What is an MBA?
An MBA (Masters of Business Administration) is a degree that is internationally recognised and focuses on the development of your knowledge and skills in business and management. Many who choose to do an MBA are already on the career ladder including those who work in accountancy.
When entering work life after studies, it can be easy to get lost in the sea of options available, and many choose to complete an MBA to regain focus. The drawback to an MBA however is the cost, as it can be an expensive qualification to gain, especially when you consider the costs you may occur due to loss of earnings whilst studying. So, is the expense worth it? Here are a few points to consider…
Gaining an MBA could open doors for you if you want to go down a managerial route with your business career. It can also enhance other skills you may be lacking in, such as your communication skills and giving presentations.
Whilst there are core subjects, you can often choose which other modules you would like to complete, particularly if there is an area you want to gain more knowledge and skills in. This could be useful if you want to go down a specific career path.
Qualification that Pays for Itself
Whilst an MBA is an expensive course, many students are able to recoup the costs in the years following the course because of the higher salaried jobs they are able to acquire. Some find the MBA course enables them to focus on areas they are skilled in, allowing them to excel.
Doing an MBA takes a lot of hard work and can be time consuming so if you’re not at the point in your life where this is an option, it may be worth talking to others about the reality of life studying an MBA. It’s also worth considering that many MBA students take time away from either their jobs or home life to complete their studies, either because they take a career break to enrol, or they do the course around their working life, which may include weekend courses.
The contacts you make during your MBA course could be invaluable later on in life. Many who have MBAs go on to great careers in business and management so the network of contacts you gain may open doors in the future.
Is There a Better Alternative?
Whilst a masters may be appealing, there are better alternatives within your field that are cheaper and offer the same, perhaps even better benefits. For example, in business, you might find completing a professional qualification such as a Diploma in Business or an AAT just as beneficial.
When considering enrolling on an MBA course, the expense and time it will take up in your life should be seriously considered. You should also consider where you want to go in your career. MBAs may be invaluable in some sectors but not useful in others. So, whatever you choose to do, make sure you consider all options before making a decision, and be sure to choose an option to suit your needs and requirements.