Earning an MBA can enhance your ability to stay current with new technologies and market trends that affect business and open up new career opportunities. How does an MBA degree work? Masters of Business Administration programs are designed especially for people with work experience who wish to gain in-depth business knowledge. Professionals can advance their careers by earning an MBA, a prestigious degree highly valued by employers.
An MBA can be used for a variety of things, so what can you do with one? What are the entry requirements? Do MBAs pay off? You’ll enjoy multiple advantages by earning an MBA from a reputable business school.
Is it better to get a general MBA or a specialized one? In addition to the specialized knowledge and skills provided by the Human Resource Management and Marketing concentrations, the General Management concentration appeals to students who wish to have a range of positions to choose from within an organization. Throughout the course, they will learn tools applicable in all fields to make decisions and solve problems.
So, read on to discover what the advantages and disadvantages of a General MBA are:
A convenient and affordable program
The General Management concentration of online MBA, such as the UW Parkside online MBA, is worth 33 credit hours and has 24 core courses and nine electives. Each credit hour costs $400. One course takes three credit hours, so the overall cost of the entire online MBA program is affordable for students. Also, all students benefit from the same reasonable tuition costs, whether they are in-state or out-of-state. The General Management concentration can be completed within 12 to 18 months. Moreover, students can work full-time while pursuing an online program since there is no restriction on when and where students can take their classes.
Potential to earn more
According to Payscale, the median annual salary for a general MBA is between $80,000 to $100,000, and it can further rise depending on which position you take on. Thus, earning an MBA can yield a great return on your investment as it can boost your earning potential by a considerable amount.
You’ll stand out in the job market by learning management skills
Most MBA applicants are young business professionals with a minimum of two years of experience.
Making a company successful requires the right skills, which you can learn during your MBA. There are a few things you’ll learn during a Master of Business Administration program that is common to all concentrations:
- Managing people effectively and being a good leader
- Developing, marketing, and selling your products and services
- Establishing your network using partnerships and connections
- Dealing with difficult situations like financial crises and public scandals
- The best way to keep the company’s finances in order
- Establishing and maintaining a positive image for the company
- Data collection, interpretation, and report creation
- Recruiting and retaining top talent
- Creating hierarchies that enable a company to succeed
- Making tough decisions when they are needed
An extensive business network will be available to you
Consider the networking opportunities MBA degrees provide if you want to understand the value of MBA degrees. As part of this program, you’ll have the opportunity to network with fellow students, business professionals, and professors with management experience.
An extensive alumni network is also available to you. The business world will become more familiar to you due to your connections. As a result, MBA programs provide you with more than just theoretical knowledge. Through this program, you’ll learn new tools to help you adapt to the evolving business environment and quickly understand its changes.
Establishing your own business will be a breeze
The main reason MBA degrees are popular is that many people wish to become business owners and become successful entrepreneurs. They want to turn their big dreams into reality. So, it is safe to say that you can become a successful entrepreneur by earning an MBA.
MBA professors who have dealt with real-life challenges of starting a business can help you identify what pitfalls to avoid and how to deal with them for the longevity of your business.
Partner up with a fellow MBA student with similar interests. Talk to them about your ideas and see if you can develop a common vision. The more reliable your partner is, the more likely it will be for your start-up to succeed.
Communication is crucial to any successful organization; you will learn how to do that effectively. Communicating your thoughts clearly is essential to gaining the support and attention of your audience, whether negotiating a contract with your supplier or pitching investors.
There are many people out there who wish to become entrepreneurs, so don’t think you’re the only one. Entrepreneurship is common among MBA graduates. The GMAC research team reported that 85% of business school alumni start their own companies, and three-quarters work in the consulting or product/services industries.
You can change careers and thrive in business with an MBA
In addition to changing industries, many MBA students can advance to managerial or administrative positions. The chances of being hired at high levels of management and enjoying successful MBA careers increase for graduates of part-time and full-time MBA programs. Globally, over 50% of MBA graduates are senior managers or board directors. Positions of this nature come with higher salaries but also greater responsibilities.
MBA specializations offer great flexibility and variety to those considering a career change. An estimated one in three prospective MBA students uses their management education to pursue opportunities in new industries or job functions.
If you’re interested in learning what you can do with an MBA, you should decide what industry and job you intend to pursue before applying. With clear future goals, you can pick the best MBA program for your needs and be more confident during your interview. Furthermore, you can develop the skills you need for the new job over the course of your degree.
Before making the final decision to pursue an MBA degree, you must be clear about your goals because only then will you be able to choose a program that meets your needs.