Do You Need An MBA Degree To Succeed In Business?
An MBA stands for Master of Business Administration degree and it is granted after one to two years of further studies after university graduate level studies. It gives training in the theory as well as practice of business and administration management. An MBA degree confirms that you have a general competency and knowledge in all the major functions of a business. In recent years, MBA is preferred after a certain time period of work experience is gained. The MBA schools say that this way, students are more equipped with practical experience and have knowledge of the corporate world.
An MBA degree takes a considerable amount of time and money. Hence, naturally it is the first question on anyone’s mind that is it a good idea and will it lead to career enhancement? People think that Bill Gates made it big without even completing his studies. However, let us face facts. You are not Bill Gates and even Microsoft wants high degree holders in its upper management. So the question to everyone’s answer is YES, you most definitely need an MBA degree to get hired in an upper management job in a well reputed company.
What jobs are available for an MBA?
An MBA program will give a person the knowledge, skills and most of all the confidence which is preferred for senior management positions and executive level positions. In fact, for many companies, the criteria for such positions is an MBA degree or higher.
Upon completion of your MBA, a whole new world of possibilities opens for you. You can apply for new and better jobs in your home country or try for other countries. An MBA is a worldwide recognized degree and you can get a job all over the world with it if you are lucky. The types of job most suited for an MBA and open for you would be:
- Financial planning, i.e. Financial advisor
- Management Analyst
Being an MBA also opens up a person to be an entrepreneur, i.e. their own boss. With your education on a vast variety of knowledge on management topics, you can also start up your own business if you have a good idea. Many MBA’s go on to run successful businesses of their own.
- IT Manager
- Financial Manager
- HR Manager
The researches done on the pay before MBA and after MBA certainly shows a big boost. A research was conducted in 2014 on the salary data from Forbes Top 50 schools. The data comprised of pre-MBA pay, post-MBA starting pay, and fifth-year pay after MBA.
The research proved that the post-MBA pay increased by 50% as compared to the pre-MBA pay for full-time students. Hence, if you were earning $50,000 per annum, you can expect to be boosted to $75,000 right after your MBA. For part-time students, the pay increase was measured at 41%.
The great news is that after 5 years of the completion of your degree, the salaries went up 80% from the post-MBA salary for full-time students. For instance, if you signed a salary contract of $75,000 after completion of your MBA, you can expect that salary to be $135,000 in the next five years.
The results clearly indicate that an MBA, and that too from a good university will surely get you a higher salary and a senior level management position. Hence, everyone who is stuck in middle-level jobs for some time should go for it.