8 PERKS OF EARNING AN MBA DEGREE

Published By Blog Breed

As we have entered the post-pandemic era, roughly 40 percent of the global workforce will be actively seeking new employment opportunities in 2022. There is a lot of uncertainty among professionals about where their careers are headed. But they all share a common goal: to find more fulfilling work. An MBA can help here.

Read on to familiarize yourself with the perks of earning an MBA degree:

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1.     Boosts Self Confidence

According to several credible studies, confidence has been cited as a major upside of earning an MBA. Acquiring this degree will give you a sense of accomplishment, ensuring you have the necessary education and skillsets to succeed in your professional and personal endeavors. Getting an MBA while juggling responsibilities at home, office, and social life is a huge confidence booster.

2.     Improving Communication Skills

Nowadays, it is becoming increasingly important for employees to possess solid communication skills. If you want to make an impression on others and strengthen your relationships with them, you need to develop strong communication skills.

Having strong communication skills is essential for effectively conveying and absorbing information. They also help you to build rapport, solidify business relationships, and foster collaborative efforts. There are many opportunities to hone your communication skills while studying MBA. Whether you join an on-campus or an MBA online program, the curriculum heavily prioritizes improving candidates’ communication skills.  

3.     More Networking Opportunities

Putting yourself out there and networking with people you do not know can be an intimidating and uncomfortable experience. However, building a strong and extensive network of influential contacts is crucial in today’s business world. As a professional, sometimes it all comes down to who you know. That is where pursuing an MBA degree can come in handy.

When combined with a variety of program formats, this creates an infinite number of networking opportunities for students. Besides, you can tap into its vast network of successful graduates during the academic years. It will equip you with invaluable knowledge of the business world and give you the foresight to anticipate even the most subtle changes taking place in the business landscape. As a result, you will be better able to reflect on pressing business concerns and find connections between international and domestic developments.

4.     High Earning Potential

Gaining a higher salary is a primary motivation for pursuing an MBA. Regardless of your industry or role, earning an MBA can increase your salary big time. Statistically speaking, a bachelor’s degree holder in business or another field earns about $65,000 per year on average. On the other hand, an MBA graduate earns about 1.7x more, or around $115,000. In a 35-year working life, an MBA can typically increase earnings by $3 million.

As you can see, having an MBA opens doors to high-paying careers. That said, some fields offer better earning opportunities than others. When it comes to salary, the following are the top five industries to consider for an MBA degree:

• Consumer Packaged Goods
• Consulting
• Healthcare
• Financial Services
• Technology

5.     Personal Development

Enrolling in an MBA program is a surefire way to tap into personal development. It is because pursuing an MBA means you will have to consistently asses and improve yourself. By regularly probing your own motivations, you will develop a more methodical strategy for advancing your career and personal goals.

Five years along the way, these traits will be useful when you are managing a team of professionals, running your own business, or even hiring other young professionals to grow your business. More importantly, though, they help you become a better person by training you to give careful consideration to every decision and prioritize the comfort of those around you.

6.     Nurturing Leadership Skills

We all have the desire to trust our hunches, but very few of us have the guts to actually do so. This is exactly what distinguishes a leader from other people. The leader of the pack is typically the person with the most experience, insight, and willingness to take calculated risks. In addition, the whole group looks to them for direction. Good leadership abilities come naturally to some, but they can also be learned.

Students enrolled in an MBA program take a more active role in shaping their professional futures and accepting accountability for their professional advancement. They are given opportunities to participate in activities and complete group projects, both of which foster their leadership skills.

7.     Better Time Management

The majority of successful business leaders meet all their daily objectives, including working out, keeping all of their appointments, and spending time with their families and friends. It happens because they are on top of their time management skills.

In today’s fast-paced world, the ability to manage your time effectively is more important than ever. This skill is directly tied to being well-organized. Professionals agree that getting an MBA is the best way to hone your organizational skills and put them into practice in your daily life, making you a better, more efficient, and all-around social and professional being. Effective management improves your ability to juggle multiple tasks at once, which is very useful to maximize your productivity. 

8.     Easy On The Pocket

MBAs can be a great value for many ambitious students who are worried about the high cost of tuition. Broadly speaking, you can spend as little as $5,000 to $10,000 per year on an accredited MBA program. Many schools also offer flexible payment plans that allow students to take fewer or more credits per semester, or extend the duration of their studies, to better fit their budgets.

Conclusion

The MBA is one of the more popular advanced business degrees. It serves as a springboard to higher-level managerial and leadership positions and empowers graduates to thrive in the cutthroat business world. Unlike many other types of degrees, an MBA program focuses on developing the skills needed to make executive-level decisions in a business setting. If you have been on the fence about whether or not to enroll in an MBA program, reading these benefits would have convinced you to go for this degree.