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Are you a Business Administrator or a working professional? Are you tired of earning an insufficient amount of salary? Do you think an MBA degree could bring you to greater heights? Do you feel doing an MBA degree will draw your time? If you are a professional, then here is all you need to know about an MBA degree.
What is an MBA Degree?
MBA stands for Master of Business Administration. During the 20th century, the world was heading towards industrialization and was developing corporate societies at every corner. Therefore, most companies required professionals with superior managerial skills to conduct administrative operations in a workstation.
It was a golden time for an MBA graduate as many companies preferred an MBA graduate. Thus, MBA became a much preferred and requested degree. This degree gave an invariable set of excellence and grade to check the quality and level of an employee.
Why is an MBA Necessary for a Working Professional?
Are you dissatisfied with the money you earn even after working for many years? Have you not seen a salary hike for many years? Have you ever noticed that an MBA graduate of your team getting higher pay? It is time for you to realize that gaining an MBA degree could change your professional life. MBA course for working professionals gives flexibility.
Even after touching greater heights in a career, many senior officers and working professionals feel the need for an MBA at a certain point.
Gaining an MBA is not tricky in the midst of a career. Of course, studying MBA has become much easier in today’s world. Thus, before applying, one must completely know what the degree supplies and how it will design one’s career. MBA is very crucial for working professional or business administrator for the following reasons:
- Growing in a robust working environment
- Improving knowledge and skills
- Advance career growth
- Gives confidence in working place
- Improvise managerial skills
- Upgrading job performance
- Impact decision-making skills
- Supplies innovative ideas
- Provides Inspiration
- Refine career
- Guaranteed success in career
- Enable to understand the worth of corporate world
- Furnishing new technology
- Expanding professional network
- More job opportunities
- Improves leadership qualities
- Shift career path easily
- Faster career advancement
- Enhances communication skills
- Problem-solving ability
What are the Requirements for MBA?
MBA is a 2-year postgraduate course that enables working professionals to continue their job and provides higher education in the business niche. To occur an MBA degree, one needs to graduate in any discipline from a recognized University. Most MBA colleges provide admission depending upon the marks a student gained in their MBA common entrance exam.
Some Universities give five years to complete an MBA program to manage the student’s professional life. Universities update the MBA program with current business style and exercise.
What are the Different MBA Programs Available for Working Professionals?
In the past, students from various disciplines would come to obtain an MBA degree. But today, it is no longer confined to the student community; there are MBA programs for working professionals too.
Gradually MBA expanded into different types of programs for working professionals. Therefore, working professionals have numerous choices to gain their MBA according to their interests and needs.
The following are some common programs MBA has expanded into.
- Human Resource Management
- Marketing Management
- Financial Management
- Operations Management
- Rural Management
- Hospitality Management
- Project Management
- Information Technology
- Supply Chain Management
- Hospital Administration
- Airport & Airline Management
- Construction Management
- International Business Management
- Total Quality Management
How Will a Working Professional Gain an MBA Degree?
As the world is readily moving forward in technology and education, it paved the way for working professionals who aspires to gain an MBA in a much elegant way. Today, any working professional can earn an MBA through 4 different modes. All these kinds of MBA programs take into consideration time management, trends, and specialized skills.
- Part-time MBA Program: This program gives students the flexibility to finish the course within 5-years. It provides plenty of time for a working professional to balance studies and professional life. However, this course is available only in very few Universities.
There are two different types of part-time MBA programs:
- Lock Step Programs
- Self-Paced Programs
- 1-Year MBA Program: The total time frame for this course is 11-16 months. Additionally, this course needs working experience. They choose this course to gain advancement in their career and enhance them with the trends of the business administration. This short-term course provides an in-depth and immersive business knowledge and experience.
- Executive MBA Program: Executive MBA programs must be completed within 1 or 2 years, faster than conventional part-time MBA programs.
Generally, executive MBA program classes are conducted only on Fridays and weekends. This program concentrates more on leadership, strategy, communication, and management skills. Therefore, an executive MBA program builds a person’s management skills to organize their company. Many companies also provide financial support if you opt for an executive MBA program.
- Online MBA Program: Online MBA programs are cheaper when compared to full-time MBA programs. This course enables a working professional to manage time. Candidates can follow the curriculum from home or a remote location.
Master of Business Administration (MBA)
Read the list of benefits that an MBA for working professionals can provide you below.
- Intense Awareness of a Global Market
- Better Time Management
- Enhances Marketability
- Increases Quality and Quantity of Job Offers
- Higher Earning Potential
- Lifelong Earning
- Critical Thinking
- Self- discipline
- Re-energized Career
- Increased Creativity
Career Growth for Working Professional After MBA
- Senior Accountant
- Chief Financial Officer
- Marketing Director
- Vice President of IT
- Marketing Manager
- Sales Manager
- HR Manager
- Finance Advisor
- Business Analyst
- Investment Banker
- Business Development Manager
- Project Manager
- Business Consultant
- Chief Technology Officer
What does an MBA Teach You?
An MBA program is well-known in the business world for its flexibility and practical knowledge. MBA degree prepares a student to manage an organization by providing a mixture of managerial skills and practical experience. Most employers prefer an MBA graduate because of the immense field experience, professional skills, and business knowledge. Students learn about strategy, accounting, marketing, and finance.
A good MBA program provides students with complete awareness of the ever-changing business sector, enabling them to work beyond business applications. It also exercises discussion with peers, collaboration, and an inspection of a case study. In an MBA program, students also learn from other business professionals.
Salary of MBA Graduates
GMAC (Graduate Management Admissions Council) has released the salary scale of MBA graduates. According to the GMAC survey, employees with an MBA get a 39% increase in their pay on average if they plan to stay with the same employer. A fresher MBA graduate will get a lesser salary when compared to an experienced employee, and an experienced non-MBA graduate earns a lesser salary when compared to an experienced MBA graduate. Below is a list of sectors with a percentage increase in salary after getting an MBA.
- Products/Services: 59% increase
- Nonprofit/Government: 45% increase
- Technology: 35% increase
- Manufacturing: 34% increase
- Finance/Accounting: 34% increase
- Health Care: 33% increase
- Consulting: 32% increase
- Energy/Utilities: 24% increase
What If You Don’t Earn an MBA?
If you believe you can pass off an opportunity to earn an MBA, read below what you will be missing out on.
- Less Knowledge
- Less Learning Experience
- Small Professional Network
- Very Slow Salary Hike Same Working Environment