How An MBA Can Boost Your Career
Many people turn to the Master of Business Administration (MBA) as a means of career progression. There is no shortage of case studies which indicate that an MBA can boost your career phenomenally – throughout the degree, not only do you increase your business knowledge, you also give yourself a ‘leg up’ over other colleagues. This article will list a number of key areas where the MBA can boost your career, and discuss where you can see improvements in your working life.
Throughout the MBA, students gain an in-depth knowledge of all facets of business. Graduates can confidently provide advice in a number of areas, and will have a comprehensive understanding on how business operates as a whole. Subjects such as finance, marketing, human resource management and supply chain management are undertaken, ensuring it is a well-rounded degree. As a result, graduates of the MBA can use their increased knowledge in the workplace. You will find that you approach issues with more of a holistic business focus, and in turn you will be able to perform your job more efficiently. Completing further study doesn’t have to be about climbing the corporate ladder – if you are happy with your current role, the knowledge that you gain from degrees such as the MBA can boost your career significantly.
With increased knowledge comes increased capabilities, and of course if you are able to perform to a higher standard then you should be rewarded accordingly. Many students find that an increase in salary is a result of being an MBA graduate. Whether that be in your current position, or in transferring to a new position, your new knowledge and capabilities should not be overlooked. Forbes Magazine highlights that in data collected for a peer-reviewed study published in the Journal of Education for Business, ‘MBA graduates achieved a post-MBA pay rise at graduation of 41% over their pre-MBA pay’. Whilst this may not apply to all students, this is a significant increase which demonstrates how an MBA can boost your career in a financial context.
The vast majority of MBA students complete the degree in order to fast-track their climb of the corporate ladder. The MBA provides students with knowledge that their superiors possess, however most of their superiors have gained this knowledge through many years of experience rather than a degree. This is not to say that an MBA replaces years of experience, it simply provides a wealth of knowledge which helps in building on current experiences, and handling new issues in the future. It is also important to choose an MBA that is practical – if the content is able to be applied into your work instantaneously, you will experience much greater benefits in your career.
The MBA can boost your career in other areas such as workplace relations; upon completion of their degree, many MBA graduates experience a greater sense of respect in the workplace. As the well known quote says, ‘knowledge is power’, and in the case of the MBA, new knowledge brings greater power to you in your role. If colleagues or superiors are able to turn to you for assistance, you will gain further respect for your knowledge. If you are looking to be further respected for your abilities and efforts at work, perhaps you should consider further education.
Last but not least, the MBA can boost your career simply by having a formal qualification behind you. You may already be very competent in your role, but employers look for qualifications to understand where your knowledge has come from. Regardless of the stage it is undertaken in your career, a formal qualification can help understand why a certain policy is in place, help look at issues from a different perspective, and also ensure the organisation is using up-to-date business processes.
What do you think?
How do you believe an MBA can boost your career? I would love to hear from current students, past students or even those interested in the power of an MBA. Feel free to write your views in the comments box below and join the discussion.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following source was used to compile this article: Forbes Magazine.