MBA or Master of Business Administration is a course that develops management skill sets required for across industries like marketing, finance, and human resources. Generally, top business schools across the world offer this course to individuals who have a few years of professional work experience. The syllabus in this degree is designed to educate students on the core specialization, that is, management across any industry ranging from production to healthcare.

Read on to know more about why you should acquire an MBA degree.

Reasons to do an MBA

An MBA degree offers various benefits to potential business professionals and executives. It is the first step for individuals that would like to start their own enterprise or want to seek a career in management. You can pursue a specialized MBA degree that prepares you for managerial roles across industries.

Continue reading to know more about the reasons to pursue an MBA degree

  • An MBA degree holder usually gets a higher salary as compared to qualified individuals. The median yearly base salary of MBA graduates in 2019 was USD 115,000, while it stayed at USD 55,000 for bachelor’s graduates. These numbers indicate that an MBA degree can fetch you double the salary as compared to other qualifications. According to industry experts, the highest MBA salaries come from the consulting and finance/accounting sectors.
  • It helps you acquire the requisite knowledge for starting and operating a business. As a student, you will learn about various aspects of business such as planning, management, and finances. All these together will develop your business acumen and help you start and build your business.
  • An MBA degree puts your career on a fast track to growth and advancement. An MBA program covers several core management subjects, making you eligible for high-paying jobs in various sectors such as human resources, finance, and technology and information systems.
  • It gives you the opportunity to network with famous and successful alumnus and prominent personalities who have made their mark as businessmen. As an MBA student, you will get to learn from successful businessmen, daring entrepreneurs, and talented recruiters. Moreover, there is a high probability that your peers can be your colleagues or business partners in the future. An MBA degree provides you with an ideal platform to build strong and long-lasting professional relationships.
  • It is a flexible course that you can pursue on a full-time or part-time basis. So, if you are currently working and cannot study full-time, you can opt for a part-time MBA degree course. Some MBA courses conduct classes in the evening and certain colleges run special weekend classes for working professionals. Additionally, you can also pursue an MBA degree via correspondence through online MBA courses.
  • It offers credibility; if you start a business, your clients and investors will see a knowledgeable, capable, and trustworthy business owner. Holding an MBA degree gives you credence as a highly competent industry expert. Moreover, it adds to your reputation of being capable across various avenues of business such as management, marketing, and finance.
  • An MBA degree gives you recognition, this especially stands true while you are searching for a job. Your MBA degree and the name of the management institution you pursued it from present you as a competent applicant. You can not only get the opportunity to work in some of the top companies in the world, but also command a higher remuneration.
  • It helps to enhance your communication skills. In an MBA degree course, students are taught to communicate and network distinctively under one subject. MBA students are taught how to deliver effective presentations in a succinct and interesting manner. Overall, you are taught how to reach out to people and convince them of your point of view. These communication skills are an invaluable asset while working for a multinational organization or running and managing your business.
  • An MBA degree is designed to prepare a student for the corporate world. This degree changes your perspective towards the professional world and equips you with the necessary tools and capabilities. An MBA degree teaches you business skills and professionalism while helping you become an exceptional communicator, manager, and adviser.

Top MBA degree specializations

As a business student, you can opt for a specialized MBA degree program. Here, you specialize in a core industry such as IT or finance, and the syllabus has subjects that help you learn various aspects of management in the industry. Depending on the specialization you choose, you have to decide on your business schools, electives, and extracurricular activities. Moreover, some colleges also offer a dual-specialization MBA degree, where you can specialize in two core subjects, doubling your expertise and credibility.

Following are the top MBA specialization courses available in the country:

  • General Management

General Management is one of the most widely pursued MBA specializations programs. Here, you will learn subjects that will help you develop a variety of management skills and perspectives that you can apply across any industry sector. Furthermore, specialization in the General Management MBA program from a reputed business school makes you an eligible job applicant across any industry ranging from human resources to finance.

  • International Management

An international management degree is ideal for those who want to work abroad or with MNCs in a management role. This specialization encompasses critical skills like international finance, strategy, and operations, among other aspects. The context of every subject in this specialization is global and prepares you to work with people from across the world.

  • Strategy

A specialization in strategy covers subjects such as risk management, consulting, business development, and planning. These skills are applicable across industries, making you eligible for a host of prominent job opportunities.

  • Entrepreneurship

This specialized MBA degree program offers critical knowledge of business development and management. Thus, equipping you with necessary skills such as pitching ideas, strategizing, and financial planning to successfully set-up and run your business.

