Should I continue working or should I go for a Masters degree in Business Administration? This dilemma has haunted graduates year after year. Some graduates often consider the job security they have and think that the opportunity cost along with the fees of going for a Masters in Business Administration is too high and don’t see enough returns on investment. However there are a few others who have taken the risk and have even emerged as Business moguls! So, if you are still contemplating on whether or not to quit your job for an MBA, here’s a list of five reasons why you should choose the latter:
Climb up the Corporate Ladder
An MBA degree makes you qualified enough to rise up to high level management positions which would otherwise take years of work and effort. With an estimated 70% of the MBA graduates worldwide working as senior managers or board directors, it seems obvious that an MBA degree gives a huge boost to your career. It doesn’t stop there. An MBA degree also unlocks your business acumen and actually helps you in your entrepreneurial endeavours.
Handsome Pay Cheque
The global trend stands testament to the fact that the average salary of an MBA graduate is considerably higher than an employee with a regular master qualification. The average salary of MBA graduates ranges from US$70,000 in government and non-profit institutions to US$120,000 in consultancy, finance and healthcare. These figures are almost twice as much as what someone with a regular university degree expects to earn. It is important to point out here that you will see great returns on investment and will cover the investment you made in your MBA education in 2-3 years.
Connect
Consider this. When you enrol for an MBA, you will be sharing classrooms with the future CEOs, MDs and other people who will go on to be the masters of corporations. You will also have an opportunity to make lasting relationships with professors and teaching staff who usually are former or current potent business people with great on-field experience. This makes an MBA program a fertile environment for networking opportunities and the networks you make here will be of great help in moving forward in your career. The extensive alumni networks of your MBA programme is also a very powerful tool in your kit, especially if you plan on starting a business. The alumnus always encourages entrepreneurs and readily funds their “juniors”.
Improve and grow
Often an MBA degree requires you to leave a comfortable and secure job situation, a requirement which seems to be too steep for some. However the degree should be seen as an opportunity to improve and grow. It forces you out of your comfort zone, makes you deal with the latest issues, apply the newest management techniques and constantly challenge yourself. It provides you with the channels that will keep the challenge alive and push you to continuously improve and lead a life of ambition and success.
Enhance business acumen, know-how and network
An MBA degree gives you tremendous insight into the working of corporations and businesses and along with an extensive network that you will develop at the business school, there will be a steady exchange of information between you, your peers and your mentors throughout your life. All these things will give you a great overview of the business world and certain receptiveness to the slight changes in the business environment. It is the best, tried and tested road to becoming a master of the corporate world, a business mogul!
The list above shows the major gains you will get out of your decision to pursue an MBA degree and leaving a secure and comfortable life for a challenging path is what will give you an edge over the rest. The house may be safe and warm, but you were made to chase the storm!