MBA degrees have long held a certain prestige and have remained quite expensive compared to other degrees. Over time, despite many emerging fields, the MBA title refuses to relinquish its throne in the world of education. In today’s world, industries such as corporate finance, consumer marketing, and industrial management expect or might even require an MBA for management positions.
That being said, an MBA can certainly widen your career prospects and unlock more opportunities for you across many industries. But if you’re pursuing an MBA with only this in mind, it might not lead you anywhere.
Things to Know to Get the Most Out of an MBA Degree
If you’re considering pursuing an MBA, you should first know these 5 things to make a choice that is worth your time, effort, and money:
1. MBA Programs Have Multiple Concentrations
For the longest time, MBA degrees only offered specialization in fields like finance, marketing, supply chain, and human resources. As businesses evolve in their ways and technology continues to expand, universities are offering more and more MBA concentrations. While the traditional stalwarts finance, marketing, and human resources are still popular, many more MBA concentrations have gained popularity over the years.
To put it into perspective, here is a list of online MBA programs that the Lasalle University offers for MBA aspirants:
MBA General Online
The general online MBA program covers several management subjects without specifically focusing on a few. This is perfect for people who are already skilled in their domain and want to gain an understanding of business processes.
MBA Accounting Online
The MBA accounting online program deep dives into accounting subjects, making it perfect for people who work in the finance or audit industry.
MBA Finance Online
The MBA finance online program equips professionals with all the knowledge they need to make critical financial decisions. So, it can be one’s pathway towards progressing towards the CFO path.
MBA Health Systems Management Online
The MBA Health Systems Management students learn everything there is about hospital management. They are introduced to HRIS and other information system management tools that help them progress in the healthcare industry.
MBA Management Online
The MBA Management concentration helps professionals become better leaders. This is perfect for professionals in any industry who want to progress to a managerial role. For instance, software developers can equip themselves with skills that help them to progress to a position where they lead teams.
MBA Marketing Online
The world of marketing has completely revolutionized. An MBA marketing online program can help professionals learn about the ins and outs of all kinds of marketing, including BTL, ATL, mass media, and digital marketing.
MBA Business Systems & Analytics online
Data is known as the new oil of the digital economy. This MBA concentration is quite recent and helps students learn about data analytics tools and techniques that can help them make informed decisions for businesses.
2. MBA Program Types
By now, it should be clear that you need to do a great deal of research when you’re considering an MBA. After you’ve selected a program, you also need to consider the various program types available. Here are the several ways you can pursue this degree:
Once, the only way to obtain an MBA was through a full-time program. This program required candidates to leave their jobs and focus on the MBA.
Because the economy doesn’t allow people to leave their jobs and spare two years for studies, universities launched an option for a part-time MBA. Many programs offered classes in the evenings or weekends for students who wished to keep their jobs while pursuing the degree. However, because this program type is part-time, it takes one or more additional years to complete.
The part-time MBA was great for people who could spare time for studies during weekdays. However, the executive programs are specifically designed for students who don’t have time to spare on the weekdays. This is specifically for people who have professional experience. Therefore, the coursework is advanced, and lectures are conducted mostly over the weekends.
Ever since the pandemic, online MBA programs have become increasingly popular. The online program allows students to conveniently attend lectures from anywhere in the world. And depending on the university policies, they can even take recorded lectures at their preferred time.
3. An MBA Can Increase Your Salary
An MBA is very expensive, but it can significantly increase your salary because it equips you with multiple skills that businesses need, including:
- People management and leadership skills
- Strategic and critical thinking skills
- Effective communication skills
- Finance and accounting skills
- Marketing and planning skills
- Operations management skills
- Negotiation and Conflict Resolution skills
- Global business perspective
- Data analysis skills
4. An MBA Unlocks More Career Prospects
While an MBA can help you negotiate a better salary or progress in your current company, it can even unlock more career prospects for you.
During your MBA, you will have many opportunities to network with other professionals from your field or from other industries. After an MBA, you can get to know about job prospects from other firms or industries – therefore, secure a better role and a hiked salary package.
5. MBA Program Success is All About the Fit
Full-time MBA students pay a hefty for a two-year program. Online MBA, on the other hand, can be completed within $32,000, depending on the specialization you’re choosing. Many people only consider the financials when they are choosing a program, which is just one aspect of the degree. Many others just go for the brand name and end up leaving their degree midway because of time or financial restrictions.
While browsing schools for your MBA degree, you should not just rely on the brand name or the investment involved.
Here are some of the factors that you should consider:
- Program Specializations
- Faculty Qualifications
- Alumni Network
- Career Services
- Financial Aid
- Return on Investment (ROI)
With all these factors, in mind, you can choose an MBA program that is the right fit for your situation (location, availability, affordability) and proves to be best for your career.
If you’ve decided to go for an MBA, you cannot just look for programs online and opt for the one that looks fancy. There is a lot of research that should go into this decision as an MBA is a major time and financial commitment. This article presented you with 5 things you should know before you pursue an MBA degree so you make a well-informed choice.