Why Current Executives Should Consider an MBA
It would be fair to assume that many current executives lead incredibly busy professional lives – management, regardless of the industry, is no easy feat, and it can be hard to juggle work commitments with the other aspects of a healthy life such as family commitments, social interactions and general wellbeing. It’s easy to understand that adding study obligations to that list seems unlikely – especially for someone who is already working in an executive level position. However, there are a few key reasons why current executives should consider investing some time into achieving an MBA qualification.
The term ‘executive’ is an ambiguous one, and often executives have not yet reached the pinnacle of their desired career. Though work experience is crucial to success for many mid-to-high level managers, the addition of a Masters level business qualification like the MBA can be of a huge value for those with aspirations for the role of Chief Executive (or its equivalent).
There is a great deal of jargon and specific terms used in business, and the language changes across many of the standard business functions. From sales and marketing to law and finance, there are a slew of new buzzwords and important acronyms to learn. An MBA is a great tool to help current executives to learn how best to communicate within a variety of business functions, and be aware of trends and commonalities across the wider business and management industry.
Many current executives have risen to their positions due to hard work, innovation or a combination of both. However, as management positions become more strategy focused, it is important to have a strong foundation of theoretical knowledge to draw on. An MBA can provide a wide-ranging, practically applicable knowledge base of the theoretical concepts so common in business currently. Theories used in planning and management are required understanding for many high executive-level positions.
If you’ve come into an executive position role through hard work or years of service, you may have already achieved a level of respect from your peers and counterparts within your organisation. However, an MBA can give an extra level of credibility to your management skills and abilities, both within your employee group and beyond. An MBA demonstrates your dedication to improving as a manager and strategist, shows the ability to manage your time and that you value differing perspectives on the same issues – which is beneficial to staff members and clients alike.
Current executives do often build strong networks, but usually within a narrowly focused industry or field. MBA students, regardless of the format in which they study, are given many opportunities to build relationships with like-minded executives from a wide variety of industries and backgrounds. These connections form into a strong network of people who can offer advice, perspectives and assistance which is likely to make you a better leader and manager overall.
Why do you believe current executives should invest in undertaking an MBA? Is it for the reasons above, or do you have another reason? Please feel free to share your thoughts in the comments below.
This article was written by Simone Ball on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB.