Are You A Suitable MBA Candidate?
If you have the ambition and a degree, it's time to do some self evaluation and decide if you should go for this degree. In this blog post we'll outline what it takes to be a suitable candidate for the MBA degree, discuss whether or not it will provide sufficient benefits for your career goals and finally break down what the cost of pursuing an MBA can be before concluding with some recommendations on how to maximize your chance at success as an applicant.
An MBA is one of the most prestigious degrees in business and can lead to lucrative positions in management which offer great pay, job security AND opportunity for personal advancement. Not to mention that it leads to a comfortable lifestyle.
But first, let's ask ourselves the question; what are we talking about?
In case you do not already know, an MBA is a four year degree (and two years of internship) which is offered by various universities. These colleges specialize in managing a businesses through mentoring and training businesspeople who will take over the top positions in various industries. Most notably, they're very popular on Wall Street, as well as in media and entertainment fields. The acronym stands for "Master of Business Administration", but you might also hear it referred to as simply "MBA". It does sound quite grand...
But what about the job market? What about the people who have already completed their degrees, or those who are already working in companies or as freelancers? Do they need business administration degrees? Can every businessperson use it to their benefit? Well, let's find out.
What is an MBA Degree?
Many associate a Master of Business Administration degree with high flying businesspeople leading massive corporations. This isn't necessarily true. An MBA – like any other degree – is merely a way to learn new skills, expand your knowledge and get ahead in your career. If you do not work in business management, it may not be suitable for you at all.
So, what's the difference in receiving training in business management and getting an MBA degree? It's a sort of a plus. Your core skills will remain the same, but you will have more tools at your disposal to make your business more efficient and more profitable.
An MBA degree demands a lot from its candidates. The time and money commitment is huge, but many experts say that this is one of the best ways to guarantee success in management positions. If you work as an entrepreneur or freelancer, it's going to be much harder to get accepted into a college with this specialization – it's not impossible, but still quite difficult if you're not really well-known for being exceptional at what you do.
What are the benefits of an MBA degree?
In addition to an increase in your income potential, a well-executed MBA will give you a much better chance at becoming a top executive in any company. One of its main advantages is that you can hold your head high as you move up the corporate ladder. You already have experience and skills that can serve as a stepping stone for further advancement, greatly improving your chances of attaining success.
If you're thinking about pursuing an MBA degree to quantify your career plan, make sure you don't rush into this decision. A solid education is very important to ensure that you make good decisions later on, but using it as the sole key to success is too limiting.
An MBA is a way to expand your horizons and make your business more efficient in the long term. It provides a great opportunity for those who are considering opening their own companies or those who are thinking of moving up in the corporate ladder. With an MBA, you will be able to quickly prove to your bosses that you're truly dedicated and capable of becoming someone great in this industry.
However, it doesn't guarantee success right off the bat. There are plenty of people who received this degree and still haven't been promoted, but that's not necessarily a bad thing...
The cost of pursuing an MBA
Let's assume that you have a strong grasp on all the academic requirements, you're sure you have what it takes to become a business leader, and you're already working on creating your own company. That is great. An MBA may elevate your career by boosting your knowledge, helping you develop new skills and increasing your personal network – there are few careers that can offer as many benefits as this one can.
But then, what about the cost? The total amount of money invested in your MBA degree will be huge, but the value is much higher than the cost.
This will be a challenge, but you will need to keep your budget under control. The initial investment of an MBA degree at most schools ranges between $50,000 and $80,000. This is what you need to work with if you want to pursue this degree. But this is only the start...
There are many other costs associated with getting your MBA that can accumulate over time, especially if you're planning on pursuing a top position in management or if you want to become self-employed. As previously mentioned, most MBA programs require two years of internship before graduating – which means that during that time you cannot use your current talents and experience for making money. You will have to start from the very beginning, and may need to first look for a part-time job, or even a full-time one. Some schools offer scholarships or grant money – or even both – to those who are working and need to pay the rest of their fees.
You might be asking yourself whether you can go through with it or not – if this is so expensive, why did you put your life on hold for three years and go through with this? Because every experience is worth it. If you think about it, this degree will help you become more successful as an entrepreneur in the future. And if this isn't something you're considering, then the choice of whether or not to enroll in an MBA program is up to you. Just make sure it's for the right reasons...
What skills do I need?
In order to be successful in any field, you need some very specific skills. The same principle applies when considering getting your MBA degree. Being an entrepreneur or a freelancer is not exactly the same as being a corporate manager – there are a few things you have to put into practice before making good decisions for your business and yourself. But this doesn't mean that you can't use business management skills as an entrepreneur or freelancer. It just means that they work differently there than in a large company.
When you're working in a corporate environment, many times you don't have the freedom to make decisions because you're under strict control of the manager. Freelance work and entrepreneurship are largely about being in charge of your own fate and taking the initiative to make things happen. You need a strong spirit of self-determination to do this. You may be asking yourself what skills you will need in order to succeed – these include:
Decisiveness . Being an entrepreneur is all about making decisions, even if those decisions may not be good ones.
Conclusion . The hardest part of your business plan is the part where you have to convince everybody to follow your lead.
Awareness . You have to be aware of what's going on around you and always be ready to adapt and make changes.
Action . One of the ways to improve your progress is by making things happen. In order to do that, you need a strong will, the courage of your convictions, and a lot of initiative.
Perseverance .