Seen for years as a ticket to business success, whether you’re looking to advance professionally or boost your salary, the MBA provides a competitive advantage in any number of work environments. Whether you’re working in manufacturing, technology, finance, healthcare, tourism or agriculture, it goes without saying that this specialist programme helps you develop intensive managerial and technical skills.
Here are 9 reasons why the value of an MBA is so high:
1) It’s widely recognised
Says Srilata Zaheer, dean of the Carlson School of Management at the University of Minnesota, USA, “A business degree remains one of the most predictable paths to success and financial stability and can provide the proverbial leg up from relative poverty to great accomplishment and wealth. In uncertain times, such as we have had since 2008, it tends to draw more students who make this connection.”
2) You’re expected to have one
Fortune magazine reports that the MBA has become the most popular advanced degree, pursued by hundreds of thousands of students at thousands of institutions of higher learning each year. The MBA’s increased popularity has not diminished its value. Rather, it’s becoming more and more of an expectation — a demonstration of your commitment to the business.
3) This is not granpa’s workplace — it’s
Businesses have become more complex and far-reaching. Workplace influences like globalisation, cost competition, new technologies, and workforce internationalisation require highly skilled, well-educated people. Workers are expected to work well in teams that may span countries, to be conversant with sophisticated technologies, to manage their own work — perhaps in virtual environments — and to understand not only the needs of their department but also the overarching needs of the enterprise. Business processes in all sectors are constantly changing in response to rapid technological advances, making adaptation to change and acquisition of new skills a critical capability.
4) You’ll nail the theory and get real-world skills
An MBA teaches you to think strategically about your field or industry within the context of the larger business world. Financial accounting, managerial economics, strategy, marketing management and financial marketing coursework underpin your new capabilities. You’ll learn to speak the language of business — to read financial statements, discuss market analyses or understand supply chain influences, for example.
5) It will improve your communication and teamwork skills
MBA programmes provide multiple opportunities for you to work in teams and develop skills through team projects and short-term onsite business projects, building your business analysis and communication muscles. The ability to work as part of a team and the “softer skills” side of management are capabilities you’ll need to succeed.
6) Best contacts you’ll ever make
While studying for your MBA, you will have the opportunity to grow a network of industry contacts through your peers and faculty and their contacts. They will serve as your sounding board and could help open doors for further career opportunities.
7) It’s the entry ticket to the decision-makers’ table
MBA graduate and Forbes magazine contributor Eric Jackson believes an MBA enhances your business credibility, gives you the ability to communicate more effectively with departmental colleagues and across functions, and trains you in the skills to analyse and solve business problems. To get to the decision-makers’ table today, you must understand and be able to talk about “the business of the business” — the enterprise as a whole, and how your department or function can add value to that.
8) Confused? An MBA will give you a sharper career focus
If you’re working in banking, for example, and you’re unsure whether to specialise in human resources or marketing, an MBA can help you define your goals and receive training to achieve those goals. Specialisations such as finance, entrepreneurship, sustainability, risk management and more allow you to customise the best programme of study to help you meet your goals. On the other hand, if you are still a bit uncertain about your career goals, studying for an MBA will give you plenty of opportunities to assume a variety of roles and gain a better understanding of these various specialties.
9) High demand
T&T has one of the strongest economies in the Caribbean — a low unemployment rate, stable government and financial systems, and a high growth rate. Major industries like energy, tourism, manufacturing, financial services, trade and logistics and healthcare need well-educated knowledge workers. Current needs for postgraduate employees include positions in petroleum and mining, transportation, communication, electricity and water, construction, aviation, finance, insurance, real estate and business services, and local government. Add your own focus and drive for success, and you have more than enough reasons to do an MBA. It’s about taking advantage of the opportunities you’ve got right here.