Have you gotten to that point in your career where you feel as if you are stagnating? Or do you want to change your trajectory completely? An MBA could be the answer to giving your career the kickstart it needs. Many people decide to take on an MBA while they are working for a company to either move up to management, or to shift departments. Others want to embark on their own entrepreneurial journey and do an MBA course to achieve just that.
With COVID-19 bringing the world to a sudden halt, now could be the best time to start your MBA journey. While the world is on lockdown, you have the perfect reason to start an online course to further your career once the restrictions have been lifted.
There are many courses for you to choose from. Whether you are looking for the cheapest online MBA course, or whether a part-time course would suit your needs right now, there are plenty of options available. We took a look at how an MBA will benefit your career going forward and why an online course could be the most productive option for you during the lockdown.
It Will Open Doors to Promotions
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Although some people enroll in an MBA directly out of school, or as an add-on to their degree, most MBA students are people who have been working in a company for around two years.
Earning an MBA will set you aside from the other candidates currently working toward a promotion in your company. The MBA covers current business trends and developments in the business environment. This will give you the advantage you need when applying for a promotion as you will have the up-to-date knowledge and expertise to be innovative in your business.
An MBA also equips the student with practical management skills. You will learn conflict management techniques as well as strategic leadership and change management. This puts you at the forefront of moving up to a managerial position as you will be able to lead teams more effectively with an MBA.
You Have a Better Chance of Landing That New Job
As mentioned before, most MBA students sign up for the course after an average of two years of service in the workplace. Some students take on an MBA straight out of school to land directly in a coveted, well-paying first position. Others take the course to shift careers entirely and to be able to land a new job. An MBA is one of the most popular ways of successfully getting that dream job as you are seen to have the skills and knowledge that other candidates don’t have. These include:
- Strategic thinking;
- Knowing how to manage your finances;
- Being adaptable to change.
Statistics show that one in three MBA students have chosen to do the course to change their career completely. Because an MBA is usually around two years to achieve, it gives you enough time to immerse yourself in your new field. You can choose to specialize in a specific field, like marketing, finance, consulting, healthcare, or technology, to pivot your career completely. Some of the top companies globally hire MBA students specifically, so if it is your dream to get into companies like Amazon, Microsoft, Facebook, Walt Disney, or Apple, an MBA could be your answer.
You Can Ask for a Salary Increase
Once you have an MBA under your belt, asking for an increase is entirely realistic. You can prove to your company that you can achieve certain goals in a specified timeline and help them in driving the business forward. In fact, in the current COVID-19 environment, your organization will most likely need new ideas and strategies to be developed and executed. An MBA will give you a great step up by providing you the toolkit you need to achieve this effectively.
MBAs are typically an investment, but the ROI of the course is usually really high. The average salaries of MBA graduates on a global level are usually much higher than those of non-MBA employees. We took a look below at the average of what you can expect to earn annually around the world.
USA 102,100 USD
Canada 99,800 USD
Australia 98,400 USD
Singapore 82,700 USD
UK 92,400 USD
Switzerland 123,500 USD
Germany 77,200 USD
France 98,500 USD
Italy 86,400 USD
You Have a Better Chance of Starting a Successful Company
If venturing on your own is more than you are interested in, getting an MBA is the best way to prepare yourself to start your life as an entrepreneur. It provides you the practical skillset you need to launch and manage a business on your own. Most of the MBA courses are taught by professors who are successful business owners. They can share insight on real-world problems, challenges, and solutions to their students.
You are provided with savvy financial skills, strategy planning techniques, communication advice, leadership training, and the all-important problem-solving skills. MBAs can also work through the practical skills of production, supply chain management, logistics, investments, financing, and cash control. What is more, an MBA will open up your network greatly, and you could find yourself with an extensive business network to jumpstart your company. You’ll have access to other like-minded students, professors, and gain access to MBA alumni.
In wrapping up, our best advice is to do your research thoroughly before picking out an MBA course. Decide how much time you have to give to the studies as they can be intensive. Have your goal in mind and know what you want to achieve with the MBA. Lastly, decide on the best institution that will work with you. Online MBAs are highly popular at the moment due to their convenience and the fact that they yield high results. You can also work through most online MBAs at your own speed and can continue with your normal work life while studying at the same time.
Featured Photo by Nick Morrison on Unsplash