Is an MBA degree worth the time and money?
Will an MBA provide you with an ROI that makes it worth your while?
It’s true that pursuing an MBA degree is an expensive and time-consuming endeavor.
Especially if it means quitting your job and dedicating yourself to full-time studies.
You might see your peers get promoted to positions you would otherwise have held, and may feel doubtful about making such a big move.
It can elevate you above your peers, change your professional outlook and accelerate your career growth.
Here’s a more detailed look at some of the key reasons why you should pursue an MBA.
You’ll Be Able to Switch Careers
One of the most powerful reasons for pursuing an MBA is that you want to switch careers.
As mentioned in our book, The Best Business Schools’ Admissions Secrets,
“More than 70 percent of MBA students change their industry or function after attending a business school”.
A business school presents a great opportunity to choose a new career path if you’re feeling stuck with your current trajectory.
An MBA allows you to pick a focus, and if you’re hoping to make the jump from accounting to private equity, now is the time.
The program will provide you with the skills necessary to make the change, and the internship opportunities as well as job leads, that an MBA program provides you, will help fulfill this dream.
You’ll Build an Invaluable Professional Network
You can’t underestimate the value of a strong professional network. Many of the top professionals and entrepreneurs consider their professional network a key reason behind their success.
Pursuing an MBA degree from one of the top business schools gives you the opportunity to build your professional network.
Whether your fellow students are headed for the banking industry, setting up their own businesses or planning to return home, halfway across the world, these relationships will be invaluable in a few years.
It’s not just the students who will be a part of your network though.
Don’t forget all the corporate executives who’ll regularly visit your school as guest speakers.
The small class sizes mean you will be able to get some one-on-one time with them, learn from their experiences and acquire valuable career insights.
The network you build will not only help you excel in your career, but may also play a key role in your future business decisions.
You’ll Become a Better Leader
Business schools attract Type-A personalities, who all want to be leaders. Leading a team filled with individuals who could fulfill that role just as well, if not better than you, will push you to your limits and polish your leadership skills.
You may not lead them perfectly, but you’ll get numerous chances to get better as a leader while you’re pursuing your MBA.
The best business schools have made leadership and interpersonal skills an important part of their curriculum.
Stanford Dean, Garth Saloner, in an interview with McKinsey, highlighted why soft skills are just as important as quantitative skills.
“What [employers] really tell us they need are leadership skills. It’s what you might think of as the softer skills, or the people skills.
Those are the things that are in short supply in managers who they want to rise to the most important and significant ranks in their companies.”
You’ll Become a Team Player
Every MBA program requires team projects, throwing individuals with different backgrounds together for weeks on end.
The pressure of a business school combined, with the different working styles, will present situations which will require patience, empathy, and social skills.
Overall, you’ll become a better team player.
You’ll learn how to deal with conflict, how to manage people, and how to respond to others under pressure.
The people skills you hone while working towards your MBA will further your professional relationships once you step out into the corporate world.
While pursuing business alliances, you’ll not only find yourself better at negotiating deals and managing expectations, but also benefit from the communication skills that you’ll develop during your MBA.
You’ll Gain a Truly International Experience
Frank Rodriguez, the global director responsible for university recruiting for Johnson & Johnson, says they actively recruit MBA graduates because of the broad business background.
An unsaid aspect of this business background is learning about international markets, both in the classroom, and by working alongside international students.
Many business schools actively advertise how diverse their international student body is.
Because modern day corporations and multi-national organizations value diversity and prefer candidates who can work alongside people from completely different cultural backgrounds.
The top business schools push you to work closely with the other students on different projects and during on campus activities.
This prepares you for the challenges of your professional life and gives you a unique opportunity to understand the perspectives of people belonging to different countries.
You’ll Develop Unparalleled Business Insights
The last reason I’m going to mention here is the simplest, yet maybe the most important.
An MBA degree is worth your time and money if you are truly interested in studying business administration.
It’s a great opportunity to learn directly from the top business executives and corporate leaders about all areas of business management, operations and processes, and access key resources that will make you a better strategic thinker.
You might acquire these skills without an MBA as well, for example while doing your job.
But an MBA takes the guesswork out of it and provides you time-tested, scientifically proven and factually reliable business insights extracted from the experiences of global business leaders.
Instead of spending double the time teaching yourself about management plans, project management, performance reporting and marketing, you can learn all about them under the guidance of seasoned business experts.
An MBA is a powerful degree that can make you a better leader and take your career to the level.
It helps you become a better team player, an effective manager and a strategic thinker, and gives you a global business perspective.
All these qualities, combined with the confidence and image of an MBA, will help you achieve exponential career growth and will always keep you ahead of your peers.