A master’s in business administration (MBA)is not just a qualification degree but a passport to one’s professional development. Here are a few reasons that will clear your confusions about pursuing this degree.
In demand: The qualification continues to be in demand, for it is valued by employers around the world. This is evident by the projected increase in the number of employers hiring more MBA graduates than ever. According to a survey conducted by the Graduate Management Admission Council (GMAC) in 2014, every nine in 10 companies which intended to hire MBA candidates said they would bring on as many, or even more people in 2015, than they did the year before.
Better prospects: An MBA graduate maintains higher chances of obtaining and holding a high level management position. It is estimated that 70 per cent of MBA graduates worldwide are senior managers or board directors. In 2015, according to the US Bureau of labour Statistics (BlS), the highest growth in terms of salaries and number of jobs is projected in the fields of Information Security, Human Resources, Finance, Marketing, Information Technology and Operations respectively. The GMAC 2015 report also says that the demand is projected to be most in the US, followed by Asia, latin America and Europe, in energy and utilities sector.
Moreover, the average salary for an MBA graduate is substantially higher than that of a graduate with a regular masters’ qualification. For MBA graduates the average salary ranges from $70,000 to $120,000 per annum.
Networking opportunities: While studying an MBA, one becomes a part of a great network of professionals and companies which provides abundant opportunities to continually update and challenge oneself. These things together provide an individual with a great overview of business across the world, a deep understanding and certain receptiveness to the slight changes of this environment. This type of overview and sensitivity is very hard to achieve otherwise. As an MBA student or graduate, these insights come with the territory and are great assets, not only to the student, but also to any potential employer.
Emerging trends and future: For those with MBA degrees, the future holds great opportunities, including a chance to secure jobs at the upper ranks of businesses, even an opportunity to become successfully self-employed.
The jobs which were popular about a decade back are making a comeback. Some established MBA subjects — marketing, finance, strategy and technology — continue to be in demand. New ones that have emerged in the past couple of years include aviation, branding, luxury goods, social sector, healthcare, education, hospitality, projects and energy. The latest reports say that specialisation in marketing, human resource management, project management and supply chain management will be the most in demand. According to the BlS, there will be a 26 per cent increase in logistics roles by the year 2020.
The roles of operations research analysts, IT managers, management analysts, financial analysts, HR specialists, information security analysts in respective organisations will seek smart professionals with specialised MBA degrees.
Even management schools understand that changes in the global economic environment means a change in what they teach and the methodology they adopt to train students. The curriculum of a good school must focus on developing leadership and entrepreneurial skills along with a wide range of specialised electives while incorporating universal dexterities like big data and global communications.
The author is Kent D Thomas, Assistant VP, International Programmes, Missouri State University