None of us ever imagined that the world would come to this, did we? The once formidable qualification as a Master of Business Administration is now but a commonplace commodity. MBAs are in virtually unlimited supply, while the demand for them continues to dwindle.
However, an MBA degree is much more than just a piece of paper. We prefer to think of it as an add-on to one’s professional skills. From Michael Bloomberg, billionaire and former mayor of the New York City, to Satya Nadella, the newly appointed CEO of Microsoft, an education in business administration has helped countless folks climb up the social ladder often into positions of great influence.
Below we give you 9 reasons as to why an MBA is worth its weight in gold even today.
[Photo Credit: Australian Institute of Business. Image used by permission]
Reason #1: Career Advancement
Rupert Murdoch: “The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.”
Getting an MBA degree is one of the best proactive measures you can take to ensure you get where you want to be in your career. It is a cheat sheet, if you will. MBA programs are designed to make you smarter, more capable and more reliable. The fact there are umpteen numbers of options these days merely adds to the importance it holds. Be it in the industry of healthcare management, human resources or marketing; where there’s a will, there’s an MBA.
Reason #2: Increase Your Chances of Success
David Brinkley: A successful person is one who can lay a firm foundation with the bricks that others throw at him or her.
Getting an MBA degree is getting more expensive by the day. Therefore, it isn’t entirely wrong to assume that the number of MBAs produced by universities every year will decline over time. And when that happens, having an MBA degree could help you stick your neck higher than the crowd and increase your odds of success in any competitive industry.
Reason #3: Up the Ante
Donald Trump: “I like thinking big. If you’re going to be thinking anything, you might as well think big.”
If you have a bachelor’s degree in business administration or a related subject, good for you. But why not go all in and get an MBA while you’re at it? The more there is at stake, the harder you’ll work to get out of the hole, so to speak. An MBA degree won’t just drop into your lap out of the sky. You’ll have to work hard for it, and when you finally attain the holy status of a “Master of Business Administration,” your only option will be to keep moving forward. If you have less at stake, you’re more likely to settle for less than what you’re worth.
[Photo Credit: Australian Institute of Business. Image used by permission]
Reason #4: Take on a Leadership Role
Andrew Carnegie: “As I grow older, I pay less attention to what men say. I just watch what they do.”
With the advancement of studies in the field of leadership, it is suggested that people respect their leader not because they have to, but because they are willing to. Being well informed and properly trained is not just a test of your intellect, but also your ability to lead people, especially when there is a crisis. To our fortune, in this day and age, there’s always a crisis. Let’s not assume that every manager or business head holds an MBA degree, but having the right education definitely puts you on the map when such a role becomes available. Many courses also offer real-time experiences through internships where you can learn to lead hands-on.
Reason #5: Learn the Ways of the World
J.P. Morgan: “No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.”
This particular reason is often quoted by those in their 20s. This age group is usually rushing to achieve great things in a short time frame. However, younger people’s ideas and initiatives are often shot down because of assumed inexperience. Having an MBA degree gives you not only theoretical but also practical knowledge of real-world problems faced by businesses. From case studies to research papers, and social experiments to theories, an MBA student will see, hear and learn so much that it will definitely compensate for lack of street smarts in the early stages of your professional life.
Reason #6: Easily Recognized, Readily Accepted
Anonymous: “Those who say it cannot be done should get out of the way of those who are doing it.”
Every company, be it a cosmetic company or an electronic goods manufacturer, needs a squad of business warriors to do the heavy lifting. That group steers the company with its collective knowledge, experience and vision, and majority of the people in those important teams, groups or departments move in from other less strategic areas of the company. Your MBA degree can help you get your foot in the door when you’re looking to move up.
[Photo Credit: Australian Institute of Business. Image used by permission]
Reason #7: The Ultimate Trump Card
Judy Garland: “Be a first rate version of yourself, not a second rate version of someone else.”
There are many of us who like to work across industries. For such people, having an MBA is not only sensible but also imperative. An MBA allows you to look into a business in any vertical and turn it into a more profitable venture using your universally applicable “MBAic wisdom.”
Reason #8: You’re Likely to Earn More
Peter Drucker: “The best way to predict the future is to create it.”
According to a survey by the Graduate Management Admission Council, the median annual salary in 2013 for newly hired MBA candidates is US$95,000. It is only logical to assume that this number will continue to go north in the coming decades. Look 10 or 20 years into the future and consider the positive impact 2 years of educational investment can have on your whole life.
Reason #9: To Do Things Your Own Way
Napoleon Hill: “A goal is a dream with a deadline.”
Earning an MBA allows you to branch out and do your own thing. It gives you the skills needed to bake your cake and eat it too. The ability to turn your dream into a living and well-functioning organization is, borrowing MasterCard’s catchphrase: priceless. Even your knowledge and skill-based functions will improve because of the detailing in the programs. You will learn to move out of your comfort zone in a more prepared manner, and take new challenges head-on.
So here’s the takeaway message out of all this: If you can afford to invest in a Master of Business Administration degree, by all means go for it. You may not have immediate use of it, but one of these days, it will come in handy like that trusty tool you know you can rely on.
By Ali Asjad
Ali Asjad is a content strategist based in Stockholm, Sweden. He helps companies in vast and varied verticals be more successful and visible online. Circle him on Google+ to further the conversation.