of your business life. No matter whether you work in finance, management, technology, marketing, manufacturing, or any other sector, having an MBA is something that can enhance your life and your career hugely.
Just what are the benefits of applying for and studying for an MBA or online MBA? How can it make a difference when surely, it’s passion, experience, and hard work that count, not a degree? The truth is that you need all of these things, but the boost that an MBA can give you is unparalleled. Read on to find out more.
New Job Positions Are Open to You
An online MBA means that, right away, you’ll see better and more job opportunities open to you. With job opportunities for those who have studied for an MBA rising year on year, and with employers planning to hire those with an MBA rather than those who don’t have this particular qualification, it’s clear that, if you want to have the best chance of securing an interesting job, perhaps even one that you can enjoy for life, having an MBA makes sense.
We work for so much of our lives, at the very least with a full-time job you will be working 40 hours a week, that it is crucial you enjoy what you’re doing. The more chance you have, the more likely it is you will enjoy your work, and with an online MBA to your name, the amount of choice you have is astounding, meaning that you can take your time to choose exactly the right job for you.
New Career Paths Are Open to You
As well as being able to take your pick when it comes to jobs in general, with an online MBA, you will also be able to see plenty of new and different career paths to take you where you eventually want to go.
It can sometimes seem like an impossible goal, something that’s out of reach entirely when it comes to gaining a promotion or rising through the ranks at work. This can be even more true when you see others being promoted around you, even though you have been working in the industry – or even the company – for a long time and have a great deal of experience.
By working for an MBA, you will be showing that you are dedicated, interested, willing to work hard, and have the skills and knowledge that are needed to boost your career, and when it comes time to look for someone suitable for promotion, your MBA should make you stand out.
On top of this, when you apply for any kind of job, you’ll find that, with an online MBA, you can start at a higher position, earning more money and with more responsibility.
Better Earning Potential
It can often feel as though there is a ceiling that, in normal circumstances, you just can’t seem to break through regarding pay. You’ll reach a level that, no matter what you do, you just can’t seem to break through and increase. This can become extremely frustrating and might be one of the reasons why so many people choose to start ‘side hustles’ and building their own business, or why they start looking around for a new career that will pay more, even if they enjoy what they’re doing right now and are particularly good at it.
There is another way to earn more money. When you have studied for an MBA and put that on your resume, your earning potential will go right up, and you’ll find that you can easily break through that barrier that once would have seemed impossible to get over.
If you want to think about the actual figures, studies have shown that those with an MBA earn around 50 percent more than those without. When coupled with at least five years’ experience, that figure grows to an astonishing 80 percent. If you want to be paid well for a job you enjoy and are good at, having an online MBA to show employers is crucial.
Although it will certainly cost money to study for an MBA, it is wise to think of the money you’ll need to spend as an investment. Once you have paid it and have gained your qualification, you’ll be able to make that money back quickly with a new position or a promotion that delivers so much more than anything you were doing before.
Your Professional Skills Improve
One of the biggest benefits in terms of your abilities is that your business knowledge improves substantially when you study for an online MBA. In both practical and theoretical terms, you’ll know a huge amount about how a business operates, giving you an insight that not everyone else is going to have and allowing you to stand out from the crowd.
When working in any kind of business, one of the key components to have is termed ‘soft skills’. These include being able to work in a team, good communication skills (and being able to communicate with a variety of different people in a clear, understandable way), and, of course, leadership.
If you want to be better in business, these soft skills are just as important as technical knowledge, and when you learn via an MBA, you’ll learn about these additional skills as well, giving you a benefit that means you can more easily take on any role and excel at it. Having these skills could be the only difference between success and failure, and learning them through an MBA will certainly help your career prospects enormously.
You’ll Have Greater Job Security
In an ideal world, you would be able to pick and choose exactly where you worked and for how long. When you’re ready to move on, you can look around for something that suits you better (whether that’s because it pays more, the company culture is more suitable, there are better benefits, it’s close to home, or anything else that works in your favor), get that job and leave your last one, perhaps with a week off in between to get your thoughts together and allow for a moment of peace and reflection.
