Deciding to study for an MBA is a big step for aspiring managers. Is pursuing an MBA program at a business school abroad a good choice? Are the financial investment and the entry requirements justified? All in all, is an MBA degree worth it?
If you’re preparing to enter the competitive business world of today, we believe it is.
So, what can you do with an MBA? An MBA will offer you a wealth of advantages, especially when it’s from a well-regarded business school. Getting a high MBA salary after graduation, landing a management position, developing a strong professional network, or even becoming your own boss are just a few of the advantages of studying an MBA degree abroad.
Need to know more? Here are the top reasons to start studying a Business Administration degree:
1. Develop advanced and flexible management skills
MBA applicants are usually young businesspeople with a minimum of two years of professional experience. Even senior employees who feel up to the challenge may sometimes apply.
MBA classes will help you develop the skills necessary to keep a company successful. The curriculum of each Master of Business Administration degree can be different, but these are some of the most common competences you’ll develop depending on the study program you choose:
–Improve leadership and people management skills
–Develop, advertise and sell your products and services
–Network and create connections or partnerships
–Manage difficult situations (e.g. financial crisis, public scandals)
–Keep the company’s finances healthy
–Promote and maintain the company’s positive image
–Gather, interpret, and create reports based on industry data
–Hire top talent and improve employee retention
–Create hierarchies that help the company thrive
–Make tough calls at the right time
Studying an MBA degree forces you to get out of the comfort zone. You’ll explore the latest International Business trends, apply the newest management tools and techniques, and challenge yourself to improve your business, teams, and collaboration.
An MBA is also a great way to prepare for a changing business environment. The abilities you develop are also the best tools you have to adapt to the unavoidable change of industries, the marketplace, and the ways people do business.
If you plan to change careers, but the industry evolves in a way that messes with your plans, the skills you’ve developed will help you quickly adapt and find a new direction. You’ll also be able to make use of changes in economy and find new business opportunities where others simply try to survive a harsh business environment.
2. A lot of MBA specializations to fit your exact goals
Because of their international popularity, many universities and business schools have developed a diverse range of MBA programs, specializing on different aspects of the business world. So, what MBA specializations can you choose from? What’s the difference between them? And which MBA subjects are in highest demand?
- General Management – Probably the most popular MBA specialization. Great for developing an all-round effective business arsenal – great for a very versatile business environment.
- International Business – great if you want to work abroad, or work in a global company with offices in different locations. Great for aligning business goals across borders. As global businesses are growing, this too is an all-round popular specialization.
- Strategic Management – Prepares you for long-term business planning and back-up planning.
- Finance – Great for bankers, financial controllers, chief financial officers, and finance managers. Courses will focus on Statistics, Data Analysis, Accounting, and more.
- Marketing – Focuses on businesses that rely on promoting products and services.
- Entrepreneurship – Best if you have an original business idea and think about launching a start-up.
- Operations Management – Ideal for managers in charge of optimizing production processes. You’ll learn how to run production as efficiently as possible.
- IT Management – Prepares you to do business in the technology sector or do business that heavily relies on technology. This side of business relies heavily on the analysis of collected data and product development based on it.
- Human Resources – Great to learn for managers in charge of HR teams or working with large groups of employees. Focuses on conflict resolution, team development, motivation, defining job responsibilities and more. You can’t go wrong with this one if you’re a people person, as companies will always need good and happy employees.
- Consulting – prepares experts ready to offer an outside opinion for challenges faced by companies. This specialization also develops your expertise in a variety of sectors and is very well paid.
Keep in mind that there are also a lot of MBAs providing dual specializations, further upgrading your management capabilities and job-market versatility.
3. Access to an extensive business network
As an MBA student, you have great networking opportunities. You’ll interact with fellow students, professors and teaching staff (businesspeople with great management experience). And this context will expand your business management capabilities.
Finally, you gain access to the extensive alumni network of that particular MBA program. Your connections will give you a great overview of the business world. Be ready for a deep understanding of the slightest changes in the business environment and discover new ways to adapt fast. You can reflect on some big business issues and make connections between various global events and world affairs.
4. MBA salaries are some of the highest on the job market
Among the benefits of an MBA degree, job security and high salary are some of the most important. The average income for an MBA graduate is much higher than an employee’s with a regular Master’s. You can expect to earn twice as much as what you would get from a regular university degree.
If you’re wondering what you can do with an MBA degree or what MBA jobs are available, here are some popular career choices: business operations manager, management analyst, market research analyst, top executive, HR manager, etc.
1) Average salaries for MBA graduates
According to the QS Jobs & Salary Report, these are some of the average MBA annual salaries in the world:
–In the US – 102,100 USD/year
–In Canada – 99,800 USD/year
–In Australia – 98,400 USD/year
–In Singapore – 82,700 USD/year
–In the UK – 92,400 USD/year
–In Switzerland – 123,500 USD/year
–In Germany – 77,200 USD/year
–In France – 98,500 USD/year
–In Italy – 86,400 USD/year
In two or three years, you cover the investment made with your MBA education.
2) Average MBA tuition fees
An MBA program represents a considerable financial investment. To give you an idea about how much you might have to pay, we’ve listed the average tuition costs in popular study destinations offering MBAs.
Keep in mind that you can find more affordable MBA degrees (under 10,000 EUR/academic year) in these countries. At the same time, top business schools can demand higher tuition than these average amounts. Some offer MBA programs for 60,000 EUR/year with the most expensive going over 100,000 EUR/year.
–The US – 35,000 EUR
–The UK – 20,000 EUR
–Australia – 17,000 EUR
–Canada – 25,000 EUR
–Spain – 20,000 EUR
–Singapore – 35,000 EUR
3) Which countries have the most affordable MBAs?
By default, MBA programmes don’t come cheap. Still, you don’t have to break the bank if you want to advance your business career. You can find very affordable or even free Masters of Business Administration in the countries listed below.
–Finland – 0 EUR only for EU&EEA students
–Sweden – 0 EUR only for EU&EEA students
–France – 0 – 9,000 EUR/year for all international students
–Austria – 0 – 10,000 EUR/year for all international students
–Germany – 0 – 9,000 EUR/year for all international students
Our list is not exhaustive. You can find affordable MBA degrees in top study destinations, like the US or UK. To do this, use the filters on our website, Mastersportal.com, and select the tuition fee you’re willing to pay.
4) Which MBAs lead to the highest salaries?
All MBAs lead to high salaries, but some industries pay better than others. According to the U.S. News, these are the top 5 industries where MBA graduates earn the most:
–Consulting
–Financial Services
–Technology
–Healthcare
–Consumer Packaged Goods
If you’re interested in earning more, choose an MBA that will enable you to develop the necessary skills to work in one of these industries. However, don’t allow high salaries to trick you into believing an MBA diploma is the only thing you need. Salaries are determined by many other factors, such as work experience, bonuses, and how well you negotiate your contract.
About the author: Alexandru Pop has a Bachelor’s in Philosophy and a Master’s in Psychology and is the Senior SEO Specialist and editorial manager of Studyportals. He has been writing for Studyportals since 2014.
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