  • Consulting

Considering how consultation is the most sought-after skill set in the business world, an MBA degree in Consulting is one of the most in-demand qualifications. It is a lucrative course, which helps you become a competent consultant that can successfully help manage companies. Additionally, consulting roles are highly respected and come with an attractive pay package.

  • Operations Management

An MBA degree specialization in Operations Management includes learning about planning, management, organization, and other facets related to the supply chains and logistics. This course equips you with knowledge on how to improve productivity and maximize efficiency on the work floor.

  • Finance

MBA in Finance is a highly sought-after job prospect in the business world. This degree opens the door to some of the highest paying jobs like financial controller, banker, chief financial officer, finance manager, and other high-profile positions in the finance industry. An MBA degree in Finance covers subjects such as accounting, statistics, and analytics.

  • Marketing

Marketing is crucial for every industry and hence, an MBA in this field can make you eligible for an array of job opportunities. This course is ideal for individuals who like to network and have a keen interest in advertising. MBA in Marketing equips you with knowledge on how to promote products and services, create marketing campaigns, design and execute marketing plans, communicate with the target audience, and create and expand a customer base. The skills learned through this course can be applied to both B2C and B2B roles. Marketing professionals are one of the highest-paid individuals in the country.

Top universities in the country

Along with your specialization, it is also important that you pursue your MBA degree from a reputed institute. An MBA degree from a reputed university or business school gives impetus to your credibility and bolsters your employment prospects. To help you narrow your choices, here are some of the reputed universities in the US that offer MBA degree courses.

  • Stanford University

Stanford University is home to the number one business school in the country: Stanford Graduate School of Business. Stanford University was founded in the year 1885 and since then, it has pioneered courses related to medicine, engineering, management, and more. It is well-known as one of the world’s leading teaching and research institutions. Stanford University offers MBA specializations in accounting, e-commerce, entrepreneurship, healthcare, technology management, human resources management, real estate, and public administration. Stanford Graduate School of Business offers only full-time courses and the tuition fee per year is USD 73,062.

  • University of Pennsylvania – Wharton

The University of Pennsylvania offers an MBA degree through the Wharton School of Business. It is a private Ivy League research university in Philadelphia. It is one of the oldest colleges in the country. It was established in 1740 before the ‘Declaration of Independence’. Wharton School of Business offers full-time MBA courses in human resources management, marketing, operations management, public policy, quantitative analysis, general management, and healthcare. The tuition fee per year is USD 74,500.

  • Northwestern University – Kellogg

Northwestern University offers an MBA degree through The Kellogg School of Management. Students at the Kellogg School of management can choose between a full-time MBA program and a part-time MBA program. Here you can specialize in real estate, general management, operations research, public administration healthcare management, and finance. The tuition fee for full-time MBA degree courses is USD 73,404 per year.

  • University of Chicago – Booth

The Booth School of Business at the University of Chicago is one of the top business schools in the country. Specializations offered at this business school include international business, organizational behavior, entrepreneurship, marketing, accounting, and finance. The Booth School of Business offers part-time, full-time, and executive MBA programs. The tuition fee for the full-time course is USD 72,000 per year.

  • Massachusetts Institute of Technology – Sloan

The Sloan School of Management is the management school of the prestigious Massachusetts Institute of Technology (MIT). It offers MBA specializations in finance, economics, entrepreneurship, international business, human resources management, supply chain management, logistics, and more. The tuition fee for a full-time MBA is USD 77,168 per year.

Things to Know Before Choosing to Study MBA

Before you plan to pursue an MBA degree, you should consider the following things.

  • Reason for doing an MBA

You have to be very clear on your purpose for wanting to pursue an MBA degree. Considering the tuition fees alone, it is not advisable to pursue an MBA degree without having a concrete roadmap of your future.

  • Fees for the course

An MBA degree from a reputed business school in one of the costliest courses in the world. Therefore, you need to take stock of your finances before plunging into a full-time MBA degree course.

  • Financials aids like loans

As mentioned before, pursuing an MBA degree is an expensive endeavor. While you cannot completely rely on your savings, an education loan is an option. However, you need to ensure that you are eligible for a loan and also have the repayment capacity later.

  • Accuracy of placement figures

While selecting a business school, you need to ensure that it has a good placement record. This becomes especially important if you have secured an education loan to pursue your MBA degree.

  • Ranking of your university

Just having an MBA degree does not suffice, it has to be from a reputed business school. The reputation of a business school is judged by its ranking. An MBA degree from a high-ranking university such as Wharton guarantees high-profile job opportunities.

Choose an MBA degree considering these points in addition to your career goals. An MBA degree will certainly boost your career and set you on a path of professional growth and success.