To MBA or not to MBA...
What are the benefits of an MBA and why could it be the right choice for your career?
The first thing to ask is, what is an MBA? It stands for Masters of Business Administration and is a globally recognised postgraduate qualification. But unlike other postgraduate studies, an MBA is specifically designed to progress a career in business and management. Not only does it give you the qualification, but during study, it will introduce you to key areas of business such as accounting, economics, management and marketing. The process will develop practical skills that can be directly utilised in the work environment.
Like any postgraduate study, there are core aspects of the course that relate to general business management. Then, beyond those there are more specialised subjects that will allow you to streamline towards your specific interests. And similar to other degrees, the assessment process includes written work, group projects and exams.
So who should be considering an MBA? Unlike some other postgraduate study, there is an expectation of in work experience preceding the start of an MBA course. This is typically a minimum of 3 years of management experience. An MBA is meant to build upon what you already know, and allow you develop new skills beyond the traditional workplace. They can represent a key component of career progression.
Types of MBA.
1. General MBA
A General MBA is designed to develop a wide range of skills across the management spectrum so that the acquired abilities can be applied across almost any sector. As a qualification, it offers the greatest flexibility for future development and career paths. Of course, module selection can create increased specialisation, but this is the most open of routes.
2. Specialist MBA
A specialist MBA is designed to tailor to a specific area of work, and develop key skills for that sector. As a result, there are MBA tailored towards a number of industries such as Pharmaceuticals, Aviation, and Sports Management.
3. Executive MBA
EMBAs tend to be a step beyond the General MBA and focus on skills required for board-level responsibilities. It is common that this degree is studied alongside another role.
4. Online or Distance MBA
Because of the nature of MBAs, it is possible to study alongside other commitments, without having to attend a specific institution for lectures etc. As a result, you can study an MBA through a distance learning program.
How long does an MBA take to complete?
Traditionally an MBA would take 1 year to complete when studied full time. Obviously, part-time study elongates the time frames for study.
So should I do one?
There are some key reasons why you should study an MBA.
You will learn a ton of new skills
You will discover that you earning potential grows
You will expedite your promotion prospects
You will be more eligible to work abroad
You will find your network grows, not just nationally, but internationally as well
You will find it easier to get jobs
Aren't those enough reasons to consider an MBA today. There are a multitude of institutions that offer MBAs, not even just the traditional universities, and the opportunities that arise after study will definitely be worth all the hard work.
So! Start your research today and get learning!