• Thursday, July 25, 2024
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BusinessDay

Why you should get an MBA (1)

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Masters in Business Administration (MBA) degree is a huge investment in time and money. It begins with a rigorous application process, including the dreaded GMAT/GRE. There are sleepless nights studying and writing essays that probe into your most intimate experiences and future ambitions. Then, there is the long wait for a decision from the Admissions Board and, if you’re fortunate to get an offer, you have to source funding for tuition and living expenses and in most cases, overcome the hurdle of a convoluted immigrations process…..and all this needs to happen in a matter of months.

Why then do hundreds of thousands of students the world over “put themselves through the wringer” and battle the odds each year to get into a top MBA program?

A survey of MBA graduates from top programs in the US and Europe provides some insight into why despite all of this, it still makes sense to pursue an MBA:

Earning Potential an MBA dramatically increases your earning potential. It is estimated that getting an MBA from a top business school can increase your earning power by over 150 percent, easily resulting in 6-figure starting salaries (in USD). There is also a high demand for MBAs in the growing global (particularly African) economy, and a greater appreciation for the skills and knowledge that MBAs bring to an organisation. Most organisations have special “Leadership Development” programmes exclusively for MBA hires, which put participants on the fast track for senior management, and even greater earning potential.

Career Realignment: The time spent in acquiring the MBA is a great opportunity to effectively realign your career. Most professionals did not have the benefit of adequate career counselling while growing up, and undergraduate degrees and first careers are influenced by parental desires or the result of optimistic guesswork. There is little regard for using your skills and interests to determine the right career for you.

An MBA can correct this and get you back on track to professional and personal fulfilment. Besides the opportunity to explore diverse areas such as Finance, Marketing, Operations, Organisational Behaviour, Strategy and Human Capital Management, there is also the structured support of career counsellors and diverse career development resources. You get access to alumni in different fields, and a wealth of knowledge from classmates with a diversity of professional backgrounds. An internship midway through most MBA programmes is also an opportunity to “test the waters” with a potential career option.

Next Week Tuesday: “3 More Reasons Why You Should Get an MBA”

Oluwatosin Okojie

Tosin is the CEO of Total Ascent (www.total-ascent.com), a Test Preparation (GMAT/GRE/ACCA) company.