Career with an MBA Degree

Should I Persue an MBA Degree

If you want to break into the business and management field, or move up the ranks at your current job, then you should consider an MBA degree.

What do MBA’s do?

The Masters of Business Administration is a prestigious and sought after degree. It deals with all facets of business and management across sectors, and after completing the degree you are well-suited to deal with real life issues facing organizations and global businesses.

MBAs usually supervise and lead departments such as HR, Supply Chain, Operations, Procurements, and Marketing etc. depending on the specialization that the MBA candidate has. They analyze a company’s business strategy, deal with day to day operational issues, handle the budgeting and planning, and are responsible for the smooth functioning of their team.

What education do I need to enter this field?

To become an MBA you need to complete the degree requirements for a Master in Business Administration degree from an accredited institution. MBA schools are highly sought after and ranked on a number of variables, and it is advised that an MBA degree should be done from a renowned university for optimal career progression.

Getting into the program is extremely difficult as competition is fierce from home and from abroad. The selection criterion is rigorous, and only well rounded students with exceptional potential are chosen. It is also mandatory to take the GMAT exam to apply.

What specializations are there within MBA?

  • Accounting
  • Business Management
  • E-Business/E-Commerce
  • Economics
  • Entrepreneurship
  • Finance
  • Global Management
  • Human Resources Management
  • Information Systems
  • Marketing
  • Operations Management
  • Strategic/Risk Management
  • Technology Management

Where do MBAs work?

MBAs work in both the private and public sector, in almost every industry one can think of. All organizations need skilled professionals in business and management so you will find MBAs in industries ranging from pharmaceutical and consumer goods to financial institutions and government departments. The place of work also largely depends on the chosen specialization.

How much are they paid?

The actual salary depends on years of experience, your undergraduate degree, geographical location, industry you are employed in and also the institution you graduated from. Another variant is of course, the sub-field you specialize in.

According to The National Association of Colleges and Employers, in 2006, median annual MBA salaries were $90,000. First-year MBA graduates’ salaries range somewhere between $50,000 and $75,000–with more than 40% earning $75,000 and up. These do not include the perks, medical benefits and large bonuses that MBAs are entitled to.

What are their employment prospects?

The employment and growth opportunities for MBAs are endless. Their skills are extremely marketable and versatile, and some employers will not even consider an individual for a senior management position if he/she does not have an MBA degree. MBA graduates reportedly make around 35 percent more than people without that qualification. Climbing up the corporate ranks is much easier with this degree.

However, it should be kept in mind that the MBA degree is very expensive. You have to factor in the amount of time, effort and money you will spend to get that coveted title of an MBA.