Do MBA degrees or other management programs, such as PGDM / PGPM, really contribute to your career? In the current competitive job scenario, choosing the right degree is vital to securing a promising career.
The following post discusses the importance of an MBA degree to enhance your career prospects. The goal of all students at the time of completing a management course is employment in a leading organization, ideally in a Fortune 500 company, in the Big 4 consulting firms, or even in a well-funded startup.
Recruitment companies expect that their employees will be qualified in all different aspects of the company’s affairs, one of the important requirements being managerial skills. Therefore, candidates with an MBA degree prefer different vacancies in different industries.
There are great benefits to earning an MBA degree when it comes to employment opportunities. However, the process of actually obtaining an MBA degree may primarily be taxable. Here is a list of pros and cons that you should consider when trying to decide whether to get an MBA or not.
1) You can make more money
According to the study, the average salary of an MBA graduate ranges around $ 106,798, which is 50% more than their pre-MBA salary. But that’s not all. In five years, that figure could be even higher.
2) Career growth
One of the key benefits of earning an MBA degree is career advancement. Some companies want their management-level employees to graduate with a degree in management. People who do not have an MBA qualification sometimes feel that they are experiencing a “glass ceiling” when it is difficult for them to move to higher-level positions.
Research has shown that MBA graduates from leading business schools are more likely to hold senior management positions in Fortune 500 companies, compared to other employees in these organizations.
3) You acquire many skills to help you start your own business
When you leave business school after earning an MBA, you gain a deeper understanding of both the practical and theoretical foundations of how business works, such as managing business finances, knowing who to hire, conducting thorough data analysis and good publicity practices.
Even if you don’t want to start your own business, these are skills that employers want and expect from an MBA graduate in the first place.
4) Personality development
Money and better work may be the external benefits of an MBA program, but internal benefits are equally important. The MBA program is a fantastic opportunity for personal development and will encourage you to go beyond the comfort zone.
It can help you increase your confidence and ability to lead other people. Completion of the MBA program also requires students to develop excellent time management skills and maintain discipline. These attributes can help you succeed in your future career.
5) Network potential
One of the most forgetful aspects of studying for an MBA is the various networking opportunities and relationships that you form during this time. Make friends with your classmates and professors, and it’s unlikely you’ll find business opportunities stemming from these new connections.
At the very least, meeting like-minded, business-minded and motivated people like you will serve as inspiration and motivation.
1) Getting an MBA degree is expensive
Getting your MBA as a full-time student can cost from a few thousand dollars to more than $ 100,000 if you attend a business college. For Indian students, the average cost of an MBA / PGDM degree is about 8 Lacs INR.
This is not exactly a pocket change. This does not include other expenses, such as housing and textbooks, which you also need to consider when you study full-time – not to mention the loss of earnings when you take the time to study. You need to be confident that you will gain value from your qualifications and that you are committed to bringing this process to an end.
2) Commitment to time
The MBA program is very detailed and time consuming, and the average course length of the MBA program is two years. The time from start to finish is determined by the program and the country in which you are trying to earn an MBA degree. Also, if you only work part time, it will take even longer.
3) Not every successful businessman needs an MBA.
Not every CEO has an MBA degree. Nothing prevents you from starting your own business or getting into a management position without getting an MBA. If you believe that financial and time commitments are not worth it and that you can go out and succeed without an MBA, go and do it.
4) Quality control
Not all MBA programs are the same in the eyes of your potential employer. There are over 500,000 MBA graduates each year and you should stand out. This means that you will have to get an MBA from a well-known and accredited program, otherwise your degree will be a waste.
5) Sacrifice profits
Many people find it extremely difficult and almost impossible to maintain a stable income while pursuing an MBA. If you switch to a program that is completely new to you, you will have to focus more on it to keep up.