With the changing economic conditions and increasingly diverse business environments, the need to upscale and grow your skills and qualifications is greater than ever. The rapid technological changes in the post-Covid-19 era have only increased the emphasis on change management. Businesses must constantly change and adapt to the changing markets and external conditions to stay ahead of the competition.
Consequently, organizations are constantly looking for competent business professionals skilled in tackling ongoing changes and flexible enough to help the organization with smooth transitions. For example, during an economic depression, when the unemployment rate is at its peak, organizations need to keep afloat. That is when they need such energetic personnel with keen business sense to help pull the organization from a slump.
One of the many skills and attributes such companies seek is qualification. An MBA is among the current decade’s most popular and in-demand qualifications. The Bureau of Labor Statistics expects business management occupations to grow by 8% each year until 2031 in the US. It is higher than the average of all the other occupations in the country, with an estimated 883,900 new job openings each year during the period. Moreover, about 1.1 million new job openings will appear as a need to replace the retiring workforce.
Let us look at what other benefits earning an MBA can bring to your career.
1. It Expands Your Career Horizon
An MBA expands your career’s avenues by enabling you to work in small to medium-sized enterprises, multinational corporations, and the government sector. During your program, you get specialized insights into different business functions, from accounting and finance to sales, marketing, supply chain, and logistics.
You can learn about the role of supply chain management in the private and government sector by specializing in supply chain management. With this degree, you can work for the internal agencies of the federal government responsible for contracting with external agencies to communicate, procure and work with logistics and vendor management companies.
It can give your career a significant boost considering that you will collaborate with a network of suppliers, distributors, and logistical and freight companies.
2. Acquire Leadership and Management Skills
An MBA is necessary if you aspire to hold managerial or leadership positions. It equips you with people management skills, resource allocation, heading teams, designing and running programs, project management, communication and presentation skills, and stress management.
At the same time, you will be responsible for keeping your team motivated and inspired to work towards a shared goal. The more you demonstrate your leadership and effective management skills, the more likely you are to hold senior positions. Because only some people possess leadership traits, you will be entrusted with senior-level positions and responsibilities if you highlight your abilities. It will make you an asset in the company you work for and, thus, boost your career.
People with good management and leadership skills quickly gain a good reputation in the market. It will make you more employable with chances of getting a higher salary and benefits.
3. You Get Exposure
During your MBA program, you will come across industry leaders, business professionals, and HR companies hunting for the right candidates for their companies. Job fairs and career events are the best places to introduce yourself to the people who work in the company where you aspire to work. It will give you exposure and networking opportunities.
This is where your presentation and networking skills learned during your program will come into play. You can make the right impression in front of the people you want to work with. You may even land an internship or enter a fellowship program offered by the company.
MBA programs often make internships mandatory to get industry experience before you land full-time employment. It puts you in the spotlight and gives you an idea of what career you want to build.
It is better to build relationships with multiple companies rather than just one. Keep your options open and learn about the career opportunities as much as possible. It will prepare you well for the job market.
4. Chance to Become an Entrepreneur
An MBA can be extremely beneficial if you plan to become an entrepreneur. Alternatively, if you already own a business, an MBA will equip you with the most in-demand entrepreneurial skills and the latest tools and techniques you can use to conquer the business world.
The more you learn about running a successful business during your program, the more creative ideas and expansion plans you will get. Moreover, you will learn about the different financing options for your business and leverage your networks during the program to hunt for investors.
MBA programs with a concentration in entrepreneurship let you present your business ideas and plans to potential investors during entrepreneurship events. You can take full advantage of the event and be as creative as possible to sell your idea.
5. Increase Your Earning Potential
You can expect to earn higher salaries when you graduate with an MBA. The degree is highly versatile and in demand in the business world. The annual median wage of an MBA graduate in the US is $102,450, higher than the national average wage of $45,760 for all the other occupations, as per the Bureau of Labor Statistics.
If you graduate with an MBA in finance, your earning potential will increase since sound financial decisions are a main component of business profitability. Similarly, working as an investment manager or holding chief executive positions in an organization will pay even more. Your earnings will drastically increase with years of experience and higher qualifications.
Moreover, the banking sector, governmental organizations, and multinational corporations pay their MBA graduates from well-reputed universities well. Therefore, you can ensure job security no matter which sector you join with an MBA degree.
Earning an MBA degree will open several doors for you, significantly boosting your career. During your program, you learn the skills required to get ahead in the job market. Moreover, you get the required exposure and build networks to leverage your way up the hierarchy.
An MBA makes you an asset and places you ahead of the curve when securing senior positions in any sector, offering you job security and higher salaries.