What is MBA?
An MBA or Masters in Business Administration is a graduate degree that focuses on business administration and investment management, according to Wikipedia.
M stands for Masters – which implies proficiency and skills in performing the tasks or activities related to all the aspects of administration.B stands for Business – which implies a focus on improving the business value as well as profit or ROI
A stands for Administration – this means developing the art of administration where you have to get things done from team members or professionals who work under you. Simply put, this includes guiding people.
MBA was introduced in the late 19th century due to the urgent need for scientific management in organizations as well as increasing high-level industrialization across the country and the world.
According to the infographic journal, there are different reasons students pursue an MBA. let’s have a look at some stats:
- Around 77% of students pursue MBA to have great career opportunities
- 65% of students acquire MBA to improve their leadership skills required in their industry
- Around 63% of them pursue this degree to enhance their managerial skills
- 31% of them acquire MBA to earn technical skills
MBA curriculum encompasses a wide range of topics related to business that may include economics, accounting, statistics, management, communications, and entrepreneurship. Unlike what it is thought of, an MBA not only prepares you for working in financial institutions, but also for managerial positions or as entrepreneurs for your own startups.
If you excel in academics it makes a good foundation of management practices, but business schools rely on real-world business results.
Doing MBA from top business schools means that you have to invest a lot of your time and money in order to attain the benefits of the degree. There are many professionals who prefer to take the online MBA course because of the flexibility it offers, and also they are cost-effective. You are not required to attend the class half-day long and also no big fat amount is required to earn this degree.
So, let’s discuss the benefits of pursuing an MBA.
Why should you pursue an MBA?
Some of the reasons for pursuing an MBA are:
- Acquire advanced and flexible management skills
Some of the common competencies that every MBA program will allow you to develop are:
- Improve people management skills
- Enhance your leadership skills
- Learn to manage complex situations like financial crises or scandals
- Collect, interpret, and come up with reports based on industrial data
- Create hierarchies that enable companies to thrive
- Many MBA Specializations can fit your career goals
Due to the international popularity, business schools offer MBAs in many specializations to meet your exact goals. Some of the most popular streams offered in this domain are:
- General Management – this is the most popular MBA specialization by far. This is ideal for professionals who wish to develop all-round business acumen which is required for working effectively in a business environment.
- International Business – if you wish to work abroad, this is best suited for you. So, it is great if you want to align your business goals across borders. With the increasing growth of global businesses, this stream is gaining popularity among professionals.
- Strategic Management – this stream allows you to prepare yourself for long-term business planning as well as backup planning.
- Finance – this specialization is ideal for financial controllers, bankers, finance managers, and chief financial officers. In this stream, you will learn to focus on data analysis, statistics, accounting, and more.
- Marketing – this stream emphasizes businesses that depend on advertising and promoting their products and services.
- Entrepreneurship – if you want to think out of the box and establish your own business, then this specialization is ideal for you.
- Operations Management – This is ideal for managers who want to learn optimization of production processes. You will learn for efficient execution for production processes.
- IT Management – this is ideal for professionals who wish to work in the IT sector in managerial positions or if you wish to set up your own IT business. In this, you learn to perform data analysis and development of products based on it.
- Human Resources – this specialization is ideal for professionals in charge of Human Resource teams or who like to work with a large team of employees. This stream focuses on team development, conflict resolution, defining individual responsibilities, motivation, and more.
- Consulting – when you like to resolve the challenges your company might face, consulting branch is great for you. This stream also allows you to develop expertise in various sectors and offers generally high-paying jobs.
- An MBA provides you with access to an extensive business network
One of the most important benefits of an MBA is that you get extensive networking opportunities. You can improve your management capabilities by interacting with your colleagues, professors, and senior managers.
- MBAs are among the highest-paid professionals around the world
Job security and huge salaries are the most important factors that make people choose to invest their time and money in these programs. An MBA enables you to earn twice the salary as compared to a regular university Master’s degree.
The average annual salary of an MBA in the USA is around USD 102,100 annually.
- An MBA enables you to start your own business from scratch
Many students pursue an MBA because they wish to start their own business and wish to learn the tactics of starting and growing a business. So, this degree is great for people who wish to become versatile entrepreneurs.
- Some of the biggest names are hiring MBAs
An MBA allows you to earn high managerial positions in the biggest of companies. Some of the huge companies looking for an MBA are Apple, Amazon, The Boston Consulting Group (BCG), Facebook, Citigroup, JP Morgan, Walt Disney, Microsoft, McKinsey & Company, Goldman Sachs, and many more.
- You can pursue an MBA part-time or online
Now comes the reason for which many professionals can pursue this degree. It’s not everyone’s cup of tea to pursue a full-time program. You can pursue an online MBA program from Simplilearn.
Usually, online MBAs cost you much lower than full-time MBA programs. Furthermore, online MBAs are also accredited. The pandemic has brought a revolution in the study going online.
Studying at your convenience is another important factor in taking an online MBA program.
If you have now decided to pursue an MBA and are thinking of taking an online MBA program, then Simplilearn has all set for you.
Its expert-led programs make you acquire job-ready skills and prepare you for establishing your career or business as an MBA.
Enroll Yourself Now!!