In the real world, this is not always how it works. Sometimes your job gets away from you before you’re ready to let it go, and whether you lose it because of something you did, because of financial issues at the firm, or for any other reason, you’ll be left scrambling for a new job without any chance to stop and think about what you want to do or where you want to go. That’s a big problem.
If you have an online MBA, however, it’s much less of a problem. Even if you have to leave your current job because the business is shutting down, being sold, or another reason that’s out of your hands, finding a new position won’t be such an issue when you have an MBA in your resume, as we’ve discussed. However, the truth is that, when you do have this qualification, it’s much less likely this will happen in the first place; your employer will want to keep hold of you for as long as possible; you’re a big investment, and you’ll be making a difference in the business, so your job will – as far as possible – be safe. This level of job security is not so easily achievable these days, and if you can get it, it’s worth having.
Your World Perspective Grows
Studying for an online MBA will give you a wide variety of different skills and knowledge, including understanding more about the global marketplace. You might, depending on the MBA program you choose, even be able to travel to another country to be more fully immersed in their business dealings. Even if this isn’t the case, learning about how to maneuver through the different regulations and restrictions that various countries have when it comes to doing business is a skill that is always going to be appreciated by any employer who is looking to expand their business into other areas.
Plus, if you work for an online MBA, you’ll find that there will be many international students (not something that you will necessarily find if you study for a standard MBA in a traditional college). This can mean you’ll have first-hand experience of these different business strategies, and there will be some interesting debates and discussions during your joint studies.
Although understanding how the global marketplace works isn’t necessarily something you will need if your work doesn’t stray away from more local selling and dealings, it’s still a useful skill to have; it can give you a new perspective on how to go about your work and open up new ideas that you would never have thought of before.
You Expand Your Professional Network
Networking is something that every successful businessperson should be able to do and take advantage of; it’s at the core of any business transaction, and it can strengthen your work and the business you’re working for hugely.
Having a strong professional network is an asset that will stand you in good stead as you work through your career, help you achieve everything you want, and help others in return. By attending business school and studying for an online MBA, you will be immersing yourself in a situation with a variety of like-minded people, some of whom will certainly be helpful to you in the future – or right now.
Whether you want to work for others or you’re planning to establish your own company at some point, this network of support and professionals who can help you will be incredibly useful.
You Gain More Knowledge
When you pick the right MBA program, and you take the time to think about what you’re being taught, you’ll realize that not only are you picking up knowledge about the business world in general, but you understand more about the skills you are going to need to expand your career for yourself.
It’s good to gain an insight into your own personality and discover more about the skills you already possess as well as those you might be lacking in. Knowing this means that you can work hard to improve yourself where you need to and focus on the areas you’re best at when it comes to choosing a career or taking the next step in the one you’re already working in. Strengths and weaknesses are nothing to be concerned about as long as you use them to your advantage, and an MBA will give you the knowledge you need to do exactly that.
You can also choose to study for a specialized MBA rather than a general business one. If you do this, you’ll need to know your strengths and weaknesses already because you’ll need to choose an online MBA that works with them. It will entirely depend on the career strategy you have laid out for yourself, but just because there are specific MBAs available, the power of a general MBA should never be underestimated, and if this is what is going to suit you best, then it’s where you should be focusing.
You’ll Be A Respected Member of Your Business Community
When you have an MBA, you will garner a great deal of respect from your peers, employer, and potential employers. Anyone in the business world and your professional community – and many of those outside it who understand that working for an online MBA is not easy and is not something that many people can do – will have the utmost respect for you once you have an MBA to your name.
This feeling of being respected is something that would make anyone proud, and, even if it doesn’t directly translate to your career as such, it’s still an excellent benefit of having an MBA and something that should not be undervalued in terms of how important that qualification is.
Knowing that you have an MBA means that you will be seen as different from everyone else, and that means you can pick and choose the career route you want to take, the jobs you want to have, and even whether or not you start your own business. The benefits are many and worth the hard work.