Many critics say that an MBA degree is irrelevant in today’s business world and that the course is expensive. Many also say that it doesn’t sync with the problems that businesses face in today’s world. But is it true?
If you look at the statistics, an MBA is one of the top degrees that can help you land a high-paying job. In fact, according to a report by the Graduate Management Admission Council, 87% of MBA graduates were employed immediately after they completed the course. Moreover, in Australia, an MBA graduate earns an average salary of $157,000 per year. But, the catch here is you need to get your MBA degree from a reputable university. You must carefully check the MBA rankings to identify which university will be the best for you.
But, if you are still confused about whether an MBA degree is relevant in today’s business scenario, the following are four points that will help you understand its worth.
1. An MBA Degree Helps You Become a Better Leader:
Every MBA degree, no matter the specialisation, helps you become a better leader. Even if you have graduated with a non-business degree, once you have earned your MBA, you view world problems differently. Be it managing the constant inflation and economic downturn or changes in how brands approach their marketing strategy, you can tackle everything with an MBA degree. Running a business requires specialised skill sets and education, and an MBA degree helps you earn them.
Another advantage of an MBA degree is that you learn about real-world problems through case studies, which can be closely compared to learning through storytelling. In this method, you read about the real-world problems faced by business leaders. This helps you get an idea about how you would be dealing with problems even when you have insufficient resources and information. The challenges that businesses face today need students with critical thinking and experience in crisis management, which is where it is extremely beneficial.
2. An MBA Degree Has Tremendous Earning Potential:
If an MBA was truly an irrelevant degree, why is it one of the most popular degrees that employers look for when hiring a candidate? According to a survey done by Statista, 97% of companies hire MBA graduates, a 17% rise from 2020. Another survey by GMAC stated that an MBA graduate earns a 40% higher salary than a normal graduate. Another survey done by the same institute found that an MBA graduate earns $3 million more in 35 years compared to graduates in other disciplines. From these statistics, we can conclude that getting an MBA degree is worthwhile if you consider the long-term ROI rather than the short-term investment.
3. An MBA Degree Give You an Opportunity for Professional Networking:
One thing that people often forget about an MBA degree is that it helps you make valuable connections. When you enrol in an MBA degree, you make close connections with future business leaders of big enterprises. This networking is more valuable than the degree itself. The degree creates a section of students who truly want to make an impact in the business world and fosters an environment of collaboration and knowledge sharing, which will be very beneficial for you in the future.
4. An MBA Degree Positively Impacts Your Career Trajectory:
There is no denying that an MBA is an expensive course, and you have to dedicate two years of your life to the course. However, the ROI of the degree is very high. An MBA degree gives you invaluable skills that help solve complex problems and help in better decision-making. These qualities are highly valued in a leader and will help you land a job with higher responsibilities. Moreover, after you have landed your dream job, these skills will also help take your team through turmoils and difficult situations.
Most degrees fail to teach the students soft skills along with hard skills. But an MBA teaches you both and prepares you to lead a team.
Conclusion:
If you compare an MBA degree with any other degree, you will find that the ROI of the former is tremendously higher than the latter. Even though many critics have said that the MBA is losing its relevancy today, the statistics and data prove that it has and will continue to be a relevant degree for students who truly want to impact the world.
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