When thinking about whether an MBA is the right career move for you, there are two things to consider. These are time and cost. You should treat an MBA as a financial decision. To find out whether it’s the right choice for you, it’s important to analyze the costs and possible benefits. If your goal is to work as a manager or leader, and you have the budget and time for an MBA, then it’s likely that you will get an impressive return on investment. An MBA is a powerful credential, and the concepts you learn over the course of the program can easily position you for promotions. Here are some of the reasons why you might want to consider an MBA.
Promotion to Leadership Roles
Most people who consider MBAs are those who are looking to become managers and leaders one day. However, before you can become a leader, you need to learn how to understand other people’s perspectives. You also need to be able to give and receive feedback effectively. All these are traits of a good leader, and most of them are not taught in graduate school.
An MBA focuses on teaching leadership and management. Learning these skills offers you a chance to get early leadership experience. You are also likely to make the inevitable mistakes that come with acquiring these skills, and those too are part of the lesson. Fortunately, these are mistakes that will be made in a safe learning environment. It can be costly to make such mistakes in a leadership position where you are being carefully watched. As you might imagine, making mistakes in a real life setup can be quite costly.
If you are not an immediate success, you will likely fail to meet expectations in your first gig as a manager. While this might sound harmless, it can actually affect your future more than you realize. If you fail to perform while working for a large company, you may end up with a bad rating that sticks with you forever. This will make it almost impossible for you to advance to bigger roles. You can quickly end up with the label, “Great as a contributor, but questionable as a manager.” This is why you need to get the necessary training so you can avoid this.
Studying for an MBA Gives you an Opportunity to Build a Great Network
Promotion to a senior role usually means you are moving from purely analytical tasks to sourcing new engagements for your organization. This is why most consulting firms never consider people who have never sold a new business for partner positions. As a leader, one of your tasks may be to source deals. And keep in mind that once you attain higher positions in an organization, you usually eat what you kill. The amount of money you get will be closely tied to the business that you bring in.
Having a broad network of MBA holders is a great way to start. As you make friends during the course of the program, you will essentially be preparing yourself for management and leadership roles without knowing it. Even if you opt for an Online Masters of Business Administration, you will still be able to build an impressive network. The network you build with your MBA will contain potential deals, clients, and colleagues who will teach you about new industries. Your former MBA classmates can be your most invaluable asset when it comes to doing business.
Reduce Your Career Risk
It’s not a good idea to have a network that consists of people in your industry or even a single organization. Unfortunately, a lot of professionals find themselves in this situation. If you make a mistake or your boss uses you as a scapegoat, your reputation will be badly damaged, and everyone who knows you on a professional level will start viewing you in a bad light. By diversifying your network to include your MBA classmates, you can add a safety net to your career. That way, if something happens, only a section of people in your professional network will be aware of your bad reputation.
These are some of the benefits of an MBA program. Apart from the benefits listed above, as you progress with your studies, you will meet people from practically all industries. Like a lot of MBA students, you may find that you wish to switch careers. This can open the door to a career that you enjoy. This is a good thing because you are more likely to achieve more in a career that you love.