The investment of time and money into adding a Master’s in Business Administration to your resume is one that can pay significant dividends. Not only are you more likely to receive a higher salary and a leadership position, but you will also have acquired advanced skills that will benefit you throughout your life. The following are some of the benefits an MBA can provide.
Staying Ahead of the Curve
An MBA program from an accredited university will help you stay ahead of your competition by making sure your skills are up to date, you are informed about the latest business issues and understand the current best practices. If you have a bachelor’s degree but have yet to gain much business experience or are already pursuing your career, demonstrating your desire for constant improvement sends the right message to employers and colleagues. It says that you are serious about advancing your career and are willing to do what is necessary to gain the tools for success. If you are already working full time, but wish to pursue an advanced degree, many fully accredited universities offer virtual programs, such as the USC online MBA, that provide the flexibility to manage your studies around your work schedule.
Leading a Business in Any Industry
Most graduates of an MBA program go on to become leaders or owners of a company. If your undergraduate degree is in something other than business, all the better. For example, an architect goes through years of technical training. After their internship period, they become licensed and, with some on the job experience, progress to becoming project managers or senior project managers. In that industry, the next step in the leadership progression is to become a principal in the firm, which means management responsibility. A licensed architect with an MBA will likely be the best candidate for this role, because not only does she have the technical skills, she also knows something about running a business. It’s an ideal combination, that can apply to any industry.
Expanding Your Network
An MBA program will connect you with classmates who may already be mid-career with an established network. Most of the faculty will be experienced professionals who have extensive contacts in the business community. By the time you complete the program, you will have amassed a significant contact list that will serve you well in the future. Personal references can open doors for you, and conversely, you may get a behind the scenes look at a company before signing on the dotted line.
Strategic and Global Thinking
As the leader of a company, you must have a high-level understanding of the business as a whole, not just one or more facets of the organization. It requires you not only to understand how all the areas of a company fit together but to make strategic business decisions, define goals and maximize the value provided to stakeholders. An MBA program is a great way to develop this type of strategic thinking. It will also teach you to view the world as one global economy that is interconnected, which requires an understanding of other cultures and the way they do business.
Advanced Management Skills
There are many essential management skills required of a business leader. An MBA program is an excellent way to learn people skills like managing staff and handling difficult situations. Knowing how to respond to a crisis is also critical. Consider the COVID-19 pandemic, which impacted nearly every company in the world. Leaders of these companies had to determine how to handle work from home arrangements, if possible, and if not possible, how to handle employee compensation while they were out of work. They also had to manage the financial impact on the business and determine how, or if, the company would be able to survive the crisis. A strong leader needs many other advanced management skills as well, such as maintaining the company’s positive image in the community, making sure the company is financially healthy and developing a strong and capable management team.
Whether you are in the middle of your career or just beginning it, earning an MBA can provide many benefits. It will expand your network as well as your career opportunities, increase your salary potential and teach you the advanced management skills that employers are seeking. If you have an entrepreneurial spirit, an MBA will better prepare you to understand all aspects of your business and how they fit together. Many have found it an investment worth making.