Educationist Karan Gupta advices on choosing between an MBA and Master's degree
When it comes to choosing a postgraduate programme, a student has a plethora of available options in a variety of exciting fields, all with their own advantages. Any prospective MBA student may be wondering how a master of business administration measures up compared to the many other options available to them.
More Available Job Positions
Holding an MBA will qualify you to a variety of well-paying positions that you otherwise would likely not be able to land. In recent years especially, employers in a variety of businesses have been seeking out individuals who have completed an MBA programme. In fact, when asked in 2016, as many as three-quarters of employers claim that they plan to fill positions with MBA graduates. These also tend to be high-level positions with unprecedented growth opportunities. These jobs are in an ever-growing number of fields as well. While the great majority of MBA holders land positions in consulting or finance, more recently there have been a number that have begun working in government, tech, non-profits, consumer goods, healthcare, marketing, as well as a variety of other exciting industries.
Higher Earning Potential
MBA graduates generally receive a much higher salary than those with masters in most other fields. Recently a study was conducted which concluded that those who earned an MBA gained up to a fifty percent salary increase when compared to what they were earning prior to graduation. Since the vast majority of people are pursuing a graduate degree in order to maximize their earning potential, it’s clear that an MBA is an excellent way to do so.
High Employment Rates
In this overly crowded and highly competitive job marketplace, anything that can set you apart from the crowd gives you a massive advantage. Having an MBA, especially if it comes from a prestigious university, is an excellent way to do so. When interviewed, recruiters from several top companies said that they wouldn’t even consider hiring a potential employee unless they had an MBA. This is because of the skills and expertise that the average MBA holder brings to the table. Employers know that anyone with this valuable degree is more capable of managing a team, handling complex situations, solving complicated problems, and adapting to rapidly changing environments. Due to this, an MBA will effectively make you an invaluable asset leading to greater job security as well.
Gain Invaluable Skills
An MBA will impart many vital skills that are indispensable in the world of business. This is the reason that MBA holders are so highly sought after in such a wide variety of job positions. It would be well beyond the scope of this section to cover them all, so we’ll just stick to the skills that are most relevant.
First, gaining an MBA will greatly improve your communication skills. The ability to effectively communicate is not only important in business, but also in a variety of other professions, or even in one’s personal life. Through learning how to better articulate yourself by using a more complex business language, you’ll be able to present yourself in a more professional manner. This can help you in every step of the way throughout your professional career, from landing your dream job, to rising through the ranks in your company.
You’ll also become an expert in research and analysis, allowing you to more effectively analyse important data, which will enhance your decision-making skills in a fast paced work environment.
One of the key skills that an MBA will leave you with is the ability to be an effective leader. You’ll learn how to motivate and influence those around you, not only potentially making you a better manager, but a better team member as well.
Finally, your degree will greatly enhance your problem solving skills. The ability to quickly and efficiently solve problems is something that every employer is looking for. By learning critical thinking skills and business strategy, you’ll have the tools necessary to navigate the many complex problems that may arise during your time on the job.
Become an Entrepreneur
One reason that many people consider an MBA is so that they can learn the skills necessary to start and effectively run a successful business. Becoming your own boss is the dream for many aspiring businessmen and women, and through an MBA programme that dream can easily become a reality. By completing this program you’ll learn a broad set of skills that are perfectly suited to building a successful career as an entrepreneur, something that few other master programmes can boast.
The decision to attend graduate school is oftentimes one of the best career choices that a person can make. Although, considering the high price tag of such an endeavour, it’s important that one chooses a postgraduate programme that will lead to a successful and enriching career. While an MBA isn’t the only option that can accomplish this for you, for many it is the best one. Therefore, it is always important to explore all of your options, but for anyone who truly desires to be successful, you can’t go wrong by pursuing an MBA.
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