Why do an MBA? Here are the five most common reasons why people do an MBA:
1. An MBA can help with career advancement
One of the most common reasons for doing an MBA is that, for many people, it can lead to the next step in their careers. Sometimes, after working for a certain amount of time, people find that they’ve reached a certain level in their careers, and they need something else to get to management-level positions. An MBA can add specific business skills to your toolkit, such as leadership or strategic thinking, that will be good firepower when applying for management-level positions or promotions.
2. An MBA can help you meet people
It’s said that it’s not what you know, it’s who you know. If you do an MBA, you can meet a lot of people: you’ll be surrounded by professors, faculty, and students from all over the world. Internships – which are a required component of many MBA programs – are a way to get a foot in the door into companies and industries you are interested in.
And beyond that, most business schools will sponsor events such as panels and mixers, where you can meet people from the business world and beyond. Additionally, many business schools’ career services departments will host networking events, where potential employers will come and introduce themselves to you and your fellow students. All of these will prove to be invaluable assets as you look for jobs after graduation.
3. An MBA can help you learn about other functional areas and industries
Students who want to shift from one industry to another will find that an MBA can help them with specific information that may be necessary for the new industry. For instance, changing from the retail sector to the energy sector might require specific knowledge about regulatory issues or energy policy.
Likewise, changing from one functional area, like information technology, to another, like marketing, might require a different way of thinking about business.
In either case, some students find that a specialized MBA program can help them bridge those gaps.
4. An MBA program can help you move to a new place
An MBA program can be a good way to move to another city, or even another country. Just being in a new place for one or two years can help you get the lay of the land, find companies that you want to work for, and arrange meetings with potential employers. In fact, many students choose their MBA program based on location — with a long-term view of staying and working after graduation.
Those who do want to move to a new country should be aware of visa regulations. Some MBA rankings rate school based on a metric called “international mobility,” meaning the number or percentage of graduates who end up working in a country that’s different from where they are from.
5. An MBA can help you make more money
The bottom line is that a good MBA program can provide a measurable increase in salary. In fact, for most of the trustworthy MBA rankings, post-MBA “salary increase” is one of the main metrics for judging a school’s quality in relation to others.