MBA programs from accredited schools aim to prepare its students for senior management roles in organizations. A good MBA course will expose students to all the facets of business including finance, marketing, HR and accounting. MBA draws resources from across various disciplines such as sociology, psychology, finance, accounting etc and equips students with skills that will help them take critical business decisions in a timely and appropriate manner.
Pursuing an MBA degree comes at a cost and a reputed institute charges anywhere between Rs.5-15 lacs for the course. Taking a break from a well-paying job or even choosing to opt for a part-time course which entails extra-ordinary discipline and a supportive family requires you to take a step back and think well before making the choice of to do or not to do.
Salary Hike: Success, undoubtedly, goes translates to a better pay packet. A good and reputed business school is bound to get you that dream job that pays you really well. So for the sake of higher pay packet, it does make sense to complete an MBA course. It is, however, imperative to keep in mind to choose a college that has an excellent record and not to settle for anything less.
Career Progression: An MBA course equips you with new and updated skill sets that can be used either to make a career shift or make progress in an existing job. The MBA curriculum aims to provide companies candidates with requisite skill sets to run the organization. It is no wonder that a large number of CEOs of top companies hold an MBA Degree. Some companies mandate that only candidates with an MBA would be considered for certain managerial positions. An MBA opens doors to many such opportunities.
Access to Network: Your faculty and guest lecturers and people from the industry would all be added to your networking group. Interacting with them will not only give you a new approach to learning but these same people can be of immense help in your future career prospects. The partnerships and friendships that are forged during an MBA program are normally last a lifetime. One of the biggest benefit of an MBA degree is a vast alumni base that you can tap for help.
Confidence and Influence: In addition to better pay packet, career growth etc, pursuing an MBA makes you more self-confident driven by the numerous presentations, group work that entails peer interactions. Employers believe that people with an MBA are more likely to influence co-workers than the one without an MBA Degree.
Evaluate your position: Working in the same company and competing with same colleagues, gives you a feeling that you know it all. The learning tapers off after a few years and complacency and boredom sets in. MBA degree gives you an opportunity to assess you against some of the best brains in the industry and work on those rough edges. Just knowing that you are not yet there, can be a big benefit!
MBA and Understanding Yourself: A couple of years working for any corporate and earning a decent salary is sufficient for us frail humans to pick up the attitude of ‘I-know-it-all!’ A break away in studious reflection will end this bubble and you will understand and accept your weaknesses more humbly and yet be happy with your achievements.
Broadens Vision: A degree in MBA gives you a global perceptive and enhances your learning horizon. Your ability to see how business decisions affect and are seen by people from across various geographies goes up a few notches and this learning helps to broaden your thinking capabilities.
MBA programs have recently been under a lot of fire from industry experts due to many factors including an aging out-of-date curriculum, inability to meet rapid changes made in the industry etc. While an MBA program may not help you through a recession or through times of personal strife, it has the capability to add immense value to any individual with a willingness to work hard and an extremely positive can-do attitude.