A Master of Business Administration degree has successfully stood the test of time and has remained popular among students. The demand for MBA grads has risen even in the post-covid world.
However, is MBA a good option in 2023, considering the recent global economic trends and geopolitical tensions? The answer can be a resounding yes.
The historical trends and the continuous demand for skilled management professionals suggest many strong reasons why to choose MBA for a promising management career.
Top 20 Reasons Why to choose MBA in 2023
1. Better Growth Prospects in Career
A big reason why MBA is important is that it can open a floodgate of opportunities for you. Top companies typically prefer management graduates from prestigious B-schools for managerial positions. This is because an MBA can better prepare B-school alums with the required skillsets for a management role than non-MBA individuals.
2. Career Switch
One of the important reasons to do an MBA for many professionals is they want to switch careers. For example, you may want to switch to a finance role after a few years of experience in operations or logistics. Or, you may like to change your career path from sales and marketing to business analytics.
In these circumstances, the importance of an MBA degree specializing in your preferred career choice can help you make the desired career switch effortlessly.
3. Breaking the Ceiling
Breaking the entry barrier to a management job can be a pivotal motivation why to choose an MBA program. Some industries, like finance and consulting, often have a policy of hiring MBA grads as management trainees or considering them for certain positions.
Besides, if you’re on the way up the corporate ladder, a coveted MBA from a prestigious B-school can help you break into a management role. This is because a management degree with the right specialization helps you get noticed by the company’s top brass for the next management opening.
4. Improved Earning Potential
If you’re still pondering why you want to do an MBA, consider the significantly improved earning potential post-MBA.
According to the US News, the class of 2021 of the full-time MBA programs at prominent US B-schools has registered an average salary of more than $171,000. The numbers are impressive, considering they are from the period when the economy was still recovering from the Covid-19 aftermath.
Clearly, top recruiters want to recruit and retain quality MBA professionals by offering attractive salaries and bonuses.
5. Consistent High Demand
According to the GMAC Corporate Recruiters Survey 2022, 87 percent of corporate recruiters expressed confidence in B-school education for success in the corporate world. Moreover, an impressive 92 percent of recruiters were positive about hiring new MBA grads.
Therefore, it can safely be assumed that the high demand and importance of MBA grads are likely to remain intact in the coming years.
6. Specialization
The chance to gain specialization in a specific field of management, like finance, human resource, logistics, etc., is why MBA can be a great option for many applicants. Top B-schools and universities offering MBA programs also help their MBA students choose the right specializations through counselling.
Moreover, many top universities in the USA offer STEM(Science, technology, Engineering, Mathematics) MBA programs that focus on building students’ technical expertise and the necessary management skills.
7. Honing Your Entrepreneurial Skills
For many people, the purpose of doing an MBA is to learn and develop entrepreneurial skills. Top B-schools can be a great place to gain hands-on experience on how businesses actually work.
Besides, many B-schools have student clubs and societies dedicated to promoting start-ups. You can discuss your business ideas with your peers or industry pioneers and develop deeper insight into how to start or grow your business.
8. Networking
You may still wonder why study MBA in a US B-school or another reputed overseas destination. The answer lies in the immense networking opportunities these B-schools provide their students.
To begin with, you become a part of the wide alum network that can help you access various job opportunities and corporate events. In addition, you can make lifelong friends and support each other throughout your professional career.
Most importantly, you get to interact with industry veterans and learn the inner working of the corporate world.
9. Improving Your Core Management Skills
Certain skills like public speaking, leadership, negotiation, teamwork, team building, conflict resolution, etc., are considered the core blocks of management required to succeed as a modern-day manager. One of the strong reasons why an MBA is important is because it helps people to develop these management skills.
10. Makes You Confident
A solid reason why to do MBA from a reputed B-School is the way it can boost your confidence. Whether you’re negotiating your salary, pitching a business idea, or simply appearing for a job interview, a management degree can help you appear confident and poised to face any type of situation.
11. Building a Personal Brand
One of the chief reasons why to choose an MBA from a reputed B-school is it helps you establish a personal brand. Many top MBA colleges abroad have carved a reputation in management education due to their consistent track record in producing industry leaders and distinguished management professionals.
For example, recruiters know what it takes to get admitted to B-schools like Wharton, Harvard, or HEC Pars. So, you automatically develop a personal brand if you get an MBA from such a reputed B-school.
12. Program Flexibility
Working professionals who find it hard to dedicate themselves to regular programs can consider various options like accelerated MBA, evening MBA, etc., offered by many top universities abroad. Besides, the flexibility of choosing from a wide range of optional subjects in an MBA course benefits students in gaining expertise in certain fields.
