Once upon a time, an MBA (Master of Business Administration) degree was a prized piece of paper that could grant you access to all kinds of incredible careers.
Now, though, the MBA seems to have dwindled somewhat in terms of its value. In fact, only 16 of Forbes top 100 richest people in the world have MBAs.
Many people are still interested in pursuing this degree, though, and it’s not without its benefits.
If you’ve been considering an MBA, you likely have a lot of questions. You might be wondering “what does an MBA teach you?” for example, or, “Is an MBA worth the time and money?”.
Read on to get answers to these and your other most pressing MBA questions.
What Is an MBA?
An MBA is an advanced graduate degree. As a general rule, you have to spend an additional two years in school in order to earn this degree.
There’s a lot of flexibility when it comes to pursuing an MBA, though.
Many MBA programs are designed to accommodate students who work full-time or have their own businesses. There’s a lot of opportunity in most programs for students to do coursework from home and attend classes online.
What Does an MBA Teach You?
You can learn a lot of different things if you’re part of an MBA program. There are a variety of specialties within these programs, so you can choose a concentration that fits with your interests and desired career path.
The following are some common concentrations that MBA students can pursue:
- Human resources
People who have MBAs go on to work for all kinds of companies, from healthcare companies to overseas consulting firms. Of course, many also go on to build their own businesses from the ground up.
Benefits of an MBA
There are plenty of benefits that come from attending business school and earning an MBA. The following are some of the greatest perks you’ll get to enjoy as a master of business administration:
Increased Self Confidence
Some people find that graduating with their Bachelor’s degree does not give them the confidence they need to go out and pursue their business goals.
Spending some extra time in the classroom can help them to feel more confident and competent, whether they’re interviewing for jobs at other firms or hoping to start a business of their own.
It’s true that an MBA is not as valuable as it once was. That doesn’t mean it’s value-less, though.
Many employers will look favorably upon individuals who have taken the time to pursue an MBA. That degree could be the thing that gives you a slight edge over another candidate.
Gain New Skills
Earning an MBA gives you an opportunity to learn and develop new skills. The business world is changing and growing at an incredible rate. The better equipped you are to handle the changes, the better off you’ll be long-term.
Spending an additional two years in school requires a lot of discipline. If there’s one thing successful business owners and employees need, it’s discipline.
Dedicating yourself to additional schooling can help you develop the discipline you need to thrive in a competitive work environment or stay focused on creating your own business.
Build Important Relationships
When you attend an accredited business school and earn an MBA, you have an opportunity to learn from some of the world’s greatest business minds. You’ll also have opportunities to meet and develop relationships with major figures in the business world.
Spending time earning an MBA will give you plenty of chances to network and get to know people who may be able to help you in your endeavors one day.
Drawbacks of an MBA
Of course, MBA programs are also not without some drawbacks. Here are some potential downsides that come with pursuing an MBA:
The cost of most MBA programs is quite high. You can easily spend tens, if not hundreds, of thousands of dollars earning this degree.
Not everyone has that kind of money lying around to invest in additional education, nor do they want to take out even more student loans in order to cover the cost of the program.
Limited Skill Development
You do learn new skills in an MBA program. Those skills are often highly specialized, though, and there’s not a lot of diversity. As a result, you may end up really good at or really knowledgeable about just one thing.
Sometimes, this thorough knowledge can work in your favor. That’s not always the case, though, and it can leave you looking like a bit of a one-trick pony to potential employers.
Of course, participating in an MBA program requires additional time. An extra two years, in most cases.
Not everyone wants to dedicate another two years of their life to more education. That’s two years you could be spending working your way up in a company or building your own business.
Finally, the return on investment for an MBA is questionable at best.
Some people swear by what they learned or gained from their MBA program. Others think that it didn’t add much to their success. They may even go so far as to say that it held them back from attaining success sooner.
You can go on to be very successful after earning an MBA. It’s not a guarantee that you’ll earn a certain salary or position, though.
Is an MBA Right for You?
As you can see, there are some definite benefits that come with earning an MBA. You don’t need an MBA in order to be a successful entrepreneur, though.
Now that you have an answer to the question, “what does an MBA teach you?” and your other MBA-related questions, what do you think? Is an MBA right for you, or do you want to dive straight into the business world and figure things out as you go?
If you fall into the latter camp, we have lots of resources on our site that can help you. Visit the Personal Growth section today for more inspiration to get you excited about working toward your business goals!