Business school education at a graduate level is vital for enhancing your management skills. People join such commerce-oriented graduate programs to increase their career mobility. The programs are especially critical for students with technical undergraduate degrees and require enhancing them with a management qualification.
Many MBA graduates attest to the fact that going through the program was a worthwhile venture. Some, however, harbor a pinch of regret over failed expectations. When starting the graduate program, students believe that they will move to higher-paying jobs and significantly increase their income. When such expectations are untenable, they feel disillusioned.
At the backdrop of the disillusionment is the burden of paying student loans which further aggravates the regret. From an overall perspective, business school is a worthy venture known to jumpstart careers that had stagnated.
There are many critical reasons for joining a business school. Such motives include – accessing higher-paying jobs, networking opportunities, learning to develop business plans, travel opportunities, and adapting to a changing market.
1. Access to Higher Paying Jobs
The greatest motivation for enrolling in graduate business school is accessing higher-paying jobs. U.S. News reveals that at Stanford University, the average salary and bonus for 2020 MBA graduates was more than $ 176,000, as per U.S. News data. Smiling-all-the-way to the bank is a sufficient persuader for enrolling in the program, especially if you feel stuck in a rut with low pay.
MBA programs enhance your chances of higher perks by improving your fit to an executive or managerial level position in organizations. The nature of the program is such that it provides management skills suitable for any industry. Experts in various technical fields like engineering, medicine, law, etc., seek the advanced degree to acquire the ability to manage enterprises in their respective fields. The upgraded qualification comes with an added salary to boot.
2. Priceless Networking Opportunities
Business school classes typically have a diverse group of people from different fields of practice. A significant number of students are not straight out of undergrad programs. It is common to find various practitioners in diverse sectors/industries seeking to acquire managerial qualifications. The mix of people provides a ripe networking opportunity for the students.
Many students jumpstart their careers through interactions with their classmates, accessing chances they would not have had elsewhere. Some students in the classes are senior-level or c-suite staff in various organizations. The in-depth interaction required when undertaking class team projects and studying creates priceless networking opportunities for the students.
3. Develop a Business Plan
Developing a business plan is one of the most common expert areas required of business executives and entrepreneurs. Business executives need the skill to create business cases for various high investments undertakings within their organizations. Business owners need the expertise to develop their plans for a successful business or to seek funding.
MBA programs equip you with the requisite skills to develop a business plan. The course units involve various aspects of a business plan, i.e., market analysis and strategy, sales and marketing plan, competitor analysis, business analysis/projections, etc. There is also a course component of coming up with a business plan through practical simulations. Such lessons are valuable for business executives seeking hands-on knowledge of business planning.
4. The Chance to Travel
In some instances, enrolling in an MBA program could mean the coveted chance to travel. Business school tuition is significantly more affordable outside the U.S., making better financial sense to enroll in a business school abroad. Studying overseas provides you with the chance to travel and experience a change of environment if you yearn for such experiences.
So, if you are searching for a suitable MBA school and feel constrained by the fees charged, checking out other horizons may be the solution. Being in a different country also helps you experience other cultures, increasing your exposure. Traveling is also beneficial for your mental state because it relieves stress & anxiety and aids you in re-charging.
5. Adapt to a Changing Market
Adapting to a changing market is a great reason to go for an MBA degree. The advanced degree equips you with the requisite skills of versatility in the dynamic business environment. You set yourself up for adapting and staying ahead to remain competitive despite particular business disruptions. There is no better time than now to enroll in business school.
To ensure you do not miss the intake chances, you can check GMAT test dates online and book a date to secure your opportunity at your school of choice. Passing the GMAT is a prerequisite to acceptance at any business school. The exam takes three and a half hours, assessing skills most relevant to succeed in a business school program.
Business School for Career Progression
Like any other venture, going through business school has its pros and cons. However, the advantages of the advanced degree undertaking far outweigh its disadvantages. In most cases, the cons are delayed benefits of going through the program, and some patience brings gratification in the end.