For example, the Stanford MBA program provides as many as 13 elective courses in finance. Moreover, they regularly update these courses as per industry standards, another reason why to choose MBA from a good B-school.
13. Age No Bar
There is no age limit for entering an MBA program. The admission process in most B-schools abroad is designed to know why you want to do an MBA and whether you’re competent enough to take the academic rigours of the program regardless of your age.
So, all you need is to build a strong resume with a good GMAT score first. Next, convince the admission committee why MBA is important for you and why you can be a perfect fit in a diverse covert. After all, age is just a number that shouldn’t come in the way of your MBA dreams.
14. Awareness of the Global Business Practices
Today, traditional wisdom goes hand in hand with modern business practices to continuously evolve more efficient business models. AI, data analytics, and other tools are revolutionizing businesses.
This is why MBA from a good B-school has more weightage than ever in the business world. B-schools help you learn the latest happenings in the business world and the practices they follow. You get to learn from various real-life case studies of different companies and how a particular industry evolves.
Moreover, you make contact with people with diverse professional experiences, which helps you develop a global perspective toward the economy.
15. Global Employability
One of the many uses of an MBA from a reputed institution is to explore career opportunities across different countries. This is evident from the fact that many Indian-origin MBA grads are on the core management team of some top Fortune 500 companies headquartered across different nations.
16. Learning Time Management
A key reason why to choose MBA is to get better at time management. Apart from the challenging course curriculum, you are required to involve yourself in various activities. These activities include personality development workshops, debates, networking activities, and other professional pursuits.
As a result, you learn to manage your time more efficiently by the end of the program, an in-demand skill deeply valued by modern employers.
17. Good Return on Investment
One of the primary reasons why to choose an MBA is the potential for good returns in the future. You invest your time and money not only in a degree but also in upgrading your career prospects, earning potential, and overall professional stature. In the end, an MBA degree can indirectly contribute toward upgrading your lifestyle.
18. Exploring New Places
On many occasions, an individual pursuing MBA uses the degree to move to new places or migrate to different countries. For example, Canada has very immigration-friendly laws that allow you to obtain a work permit and permanent residency later after pursuing your MBA at any recognized Canadian university.
Similarly, many other countries, like the USA, UK, or Australia, allow MBA grads to seek work and residency as per their immigration rules and regulations.
19. Experiencing Diversity
The sheer diversity in reputed B-schools is also a good reason why to choose MBA. Your class may have students from different countries with diverse cultural backgrounds and belief systems. You get to learn some interesting traditions and age-old customs that are surprisingly relevant today.
All this diversity is a part of the global experience that goes a long way in making you a complete leader capable of balancing rationality with empathy.
20. Allround Personality Development
During your tenure as an MBA student at a B-School, you get enough opportunities to work on your soft skills, acquire domain expertise, and develop a generally positive outlook toward your career trajectory and life. As a result, your goals become clearer, contributing toward your overall personality development.
To wrap it up, the world will always go through one uncertainty or another. So, there is no point in waiting or postponing your MBA dreams. If you’re clear about why do you want to do an MBA, just try your best and crack admission to the business school of your choice.
FAQs related to Reasons to do MBA
1. How to Choose the Right B-School for MBA?
You can refer to the business school ranking by reputed online websites to know their standings. But don’t stop there. Check the b-school’s website for the latest employment data. Also, try to communicate with students to get an idea of the prevalent education and campus culture in the school.
2. What Are the Costs Involved in Pursuing an Overseas MBA?
The average annual fees in US B-schools can cost anywhere between $50,000 to more than $200,000. However, the potential for high return on investments is why people do an MBA. Besides, most B-schools offer attractive scholarships and grants that can bring down your MBA cost.
3. Is Work Experience a Prerequisite for MBA Programs?
Many top B-schools don’t ask for work experience for their MBA programs. However, 4-5 years of quality work experience is recommended to increase your chances of getting admitted. You can check the class profile of a B-school’s MBA batch to see the average work experience to have an idea.
4. Are Indian Graduation Degrees Valid for MBA Overseas?
All the recognized Indian graduation degrees of 4-year duration or more are valid for MBA overseas admission. In the case of three-year graduation degrees, you need to check with the concerned B-school, especially if you’re seeking admission to a US B-school.
However, a three-year graduation degree followed by a two-year Master’s degree is usually accepted by most B-Schools abroad.
5. How Much GMAT Score Is Enough to Secure Admission Into an MBA College?
While a GMAT score above 700 is considered good, it is not the sole criterion for admission to an MBA program. The admission committee holistically reviews your application before selecting you for an MBA degree course. Other factors like your GPA, profile, experience, MBA essays, and recommendation also play a very significant role in helping you secure admission into the b-school of your choice.
[ Read More about Online MBA vs Offline MBA ]
