There are many reasons why people choose to pursue a Master’s of Business Administration (MBA) degree. While some do it to advance in their current jobs, there are others who treat it as a gateway to a high-flying career and a fat paycheck.
For many, an MBA is a chance to polish their skills as they prepare to enter the exciting world of corporate management and some just love the intellectual stimulation and challenge that a degree like this offers. There is another category of MBA aspirants who look at themselves as the corporate leaders of tomorrow and for them, an MBA is the first step of the ladder to success.
Whatever may be the reason for pursuing an MBA degree, what needs to be emphasized here is that it requires investment of both time and money. Since the tuition fee for an MBA is amongst the highest for graduate degrees, many students choose the more affordable and flexible online MBA programs over the on-campus ones.
Whether you earn your MBA degree online or by sitting in a classroom, it needs hard work, commitment, and perseverance. Also, you need to be aware of what to expect once you graduate and only then will you be able to get the maximum return on your investment.
Numerous Career Choices
Besides acquiring soft skills like interpersonal and communication skills, leadership skills, analytical aptitude, and ability to think out of the box, MBA graduates also learn advanced business concepts and management principals. The professional training imparted in an MBA program helps managers identify growth opportunities and take critical decisions that lead organizations on the path to success.
The career choices open to a Master’s of Business Administration graduate are many. From marketing management and corporate finance to Information Technology management and human resources – an MBA graduate can choose a business field that interests them and utilizes their academic knowledge, practical training, and intrinsic strengths to the maximum extent possible.
For example, if you like the thrill of promoting an organization’s products and services through different channels, then you may enjoy the field of marketing. The U.S. Department of Labor defines the work of a marketing manager as estimating the demand for products and services offered by a firm and identifying potential markets for them. Marketing managers also develop pricing strategies and monitor product development.
Financial managers, on the other hand, supervise a company’s direct investment activities in addition to implementing its short-term and long-term financial management strategies and goals. They are also responsible for directing the preparation of financial reports. If you like number crunching and cash planning, then you will draw maximum satisfaction out of financial management.
Employment Opportunities Galore
Contrary to the popular perception that MBAs mostly work in the private sector, many graduates find employment opportunities in federal, state, and non-profit organizations as well. A lot of MBAs also become entrepreneurs, while some choose to work as independent consultants.
Their earnings depend to a great extent on their specialization, their employer, the sector in which they work, and their geographic location. A financial manager, for instance, on an average earned $99,330 per annum in May 2008. This should give candidates some insight into the earning potential of a manager.
However, the fat paycheck is often accompanied with hectic work schedule and enormous performance pressure. Managers are involved in strategic business decisions and are responsible for driving growth in an organization.
Besides, since most MBAs become people managers, their performance is based on how well the team does. They are expected to keep the motivation levels of their team high, make sure their team keeps up its performance, and be ready with solutions to any problems that might or might not have a direct impact on the work. Such high levels of responsibility can lead to huge amount of mental and physical stress that many modern day managers face. But that’s something that many modern day managers accept as occupational hazard.
So, if you are driven by a passion to lead people and organizations, craft corporate success stories, enjoy taking on new challenges, a Master in Business Administration program is the right choice for you!