Deciding to do an MBA (Master of Business Administration) is a very hot topic nowadays. Is an MBA just a trend (see the MBA application statistics in the U.S. and in Europe), or is there real value in pursuing such a well-regarded study programme? So is choosing an MBA at a business school abroad worth the investment and the demanding entry requirements?
If you're preparing to enter the business world the short answer is "definitely YES!" An MBA will offer you a wealth of advantages, especially when it is a top business school with a very good reputation. Getting a higher salary after graduation, landing a top management position or even becoming your own boss are just a few of the advantages!
Here are the top 7 reasons for which it is worth to start studying a Master in Business Administration:
1. An MBA means better chances for a higher salary
The average salary for an MBA graduate is considerably higher compared to the salary of an employee with a regular Master's degree qualification. The average salary for MBA graduates in the U.S. is around 91,950 USD, while in most European countries, the average salary for an MBA graduate is around 100,000 EUR. That is almost twice as much as what you would expect to earn from a regular university degree.
In two-three years' time, you cover the investment made in your MBA education which is estimated to cost, for a two-year MBA at a top business university in the U.S., 110,000 USD on average. On the other hand, European business schools have more affordable tuition fees ranging from 9,800 to around 35,600 EUR.
Check out some useful advice on how to finance your MBA studies.
2. Open the door to thriving career opportunities
Due to their qualification, graduates of an MBA programme have higher chances of obtaining and holding a high-level management position. More than 50% of the MBA graduates worldwide are senior managers or board directors. This type of position brings along a higher salary but of course also a higher responsibility and longer working hours.
According to Bloomberg, some of the top employers that hire the largest number of MBA graduates in Europe include Deloitte, Ernst & Young, McKinsey, Boston Consulting Group.
American companies like Apple, IBM, Procter and Gamble, and Amazon are also constantly hunting for MBA graduates from top business schools in the U.S.
3. Get free access to a large business network
As an MBA student, you have great networking opportunities. Youll get to know and interact in a context that accentuates your business management capabilities with colleagues, professors and teaching staff (usually former or current potent business people, with great management experience).
Furthermore, if you are not doing a part-time MBA next to your job or within your company, you have good chances to meet potential employers through the various internships that are part of most MBA programmes.
Last but not least, you gain access to the extensive alumni network of that particular MBA programme and of others (professionals with key positions to whom you already have a direct link through the MBA education you possess). This extensive, well-consolidated business network is bound to pay off throughout your whole career, making you the first-hand recipient of all relevant information in the field and giving you better chances at seizing the best opportunities.
Check some of the most popular countries where you study an MBA:
- MBA programmes in Spain
- MBA programmes in Switzerland
- MBA programmes in France
- MBA programmes in the UK
- MBA programmes in the U.S.
4. Acquire valuable business and managerial skills
An MBA education is usually pursued by young professionals with a minimum of two years of work experience and even by senior employees that feel up to the challenge. After some time in the professional life, it is in the human nature to conform to a certain repetitiveness and to avoid taking risks.
Studying a Master of Business Administration forces you to get out of your comfort zone, deal with the latest issues in international business, apply the newest management techniques and just constantly challenge yourself. And that will continue after graduation as well, as an MBA also provides you with the channels that will keep this challenge alive and push you to continuously improve.
5. Be your own boss
Many students choose an MBA because they want to become entrepreneurs and learn how to run a successful business. An MBA programme will help you acquire the knowledge and business practices that are needed to start a new business or help an existing business grow and develop.
Even if you won't Many MBA graduates end up starting their own business and those who dont, initially land middle-level or top-level management positions within big companies.
6. Experience a new place and culture during your studies
If you choose to study an MBA abroad, you will not only gain a new perspective on how businesses are handled but get to experience living in a different country. This will broaden your cultural and intellectual horizon, and your business career prospects as well. You can find companies that you want to work for, arrange meetings with potential employers and who knows? You might end up staying and working after graduation or build your own business in this country.
Check out MBA rankings that rate business schools based on the international mobility criteria, meaning the number or percentage of graduates who end up working in a different country thats not where they are from.
Based on the international mobility criteria ranking made by Financial Times, some of the top business schools in 2016 are:
7. Capture a holistic perspective on the business world
As mentioned before, through studying an MBA, you become part of a great network of professionals and companies and you constantly challenge yourself with the newest problem-solving skills. These things together give you a great overview of the business world, a deep understanding and a certain receptiveness to the slight changes in this environment. You can reflect on some big business issues, make connections between various global events and the world of affairs and overall, have a better understanding of how the world works.
An MBA equals a worldwide recognition of your credentials
Once you successfully graduate from an MBA, regardless of the location where you plan to build your career, your degree will be acknowledged and you will surely increase your credibility among business people. The real advantage of an MBA however, is its proven versatility; with an MBA, you can pursue many career fields, and advance to higher and better-paid jobs way faster.
Start looking for an MBA degree and find your perfect match!