Is an MBA Worth It? The Benefits of Studying a Master of Business Administration
As a widely recognised and respected qualification, an MBA can take your career to new heights. Designed to enhance and formalise your existing skills and knowledge, it provides a pathway to realising your professional ambitions.
A recent survey by the Graduate Management Admission Council (GMAC) found that demand for MBA holders is strongest in Asia-Pacific. The 2019 Corporate Recruiter Survey revealed that 87% of responding employers in the Asia-Pacific region planned to hire MBA graduates in 2019, the highest share of any region in the world.
Given the high demand for MBA graduates in Asia-Pacific countries, there’s a growing incentive for ambitious professionals to enrol in MBA programs. Whether you’re a business owner or climbing the executive ladder, an MBA can help you take the next step in your career. With online courses available, it’s now possible to balance your studies with your work and other commitments. Discover more benefits of earning an MBA and why this qualification is worth your time and effort.
MBA's facilitate career progression
Even if you already have a wealth of knowledge and skills in your field, it can still be hard to get into higher leadership positions in the ultra-competitive corporate world without formal acknowledgment of your experience. With an MBA under your belt, you’ll be better equipped to stand out from the crowd.
Some of the unique skills you will develop and be able to add to your portfolio include:
- Formulate solid business and financial plans to grow and develop a business; and
- Learn how to lead organisations through complex challenges.
Armed with a solid understanding of the fundamentals of business and the support of a like-minded cohort, many MBA graduates go on to experience rapid career progression and pay increases. If it’s your goal to secure a senior management role, an MBA will add to your credibility.
Learn transferable skills with an MBA
Versatility is one of the greatest benefits of MBA programs. The strategic and analytical skills you’ll develop while studying an MBA are highly valued across a broad range of disciplines. The skills you learn will help you adjust to changes in your career and the broader economy.
Programs like the online Griffith MBA incorporates sustainable adaptive thinking, giving you a deeper understanding of the core values of responsible leadership and sustainable business practice. This skill will help you adapt to the new fiscal and sustainable environments that come with new management practices.
The business world can change rapidly but having such transferrable and highly sought-after leadership skills will ensure you don’t get left behind.
If changes to the job market start to limit your professional development, an MBA will give you the ability to pivot your career path in a different direction. There’s no limit to the industries you can work in with an MBA. According to a recent Jobs & Salary Trends Report undertaken by Top MBA, these are some of the most prominent industries for graduates:
- Financial services
- Consulting and professional services
The versatility of this list reveals the broad career paths open to MBA graduates.
MBA's are opportunities for professional networking
There’s nothing quite like finding a community of people who share your ambitions and values. Enrolling in an MBA will give you the opportunity to develop your skills among a supportive cohort of like-minded professionals.
According to data published on LinkedIn, 80% of professionals consider networking an important part of their career success, and more than 60% of professionals source opportunities from their professional network.
There is a misconception that studying an online MBA means forfeiting the networking opportunities that come with studying on-campus. However, the online classroom gives you the opportunity to connect with a vibrant community of peers like-minded professionals in an interactive and supportive digital learning environment- giving you the best of both worlds.
Online programs, such as the online Griffith MBA, are supported by flexible and innovative audio and visual learning tools. This means you’ll get to study alongside your peers in a virtual classroom from any location that suits you. The professional network you’ll build while studying will extend beyond your peers and tutors to include industry contacts, so you can establish rapport with people who’ll help advance your career.
Experience wage growth after MBA studies
If you’re still wondering “Is an MBA worth it?”, crunch the numbers before making up your mind. In addition to professional development, networking opportunities and a highly sought-after skill set, you’ll also graduate with significant pay-rise potential.
According to the Australian Financial Review’s 2019 BOSS MBA Ranking, graduates from Australian MBA schools from the previous three years experienced an average salary increase of 28%. Offering an excellent return on investment in terms of earning a formal qualification, completing an MBA provides a pathway to maximising your earning potential.