Heard people talking about studying an MBA but not sure what it is or would involve? The Master of Business Administration (MBA or M.B.A) was originated in the early 20th century when the country industrialized and companies sought scientific approaches to management. The course provides concurrent tools and skills for understanding the impact of rapidly growing and changing environment in global business.
The course is designed to perfectly prepare you for the world of business with teachings revolving around a series of case studies, real-world examples of business problems for students to find a solution to. Although it is a relatively new qualification (compared to more traditional master's degrees anyways), it provides approximately 100,000 graduates in the U.S every year.
Reports have shown that majority of the people getting the degree are people with substantial work experience that are considering going into business i.e setting up their own private private business. So what are the benefits of getting an MBA?
**New job positions are open to you when you earn an MBA. It is reported that employers are more open to employing people with an MBA and this trend has been on the rise.
**New career paths are open to you. Gaining new skills could easily be a catalyst you need to kickstart your transition from one career to another.
**You become a respected member of your business community. The qualification itself carries a lot of weight but it's your expanded skill set that intimately differentiates you from others.
**It provides you with greater job security as an MBA degree holder has more marketable skill set which may contribute to peace of mind.
Other benefits include; improvement in professional skills, growth in general world perspective, expansion of professional network and increase in your knowledge of areas most important to your career.
While all of these are great, it is also said that has benefits (advantages or Pro's) also comes with it's downsides (disadvantages or cons). Some of them includes;
**High cost of study. Estimates for the average cost of completing a degree is about $100,000 and those who study full time have no income coming in while studying. So except one has a sponsor or already gathered the funds before proceeding, its quite financially strenuous.
**Limited skill development means students are more likely to revert to old techniques and solutions that other companies have used in the past to overcome problems rather than inventing their own solutions that are perhaps better suited to the unique situation of their company.
**The lack of specialization sometimes deprive a job position with someone better suited with the technical skills for it to thrive.
Also, because of the high cost of getting an MBA, one needs to decide if they prefer career advancement as the advantage or if the money is better suited elsewhere.
With all of these, I hope anyone considering getting the prestigious MBA thinks deeply and weighs both sides before making a decision.