There are many avenues of professional development available for both employees and business owners, with one of the most renowned being an MBA. The Master of Business Administration qualification was first launched as a postgraduate offering in the United States, before being offered in many other countries around the world. Today, it is a highly prestigious business qualification.
Of course, there are many reasons to work towards an MBA. It has been reported that nearly 80% of businesses expect to hire an MBA-qualified candidate. While an MBA can generate large upfront costs, those who successfully complete an MBA could be earning between 60% and 180% more than those who do not, depending upon the educational institution.
You may wish to consider working towards an MBA if …
- You have at least 3 years professional experience in business operations
- You are entrepreneurial-minded, with plans to build your own business
- You fully understand your goals and motivations for working towards an MBA
- You want to gain a thorough overview of business operations; not just have a niche insight
However, there are also reasons not to do an MBA. Only 35% of CEOs in the United States have an MBA, showing that business success without the qualification is certainly possible. Additionally, the high costs of the course mean it’s vital to consider whether or not an MBA can offer a desirable return on investment. However, despite these concerns, it is difficult to argue against the fact that an MBA could, ultimately, help you to build a better business.
Building a Better Business
While MBA courses offered by different institutions will vary in terms of modules, in general, much of the course content will be similar across the board. An MBA will cover aspects such as accounting, finance, operations, marketing, ethics, law, statistics, and analytics, as well as teaching critical thinking.
These modules can help you to build a better business through:
- Teaching you how to be a better leader by boosting people management skills
- Providing an understanding of the most effective ways to build and maintain relationships
- Filling notable gaps in your business skills that were not addressed by an undergraduate course
- Offering a thorough overview of the business world, and your place within it
- Enabling you to better address weaknesses in how you operate
- Covering big issues in the business world, both locally and on an international scale
- Creating opportunities for professional networking
- Highlighting how your business could fit into the global economy
- Allowing you to take a look at your business goals from a new perspective