One of the most sought-after courses nowadays is an MBA degree from a renowned university to ensure a path that leads to success. But, what is an MBA and why are so many people seeking this opportunity rather than an MSc or other specific master’s?
MBA stands for Master of Business Administration and is an all-encompassing course that comprises subjects such as finance, economics, accounting, marketing, human and organizational performance, and strategy. In addition to these core subjects, individuals must also make a choice among electives, which can be primarily based on their intrinsic interests and future goals. Furthermore, it helps one instill leadership skills, business principles, and networking into their professional outlook. Moreover, MBA graduates can take up managerial positions in fields such as operations, finance, human resources, etc, and these form extremely lucrative career options. For instance, the average salary for the various spheres is as follows:
MBA Finance: ₹2 lakhs to ₹4.70 lakhs
MBA Logistics Management: ₹6.25 lakhs to ₹ 8.50 lakhs
MBA Marketing Management: ₹14.25 lakhs to ₹20.43 lakhs
MBA Information Technology: ₹10k to ₹6 lakhs
MBA Human Resource Management: ₹4.5 lakh to ₹16.50 lakhs
Overall, one will develop necessary skills such as leadership, assertive communication, drawing insights from data, teamwork, and diversity building. Besides this, an MBA also provides external support careerwise by getting one in contact with alumni, to better understand the industry that one want to be a part of, allowing one to organize recruitment fairs and networking events, and one-on-one coaching to help one get started.
In addition to these benefits that an MBA levies, it is the superior option over an MSc or specific Master’s fundamentally because it spawns over a wider range of subjects and is better suited for individuals who want to advance in their careers by giving them a good vantage point. Another basic difference between the otherwise quite alike subjects is the prerequisite of having an undergraduate degree in a similar or relevant subject as an MSc, whereas, no such requirement is necessitated for pursuing an MBA. Specific differences and reasons for why one should pursue an MBA are as follows:
- Entry-level requirements: As mentioned above, an MBA being an all-inclusive degree, a similar undergraduate course isn’t necessary for partaking in this postgraduate course, and can be undertaken whenever one stumbles upon and discovers or is aware of their pre-existing passion for business. On the contrary, an MSc requires at least a related undergraduate degree or a visible interest demonstrated through work experience in the field.
- Cost-wise: While expenses for both courses differ significantly, an MBA is a cardinal investment toward the future. This is due to it being a prestigious program with a high level of respect and appreciation in any industry. To explain, this degree is undertaken by students who can demonstrate competency and aptitude for the field of business. However, while an MSc is also a renowned degree, it is only directed to a specific area, owing to which, students aren’t able to be credited as having exposure and experience in multiple fields.
- Class Size: While MBA mostly has a greater number of students, this increases the diversity of students, while fostering teamwork and other essential skills. Besides this, being an overall tough and demanding course, this also enables students to find support and companionship in students with a similar mentality. Moreover, this can develop a social group and even form long-lasting connections that can be helpful in the future.
- Career Prospects: Overall, the modern MBA puts a strong emphasis on international business and global management. It ensures the holistic development in managerial positions while covering all aspects of a business operation, namely: digital marketing, project management, finance, human resource management, business analytics, etc. Further, an individual can dabble in any one of two directions: either an entrepreneurial path or corporate positions. To demonstrate, the former is helpful as professors in an MBA course often narrate experiences in starting a business to help people avoid beginners’ mistakes and allow a business to prosper gradually. Besides this, such courses enable one to find students with similar interests, who can then act as reliable partners for startups. On the other hand, one can also enter into pre-existing businesses for various opportunities. For instance, investment banking opportunities allow MBA graduates to act as associates to raise capital through financial investments for clients and various companies, in addition to; dealing with mergers and acquisitions, corporate reconstruction, etc. Moreover, management consultancy is also a path one can look into, to enable clients to reevaluate their market position in case of a roadblock. Last but not the least, marketing is also an important business component as they are required to conduct business research, analyze tactics, and study competition, and consumer behavior, to allow companies to succeed.
- International Exposure: While MBA degrees in the country are extremely well-curated and sought after, MBAs from international universities have a separate level of prestige. Some top countries for pursuing an overseas MBA are as follows:
- United States of America: One of the biggest economies in the world, the USA offers an extremely diverse environment for a degree like MBA while giving students pursuing the same a unique edge and a better chance of receiving high-paying jobs.
- Australia: An extremely accommodating country, it has a good mix of Asians, Americans, and natives to find people with similar interests and develop an international network. Another great advantage is that Australia offers various scholarships to allow students to fulfill their career aspirations after completion of college.
- Singapore: A very future-oriented country, it has incorporated a vast amount of technology into its infrastructure. Additionally, the country has a lot of foreign personnel in business school and is generally quite receptive to new ideas for business and management.
Lastly, while there exist several other motives to pursue an MBA, there are certain downsides as well. For instance, an MBA isn’t a degree that should be pursued by someone who wants more technical and specialized knowledge in a particular field. However, an MBA does warrant three things that an individual should remember: “a fantastic career, a great social life, and a healthy bank balance”.