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Is an MBA worth it? Top 10 benefits of doing an MBA

India Today logo India Today 08-05-2021 India Today Web Desk
a man sitting at a table using a laptop: Is an MBA worth it? Top 10 benefits of doing an MBA Is an MBA worth it? Top 10 benefits of doing an MBA

Earning a technical business degree such as an MBA can provide a number of advantages, both anticipated and unforeseen, which can often extend beyond your professional goals to your personal life as well.

The strategic thinking skills you learn while earning your MBA are not only applicable in the business world but across various areas of your life, such as your personal goals and finances. You will be able to think outside the box and weigh multiple options or solutions in your mind while you work to fix a problem.

An MBA degree has many technical and personal advantages. It opens up opportunities for career growth and financial compensation whether you work in technology, finance, management, marketing, or manufacturing.

It also develops your communication and leadership skills, both of which are critical for professional success.

Here are the top 10 benefits of doing an MBA:

1. Higher salaries

An MBA degree not only offers better job prospects to graduates, but it also comes with higher salaries than you would otherwise receive. It is the preferred qualification for a managerial role, which is traditionally a high-paying job.

It can significantly improve your chances of landing a top-level management role and may even help as you climb the career ladder.

2. Better career opportunities

Graduates of an MBA programme have access to a more diverse and broad range of opportunities.

Human resource management, statistics, technology and information systems, economics, and finance are only a few of the key fields covered in an MBA programme.

All of these areas qualify an MBA graduate to work in a number of fields and industries.

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3. Network of successful peers

MBA students get more opportunities to network in the corporate world. Many universities have events and initiatives for students to meet or connect with experienced professionals and business leaders of top multi-national companies.

However, the most important network you can build is through peers and alumni. In the years to come, these classmates will become future business leaders, entrepreneurs, CEOs, and CFOs.

Similarly, many schools facilitate student-alumni interactions through mentorships or on-field work experience, offering their students a powerful networking opportunity.

4. Develop management skills

An MBA prepares students or professionals to plan for changes in the business world. The skills one acquires at a management school are the best tools for adapting to the unavoidable shift in industries, markets, and business practices.

5. Build personal credibility and brand

Individuals who choose to form their own companies instead of being employed within an institution often find that an MBA accords them credibility in the market.

Companies and investors are more likely to deal with entrepreneurs who possess an education background in business, than with someone without a similar qualification. An MBA ultimately positions candidates as experts in what they do, which is understanding the market.

In addition, it provides mastery over a particular area or sector such as finance, management, business consultation, or marketing.

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6. Global exposure

An MBA graduate from an accredited school is recognised as someone with competency over core areas and major managerial positions within an organisation.

This is a degree that is widely recognised around the world. Since it is highly consistent with other similar managerial degree programmes, it can be used to explore career options in any part of the world.

7. Develop personality and soft skills

Modern MBA programmes stress on developing a student's personality, soft skills and professionalism, allowing them to develop into outstanding communicators and advisors, with a new perspective on life and the business world.

These qualities have emerged as core skills in the recent years, key in managing increasingly complex business and workplace realities.

8. Entrepreneurial skill development

Many MBA graduates go on to become young entrepreneurs. An MBA programme provides you with the necessary knowledge and skills to eventually start and run your own businesses.

It teaches you how to manage a market, plan ahead, and build finances for your own business. These skills are necessary for any entrepreneur striking out on his/her own.

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9. Build industry connect

Recruiters, keynote speakers, old-school business leaders, and young entrepreneurs, are among the people a candidate will encounter when pursuing an MBA. An MBA programme prepares students to work with prospective business leaders and managers.

When the course is completed, these individuals could be excellent business associates or companies could even offer outstanding recommendations on behalf of the candidates

10. Improving communication skills

Being a good communicator is a key life skill, no matter what you do. It can help you share your ideas, motivate others, and build a network. This is why communication is a key component of every MBA programme specialisation.

It can help you interact effectively with your co-workers, supervisors, employers, and other associates in the future.

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An MBA is a highly-regarded professional qualification that also provides you with key life skills for success. It not only improves your chances of securing a high-paying job, it also helps in ensuring that you have the best chances of career growth.

- Article by Dr Akhil Shahani, Managing Director, Thadomal Shahani Centre for Management, and Shahani Group, and CEO, Ask.Careers

Read: What do MBA aspirants want? Here are 9 major factors found by Shiksha's MBA Outlook 2021 Report

Read: How to choose the right B-School: 8 things to consider before taking admission in top MBA college

Read: Studying MBA: Busting the myths and facing the reality of MBA in India

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