Pursuing an MBA could help in advancing your career path. The benefits of an MBA degree are applicable regardless of your industry or area of professional focus, but given the commitment, investment & different aspirations, is MBA even worth it for you?
There are a plethora of reasons for you to pursue an MBA degree, but some programs require you to take a year or two out of the workforce, or even relocate. Now, the benefits of pursuing your MBA degree from a top business school like Wharton or an MIT offers a wide range of job opportunities but do you even want to go to a Wharton or to an MIT? Do you even want to go for a job & not work on opening that dream start-up of yours.
Hence, it is important to know if an MBA will actually help you meet your goals or what are the scope of options & opportunities it brings on the table for you.
This blog will talk about all things you should bear in mind when wondering if an MBA is the right step for your career.
An MBA would be worth the investment as the program is focused on building an industry relevant skill set & knowledge from a business point of view.
The curriculum gives you a holistic view of business across areas like marketing, finance, & accounting while learning all the leadership skills & along with all the skills, you will get exposure to the functionalities of each business sector.
The program is delivered with a focus on practical training with a traditional approach for real world case studies & group discussions. If you want to go for more theoretical learning, an MBA degree might not be the right step for you.
One of the many reasons that people choose an MBA is the scope of opportunities that it offers to accelerate your career growth if you know your career path & you are considerate about your goals that will help you decide if the program is the right choice for you.
The graduates will find a broad range of opportunities knocking on their doors, investment bankers being of the top choices along with popular industries like marketing, strategy, management, & business analytics.
Not only does an MBA prepare you for companies like the big four or Microsoft, Google, Mckinsey, etc. but also shapes your career in areas like entrepreneurship & the non-profit sector.
When it comes to career growth through MBA, the CEOs are not the only ones, recent study from GMAC shows that 50 % of graduates from business schools have changed their career paths after an MBA degree & in fact the graduates from the Financial Times’ top 10 ranked MBAs see an average salary bump of 119% three years after graduation. So, the financial return on investment is equally strong.
But if you are planning to get into highly technical careers in financial engineering & data science requires a different kind of skill set that an MBA degree can’t offer.
One of the most valuable things an aspiring or a current MBA student can do to boost their career is networking & an MBA provides a great opportunity for networking. So, if you wish to build a diverse network the program would be a great fit.
Because the curriculum focuses heavily on group discussions & students coming from different professional backgrounds, and nationalities bring a wide range of perspectives into the classroom, it will help you to be in touch with prospective employers & a network of fellow alumni.
Industry events or online courses are alternate ways to build networks. Although another postgraduate program has its own network, specialized programs have less professional diversity.
Although an MBA offers a broad range of benefits & opportunities it is still not the right fit for everyone. It is always beneficial to look for other options. Because many MBA programs require a work experience of two years & if you are someone looking to step into the business world then perhaps MBA is not the right fit for you.
You can rather opt for a master’s in management, these programs are usually one year in length & provide theoretical knowledge to early students looking to kick start a business. Master in Finance, marketing, and business analytics are specific programs that you could consider if you are looking for a particular area of business.
On the contrary, the majority of the professionals with 10 years of experience opt for an Executive MBA, the program is almost always offered part-time which will save you from taking a break from your career. Leadership development and current trends are the primary focus of the program rather than business fundamentals.
To sum up, the above fact is whether an MBA even worth it for you or not primarily depends on your professional and personal goals along with your career stage. The program is excellent for someone who is willing to change functions, career paths, or industry or simply aspiring to speed up their growth in the business world.
But for someone looking for a career in a technical field or a recent graduate, there are other options that can give you a better return on your investment.
Ques.1 Is it a good decision to pursue MBA?
Considering the wide opportunities that the curriculum has to offer MBA can transform your life, but this also depends on your personal & professional goals. An MBA degree will not help you with the skill required for a technical field hence, this totally depends on the career path you wish to pursue.
Ques.2 What are the cons of an MBA?
Pursuing an MBA requires commitment, investment & most importantly some programs even require you to relocate or put a hold on your career, so if your career path is different from what the curriculum has to offer, then it might not be the right career path for you.
Ques.3 What is the average salary of an MBA graduate in India?
While this depends on the domain & specialitison that you have opted for, the average ranges from Rs.4,000,00 to Rs.32,000,00
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