Out of all degree programs, there are probably none that are as controversial as the MBA. While some people will argue that it is overrated and point at all the engineers and “dropouts” running Fortune 500 companies as proof, businesses are still hiring CEOs left and right. So, what is it? Is the MBA irrelevant or still a game-changing credential? Let’s take a look at why the MBA is more relevant than ever in 2023, and why you should consider getting one this year.
Tech Companies are Hiring MBAs in the Thousands
You’d think that the Silicon Valley darlings and unicorns would be turning their nose at supposedly outdated and out of touch MBAs, but that couldn’t be further from the truth. The reality is that these companies still need the core set of skills MBAs bring to the table. Companies like Google, Apple, Amazon, and Facebook are all poised to hire more MBAs this year, which is a continuing trend.
It doesn’t stop with tech companies either. A recent survey by the GMAC found that 76% of all companies were planning on hiring MBAs in 2022. We’re not expecting them to stop any time soon either. So, now would be the best time to start positioning yourself as a good candidate.
Enrolling is Easier than Ever
There was also no time in history when it was easier to get an MBA than right now. Online colleges allow you to get your degree from the comfort of your home. You have the chance to take part-time of full-time courses while still maintaining your position, and without having to leave your state or even country.
You also have tons of resources at your disposal. Events like The MBA Tour, for instance, will literally bring the MBA to you. In addition to talks from some of the biggest figures in the business education sector, students get to meet recruiters from some of the biggest schools in the country.
Every school participating in the event has been pre-screened by The MBA Tour’s board, and their events are the perfect opportunity to increase your chances of getting accepted into the school you’ve always dreamed of. If you want to know more about The Tour and their upcoming events, you can visit thembatour.com.
You’ll Become a More Well-Rounded Entrepreneur
If you’re currently running your own business, then there is still no better program to take your business to the next level. As an MBA, you’ll learn some of the most critical skills needed in business and will become more independent as a result.
For instance, MBAs learn about more than just management and administration. They also get a business law and intellectual property foundation as well. This means that you won’t have to rely as much on a business lawyer. But this also means that you’ll be better equipped to avoid costly lawsuits that end up setting back or destroying so many companies.
Not only that, but you’ll also get a formation in accounting as well. This is another area where you’ll be able to save money. You can still choose to hire an accountant or have one in house, but you will be less susceptible to errors and will have a better understanding of your books and finance. You’ll also be able to understand recent changes in the tax code and navigate it more easily.
In addition, you’ll learn soft skills such as negotiation, communication, organization, teamwork, leadership, payroll, human resource management, supply chain management, agile methodologies, and more. These are all skills that can be either difficult or downright impossible to learn on your own.
For instance, some people simply might not know what good leadership actually is. They might be too domineering. Or they might not know how to use positive feedback and constructive criticism in good measure. Others struggle with accountability. These are all things you could currently be completely oblivious to and are hurting you in your business.
Bottom line is that you’ll simply be more complete as an entrepreneur, and better able to handle and grow your business. You won’t be overwhelmed with expansion and will know when it’s better to not expand. You’ll understand things like franchising and when it’s a good idea. You’ll also be able to see issues a mile away, issues you would’ve run into head-first without the knowledge.
More Specializations than Ever
The Master of Business Administration is more specialized and versatile than ever. No matter the field you’re interested in, there’s an MBA for you. Want to work in IT? Then why don’t you go into IT management? Like healthcare? Then there’s a specialization for you as well.
MBAs are in demand in a wide variety of fields and depending on where you are, some might be more in demand than others. You could also decide to go for international business if you’d like to see the world or work as a consultant. Note that there are also MBAs with a concentration in consulting if that’s your main goal.
MBAs are Great for Networking
Building a strong network is important no matter the field. But MBAs, in particular, are one of the best programs to meet like-minded people and build connections.
MBAs tend to attract a diverse group of students. Some of them might already be successful entrepreneurs or managers in big companies. These people could give you insights into the world of business and the corporate world.
You also have the chance to meet future mentors there. If you have affinities with one or multiple teachers, many of them will be more than happy to act as your mentor. They will also be glad to help you if you need feedback about an idea you had. Some students even end up becoming business partners with their teachers. So, if you want to build a solid list of contacts across various industries, then the MBA is where it’s at. It’s also the perfect laboratory to test and brainstorm ideas with other brilliant business minds.
MBA Graduates Are Some of the Most Well Paid
Last, but not least, MBAs remain some of the most well-paid graduates anywhere. As an MBA, you can expect to make as much as $102,000 per year, and that’s only in the US. Places like Switzerland will pay you as much as $125,000 per year. This means that you could be able to repay your tuition costs in as little as 2 or 3 years.
The MBA will open doors for you wherever you are around the globe. Countries like India are one of the biggest markets for western MBAs. The whole Asia-Pacific region is also a great place for MBA students.
So, if you were still wondering if getting an MBA was still worthwhile in 2023, we hope we were able to convince you. Before you decide to enrol, however, make sure that you are clear about your goals, and have realistic expectations. Also, make sure to consult as many resources as you can so you’ll know if it’s the right choice for you.