An MBA is looked at as being an outstanding way to advance a profession. Research shows that the normal compensation of someone with an MBA is £80,000. Be that as it may, the decision to take an MBA course should consider different factors instead of simply the potential for a higher pay. There are other positives to it and if it is really what you want then you should go for it.
Below are some Pros of studying for an MBA:
Studying for an MBA: Pros
- Progressing in your career:
Some businesses wish to see their management-level employees have the certification. Individuals who do not have an MBA degree find it harder to move into higher positions. Research proves that people with an MBA obtain top management positions in Fortune 500 organizations as opposed to different employees in those companies.
This degree will also give you a chance to work abroad. MBAs in Britain are highly regarded across Europe. Employers from countries like China, India, Poland and Russia are actively recruiting employees with an MBA with managerial talent. Anyone interested in jobs abroad must consider any visa requirements or fluency in multiple languages. Studying local markets would also be a good idea for anyone seeking employment abroad.
- Development: Professional Relationships:
An MBA can help you to establish and develop a new network. Networking is an effective way to find a new job. During your MBA you will meet new classmates, alumni and employers. In Human Resources, for example, if somebody in an organisation recommends a candidate, HR will probably include them in the recruitment process based on their recommendation.
MBA courses are highly regarded globally, which means you have a chance to work abroad for a business with this degree. MBA graduates are usually international students giving you a further opportunity to meet students from different and diverse backgrounds as well as new ways of thinking in business.
- Developing your Personality:
There are two parts to an MBA that aid a candidate’s development, as an employee and as a person.
Employer’s Trust: Most of the MBA courses will require you to have the relevant work experience. If you are applying for an MBA, especially on a part-time basis, you are probably employed in a relevant job.
This is an ideal opportunity to ask your boss if you can do this job part-time while taking an MBA course. If necessary, you can even ask him/her to pay for some or all your tuition fees. You will need to explain to your boss how beneficial the MBA will be to his/her company. They will expect you to agree to work for a fixed number of years so they can see a return on their investment, if they agree to help you. This will also help you to gain trust and support from your boss and gives you breathing space for making decisions. If this works out your boss might even agree to write a reference for you or recommend you to a higher profile company helping to establish yourself as a business person and give you more confidence in your own ability.
Working Abroad: When MBA graduates settle into a new culture they initially feel a sense of euphoria, they feel in awe of their new surroundings and do not encounter any major initial barriers. This concept is called the “U curve”. This initial euphoria is known as employees sitting on the top left-hand side of the U. Over time they may experience a “trough phase”, where they quickly become stressed or fatigued by all the new challenges presented by a new environment and they may feel homesick and seek a return to familiar surroundings. When graduates encounter this feeling it is important to remember that it does not last forever but it is a real challenge for anyone encountering it.
You must keep abreast of your attitude through the initial period of cultural adjustment. This can help MBA graduates to develop a strong sense of self and cultural awareness. When you acknowledge your feelings and why you are feeling them you will become sensitive to the actions of others and will be able to communicate your needs to those around you. MBAs that have encountered multiple cultural adjustments because of their studies will become more adept at making these adjustments.
Having the chance to switch careers:
Larry Medina, head of career services and corporate and alumni relations at ESSEC Business School Asia Pacific in Singapore stated, employers are always looking for people with transferable skills and skills acquired during an MBA when evaluating people looking to change career. An MBA can be a good way to pick up a new set of skills, making you an attractive candidate. Engineers have been known to want to change careers. By learning new skills in marketing, finance and human resources, engineers can pursue a broader set of roles upon completion of this programme.
Studying an MBA online or distance learning MBA would be ideal for this as it can give you time to work out if you can make that transition while still earning or if you just simply cannot attend university.
There are so many different strands to MBA courses that you have plenty of options to choose from:
- General MBA: This is an ideal course for anyone with 3 years of business experience behind them or if you are keen on fast tracking your career and getting jobs like a management role in the finance industry or corporate strategy
- MBA without Work Experience: If you have recently graduated or are changing your career and want to take your first steps into a career in management but do not have work experience, then this type of MBA is ideal.
- Executive (EMBA): This is usually studied on a part-time basis. This is appropriate to those already in a corporate management position and have ambitions about getting into the boardroom
- Specialist MBA: If you have experience of working in management and have ambitions of promotion, then this type of MBA is ideal.
- Distance Learning MBA: This is suitable for students who cannot attend university full-time and if you need to manage your studies around personal or professional commitments
Studying an MBA: Cons
There are a lot of MBA courses that are full-time and tuition costs can be very different. A good example of this would be the MBA course at Imperial Business School located in London, where the fees are £51,000 and last 15 months. Well-known business destinations in other cities in the UK may be more affordable compared to courses they previously had. For example, there is an MBA programme at The University of Edinburgh that is 12 months in length and costs only £29,100. Here are some examples, illustrating the variation of these tuition fees:
- York St John University – £9,000
- University of Central Lancashire – £13,700
- University of Southampton – £26,500
- University of Oxford – £63,000
- London Business School – £87,900
- Dedication to time:
UK universities have MBA courses that are full-time, part-time as well as distance/online learning. Students studying an MBA full-time take usually between 12-15 months to complete, starting in September, although some courses may take longer and some also start in January. Part-time study of MBAs is usually more popular as most MBA students are already in employment, and want to work throughout the course. They may take between two to six years to complete.
Pros and Cons: Which outweighs which?
There are pros, and cons to taking on an MBA course. The factors of cost and time need to be considered. However, there are a myriad of ways to get around both obstacles. There are ways that you can fund your MBA by gaining support from your employer or from scholarships and bursaries. It is through gaining support from your employer and the skills you will learn that you improve as a professional and also as a person. You become trustworthy to your employer. There are also so many ways that you can study an MBA, some include not even having to attend campus, doing it full-time or part-time. If an MBA is what you want to do, then go for it as long as you pick the right option that suits you, whether that is full-time, attending lectures or studying from home/online distance learning.