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If you’re wrapping up your undergraduate program, you may wonder about the next chapter in your life. Will you pursue a career in your desired field or continue studying to earn an additional degree?
Deciding whether or not to pursue a master’s degree is a big step in your higher education journey. Suppose you have the entrepreneurial spirit and dream of someday opening your own business. In that case, would it be worth getting a Master of Business Administration (MBA)? What is an MBA and what are the benefits and drawbacks of receiving one?
What is an MBA?
An MBA is a master’s degree that many business students pursue during their college careers. The degree can accelerate your business career, as it often gives candidates a leg up in the job market.
The MBA is the world’s most popular graduate degree program, and for a good reason. These programs give students fundamental business knowledge and management skills to keep up with today’s fast-paced business landscape.
MBA graduates get a holistic view of business and the common departments within an organization, such as marketing, accounting, finance, information technology (IT) and human resources.
Benefits and Drawbacks of Getting an MBA
Although MBAs are becoming increasingly popular among college students, earning this degree is not for everyone. Some students want to follow a career path that does not require management skills. Gaining experience in business can happen with or without an MBA.
You might want to take some time in the real world before getting your MBA, as it’s a demanding program that requires a lot of time, money and energy.
There are many benefits to getting an MBA, but also some drawbacks. Here is a breakdown of these benefits and drawbacks to help you determine if pursuing an MBA is right for you.
- Improves your marketability for potential employers, especially if you earn an MBA from a top-tier college or university
- Prepares you for management or leadership roles in whichever field you choose
- It can help you earn a higher salary at a company
- Gives you the skills and knowledge to advance your career
- Connects you to other MBA graduates and enables you to build your professional network
- It can be expensive, depending on your financial situation
- Earning an MBA does not guarantee a future job
- Getting an MBA from a low-ranking or less prestigious university might go unnoticed
- Not a worthwhile investment if you don’t plan on pursuing a role in management or leadership
As you can see, there are pros and cons to receiving an MBA. Most MBA graduates
Who Should Get an MBA?
So, what students should consider getting an MBA? First, business students who want to advance their careers, earn high salaries and stand out in today’s fierce job market would benefit most from receiving their MBAs.
For several reasons, the average student might not get accepted to an MBA program. Most MBA programs in the U.S. are highly competitive, meaning most applicants have to meet certain requirements, such as stellar communication skills, a high level of self-awareness, straight As and a good reputation from peers, professors and former employers.
It also helps students to participate in extracurricular activities. For example, potential MBA graduates often have volunteer experience, internships and business-related organizations listed on their resumes and job applications.
The Final Verdict
An MBA is often a worthwhile investment for students looking to climb the corporate ladder after graduating college. Students in certain majors might not need an MBA, as not all employers require them.
Before deciding whether or not to pursue an MBA, determine your future career path. Do you want to manage a company or be a C-suite executive? What types of skills can you improve by getting an MBA? Before committing to any MBA program, ask these important questions, so you know exactly what you’re getting into.