MBAs are a helpful qualification to obtain. It improves knowledge as well as skills when it comes to finance. Below, we take a look at the benefits of an MBA on a student’s career with some clear and concise examples of how completing your Master of Business can improve a student’s career prospects.
The Benefits of an MBA on a Student’s Career
An MBA can allow you into a senior management position, which has the potential to increase your salary exceedingly. The average base salary of an MBA graduate tends to be higher than the national average. According to recent studies, upon graduating MBA students can potentially see a 35-45% salary increase. A survey from the GMAC also found that workers who stay with their current employer can earn up to 39% more after studying an MBA. You do not necessarily need to change your career to improve your financial status. It essentially depends on what sector you work in that determines what your salary will be. The GMAC survey concluded workers in products or services can earn a 59% increase in salary, those working in the government sector can expect a 45% increase in salary, while energy workers experienced a 24% increase in salary. The salaries do vary. However, you can clearly see how prosperous the financial gains for an MBA graduate can be.
Opportunities to Network
MBA programmes can pave the way for you to connect with future business managers and future business executives. That is all when the course is finished though and you can be provided with recommendations on your behalf for internships. Internships also give MBA students an opportunity to meet potential employers. MBA courses are also respected 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.
New knowledge and skills
The skills you can learn from an MBA are plentiful:
- Leaderships Skills
- Interpersonal Skills
- Adaptability to change
- Communication Skills
- Time management
- Project management
Do you need to study for an MBA?
A combination of learning those skills (see above) and meeting the following entry requirements should stand you in good stead for an MBA:
You will generally require a 2:1 undergraduate degree, although a 2:2 can be accepted. You can also get accepted if you have work experience and do not have a degree.
Business schools will require you to have at least 3 years of relevant post-graduation work experience. Executive MBAs will be required to have between 5 to 10 years’ experience. For general MBAs, you will need to take an exam: a Graduate Management Admission Test (GMAT).
International students will need to demonstrate their proficiency in the English language by taking a test such as the International English Language Testing System (IELTS).
Choices for careers for Graduates with an MBA
There are so many employment options available to you with an MBA:
- Medical Director
- Chief Marketing Director
- Chief Technology Officer
- Chief Executive Officer
- Chief Financial Director
- Chief Administration Officer
- Sales Director
- Finance Manager
- Public Relations Director
- Compensation and Benefits Manager
- Investment Banker