When you’ve had some experience with a professional industry, you can often feel like there’s more knowledge to add to your own. Or you might think that you could fancy a change in your career and business path.
One option you might look at is a position in management, which is where a Master of Business Administration degree (MBA) could be a great decision. An MBA is a course that can add a lot to your employability.
In this article, we’ll break down how an MBA plays a large role within business, as well as some job roles where having one is a necessity.
What is an MBA and what are the benefits?
An MBA is a postgraduate degree course that is the business equivalent of a master’s degree. These courses focus on managerial and administrative practices so are usually taken when you have a few years of experience in the world of business. This is rather than taking the course after finishing your undergraduate degree and can be done remotely through online courses.
There are plenty of benefits to taking on an MBA course. Not only are you adding crucial knowledge around management and leadership roles to your repertoire, but you’ll also meet like-minded people on the course from a wide variety of business backgrounds. This networking can help you connect with businesses down the line or could encourage you to start your own business alongside these contacts.
MBA graduates are also among the highest paid of any graduates within the UK, as the skills you learn are crucial for high tier roles within business structures. In fact, research from Emolument found that the graduates with MBA degrees make £89,000 annually on average, while executive MBAs fetch up to £100,000.
The importance within the business sector
Within business structures, roles that are further up the chain of command will require the skills that you got while studying for your MBA. These vary from taking charge of hiring employees who are hungry to succeed to retaining the staff you currently have and encouraging their individual development.
Alternatively, the skills you pick up could revolve around managing the company’s finances and forecasting its planning and growth. This will also involve decision-making. Being able to decide what to do on a whim and take responsibility is crucial for managerial roles.
MBA degrees are renowned all over the world. Having one can open doors internationally if you were thinking about changing up your environment and day-to-day life. This feeds back into the networking you can do through the course, as a study from Chartered Association of Business Schools (CABS) found that 7 out of 10 graduates from business schools are international students, and 11% of that number took MBA courses in the UK.
Which roles require one?
There are a wide variety of roles where an MBA is needed to qualify for the job. The Business Statistics Briefing Paper from 2020 showed that within the UK alone, there are around 6 million companies and organisations in the private business sector. Having an MBA can be the key to obtaining employment within businesses in this sector.
The transferable skills you obtain through your course can help the roles that would be offered by these companies. MBAs focus a lot on the internal finances of companies, which fits into finance manager roles that revolve around budgeting the incomings and outgoings and building a timeline for future growth. Another option would be managing human resources departments, making calls on who to hire and making tough decisions around the day-to-day communication.
Roles like this often require an MBA, as CEOs and business owners want to put their trust in someone who understands the importance of what the jobs entail. Having such a qualification shows your dedication to management and the inner workings of a business and inspires a level of trust.
The business sector has a lot of doors that can be opened by getting an MBA. Within the sector, roles higher up in the structure of many businesses require one and offer a high salary. Having an MBA can also open a lot of doors on an international level, as they’re recognised as high-achieving degrees that hold a lot of weight and teach important skills.