With technological advancements moving at an almost unbelievably rapid pace, a two year absence from the workforce to obtain a Masters in Business Administration (MBA) qualification may not seem appealing- especially to those who are looking to rise through the ranks quickly.
Before you dismiss an MBA as being irrelevant, chew on this: The Economist’s latest ranking of full-time MBA programmes shows that 89% of students landed a job within three months of graduating.
Also, the median basic salary of an MBA graduate was found to be close to US$100,000; an increase of 88% compared with their pre-study salaries.
Need more convincing? Keep scrolling for more reasons to believe that an MBA is still relevant today, regardless of industry.
1. Cultivates Leadership Competencies
An MBA programme emphasises leadership through its various theoretical and practical modules, which are designed to provide an immersive C-suite experience. It’s not often that young professionals get the opportunity to:
- make executive decisions,
- manage departments, AND
- develop and implement business strategies.
The MBA programme puts you in the shoes of senior management, gives you a business problem relevant to the industry, and lets you decide exactly how you would go about solving it. You are also given the chance to see the consequences of that decision in actions, giving you a clear picture of the heavy responsibility that leaders shoulder every day.
This emphasises how leadership is not just about the characteristics of the leader, but also depends on the people surrounding the leader. Also brought into focus is the importance of soft skills and knowing how to navigate the many personalities and emotions that are to be expected at the office.
2. Promotes Adaptability
It’s often said that the more experience and education you have, the better equipped you are to life's problems. Apart from providing experiential learning, an MBA programme also offers exposure to high-level strategy and leadership opportunities, which ultimately offer you more options in life and also insulates you against employment shocks that are all too familiar when it comes to business cycles.
Research for MBA assignments is cross-disciplinary and focuses on current global issues- cutivating your analytical and critical thinking. Think increased monetary prospects, a higher chance of landing the career of your choice, having career flexibility, a better quality of life, good social mobility and again, significantly reduced odds of unemployment. The MBA has helped many industry veterans make the career change they’ve always wanted but were unable to do. Through experiential learning, MBA students learn the language of business, especially the one that helps facilitate successful career changes.
3. Strengthens Your Business Network
Probably the most important aspect of your MBA experience would be the people you meet and the friends you make; members of your future contact network. Most universities today take in students from all over the world, giving you the chance to study, collaborating and socialise with students of different countries, races and beliefs- a truly irreplaceable experience. This gives you a wider worldview and a better understanding of human relations, both of which are vital to successful leadership.
In fact, multidisciplinary networking is very much encouraged. I.e. the University of Pennsylvania’s Wharton School, which boasts one of the largest alumni networks among business schools, counts notable industry figures such as John Sculley of Pepsi and Apple, LinkedIn CEO Jeff Weiner, and billionaire financier Ron Perelman among its alumni. Imagine the doors that such networks could open!
It's clear to see; far from being irrelevant, the MBA remains one of THE most relevant qualifications one can own, AND one of the most diverse. But don't take our word for it- come see for yourself!