How an MBA helps career growth
A Master of Business Administration (MBA) is an advanced qualification for anyone wanting to build on their professional opportunities and grow their career. Its specialised pathway helps students to develop skills in key business-related areas such as people management, project delivery and reporting. An MBA also teaches valuable networking and communication skills, enabling students to develop personal and professional networks.
Thinking of applying for an MBA to enhance your career? Here are four ways it could help you get ahead:
1. Increased salary prospects
An MBA is an internationally-recognised qualification, viewed by employers as an objective way to determine a prospective employee’s market value. In just a few words, an MBA certification on your CV communicates to employers that you have both business skills and experience and therefore that you would be a safe investment for their company. Overall, because MBA holders are a prized commodity for a company, they are often rewarded with a higher salary band.
It’s a cliché, but you have to speculate to accumulate. And while the fees for MBAs may be daunting, they are actually a great investment in your future. A 2013 survey of 4,000 MBA graduates claimed that, on average, respondents had recouped one third of the cost of their studies within a year of graduation and the degree had paid for itself in four years.1
An MBA doesn’t just affect your starting salary either; your long-term salary is also likely to be consistently higher. Research by the London School of Economics and Surrey University showed that those with a higher degree earned around £5,500 a year more on average, equating to a career-long “postgraduate premium” of around £200,000.2
2. Improved employability
In today’s economy, companies just don’t have the finances to gamble on a potential employee who might be a bad fit for their company or might require additional training on the job. One way to get ahead of the pack and reassure employers you’re the right choice is to have an MBA qualification on your CV.
An MBA is written proof to hirers that this applicant already has the latest business skills, knows how to apply them to real-life situations, and therefore will require minimal training and development. An MBA graduate is able to ‘hit the ground running’, and start benefiting their new company much sooner than others.
Graduates from MBA courses also have extremely varied career options available to them. Although specialist Masters level programmes may be appropriate for professionals seeking a niche career in a particular field, an MBA can open the door to a huge variety of roles. These career destinations for graduates include executive and senior management roles in business finance, corporate strategy, internal auditing, management consultancy, marketing and sales management, product management, research & development, supply chain management and many more.
3. Acquisition of transferable workplace skills
MBA graduates possess a great many transferable workplace skills, which are highly-valued by employers around the globe. These skills include, but are not limited to, project management, interpretation of data, project delivery, reporting, persuasion, presentation, time-management, problem-solving, analysis and communication.
No matter where an MBA graduate finds a position, these skills are applicable in almost every industry, in every office or environment, anywhere in the world. Employers seek out candidates with these skills, as they know that they will ensure a smooth transition into a new workplace.
And for graduates already working within a business, these skills are also greatly appreciated by colleagues and co-workers. An MBA graduate is a strong team member, able to work on or lead a variety of tasks for almost any company. An MBA is a great way to boost your career if you’re feeling limited or stuck within your company as internal promotions are often more likely with an additional qualification on your CV.
A survey by the Open University found that employers are, “much keener on staff who go in for extra education to get more work-related qualifications, with nearly half saying this would make them more likely to offer a pay rise or promotion”.3
4. Development of leadership skills
MBA graduates are great team members and colleagues, but it requires extra knowledge and specific abilities to take on more responsibility and progress to leading a team. This is the sort of role an MBA course prepares its students for, with both traditional and innovative leadership skills being taught to very high levels.
Throughout an MBA, students focus on developing specific managerial skills such as leadership in practice and leadership, management and development. They learn how to resolve team conflicts, devise company strategies and manage human resources. MBA graduates do not just learn abstract theories and concepts though; they also learn how to apply these skills to real-life business situations.
Strong leadership qualities are recognised as crucial for directors and senior managers in modern business environments and an MBA gives its graduates yet another advantage over other candidates.
As with other MBA benefits, leadership skills do not just assist people looking for a new job; they also help those looking for internal promotion or just greater responsibility within an existing team or organisation.
So, in summary, an MBA is great preparation for anyone wanting to grow their career. It gives graduates the necessary skills and experience to become a business leader in almost any market area.
Interested in studying for an MBA? What are you waiting for? Places are still available on our next intake and all our courses are 100% online and part-time. Apply now.