Six careers primed to be enhanced by an MBA
An MBA is an advanced general management degree and so has wide application for enhancing a variety of careers. We’ve identified six industries where having an MBA will most benefit your career:
MBA author Steve Rosen once wrote: “I would rather have a great sales manager and five mediocre sales reps than a mediocre sales manager and five-star sales people.”
So, how do you go from being just any sales manager to a great leader in sales? Salesforce says there are five essential skills you need to be successful:
– Business acumen
– Hiring i.e. identifying and selecting top sales talent
– Performance management
It’s no coincidence these key skills are taught in-depth during an MBA course, making it the perfect match with your ambitions and aspirations as a senior leader in sales.
As a business development professional, you’re responsible for growing sales, lifting revenues, and accentuating competitive advantages. Sales, marketing, strategic planning, finance and customer service all come into play, and you need to fuse all factors to achieve your key objectives. An MBA will introduce you to ideas and concepts that bring all aspects of your business together into a workable, and profitable, whole, making you a perfect candidate for higher level roles within your organisation.
If an MBA course attracts the best and brightest people, then consider the opportunities for you, as an entrepreneur, to rub shoulders with fellow innovators, visionaries, and reformers. The networking potential alone should make an MBA extremely tempting proposition, but there’s more to be gained than potential collaborators. Turning a great idea into a business requires structure and a better-than-average understanding of the nuts and bolts that make up the machinery of a business. An MBA will give you that structure. An article in U.S. News sums it up like this:
“More than many other business roles, an entrepreneur needs to know a little bit of everything. Even if you start a tech company, someone has to do the accounting, know how to market your product or service and act as a leader for the team.”
In 2018, recruitment consultancy Michael Page reported there were approximately 269,000 people working in the marketing sector in Australia. To stand out from the pack and advance your career to executive level, you need something special in your CV. For example, if you wish to attain a position as a CMO, data company NGData suggests an MBA is “often required or at least strongly preferred.”
It’s easy to see why an MBA will show that you possess the knowledge and skills to fulfil your primary responsibility as a CMO: to grow revenue through effective marketing, using market research, product marketing, marketing communications, public relations and advertising. An MBA, with its emphasis on studying new ideas and thinking, will also give you a better understanding of the technological and digital factors which have changed the marketing landscape. According to Michael Page, this knowledge is crucial if you want to accelerate your career progression.
Small business owner
More than 60% of Australian small businesses close within their first three years. A lack of business knowledge is one of the main reasons, and when you think of everything a small business owner has to know, and do, this is no surprise. You’re a salesperson, a marketer, a motivator, an accountant, and much more. You must excel in every department and this is perfectly reflected in the multi-disciplinary structure of an MBA. It will equip you with a degree of knowledge that few small business owners possess.
The impact of IT on modern business is profound, yet there’s still a big gap between knowing how technology works and understanding how business is affected by that same technology. With an MBA, which will give you a profound understanding of business and management principles, you’ll position yourself as an IT professional with more to offer than just technical skills. You’ll also stand out as someone who sees the “big picture” of merging technology with business. Scott Scheible, an associate director of Career Opportunities at Carnegie Mellon School of Business, told CIO magazine that successful IT leaders need:
“…to understand the business and financial implications of their organization’s technical decisions and overall strategy [and they] need the kinds of communication and interpersonal skills associated with building and leading diverse, cross-functional teams. An MBA can help IT leaders acquire all of these abilities.”