Deciding to study an MBA degree (Master of Business Administration) is a big step for aspiring managers. Is pursuing an MBA program offered by a business school abroad a good choice? Are the financial investment and the demanding entry requirements justified? All in all, is an MBA degree worth it?
If you're preparing to enter the competitive business world of today, we believe it is.
So, what can you do with an MBA? An MBA graduate degree will offer you a wealth of advantages, especially when it's from a well-regarded top business school. Getting a high MBA salary after graduation, landing a management position, developing a strong professional network, or even becoming your own boss are just a few of the advantages of studying an MBA degree abroad.
Need to know more? Here are the top 7 reasons why it is worth to start studying a Business Administration degree:
1. Develop priceless management skills
MBA applicants are usually young professionals with a minimum of two years of professional experience. Even senior employees who feel up to the challenge may sometimes apply. After some time in the professional life, it is human nature to seek comfort and to avoid taking risks.
MBAs and their connected specialisations will teach you a lot about everything that makes a company tick. You will learn how to:
- Manufacture, advertise and sell your products
- Keeping the company's finances healthy
- Maintain the company’s positive image
- Gather and interpret industry data
- Hire the right people and keep them motivated
- Create hierarchies that help the company thrive
- Making the tough calls at the right time
Studying a Master’s in Business Administration forces you to get out of your comfort zone. You'll encounter the latest International Business trends, apply the newest management techniques, and keep challenging yourself.
Here are a few universities and business schools offering MBAs that will develop the transferable skills and business mindset you'll need to succeed:
- James Madison University, United States
- Geneva Business School, Switzerland
- University of Wolverhampton, UK
- Koc University, Turkey
- Loughborough University, UK
2. Get free access to a large business network
As an MBA student, you have great networking opportunities. You’ll get to interact with fellow students, professors and teaching staff (business people with great management experience). And this context will accentuate your business management capabilities.
If you want to develop your business knowledge but don’t have a lot of time, you can choose a part-time MBA program next to your job. Other opportunities to gain experience are the internships included with most MBAs.
Finally, you gain access to the extensive alumni network of that particular MBA programme. Your connections will give you a great overview of the business world. Be ready for a deep understanding of the slightest changes in the business environment. You can reflect on some big business issues and make connections between various global events and world affairs.
Check some of the most popular countries where you can study an English-taught MBA:
3. An MBA salary is a high salary
Among the benefits of an MBA degree, job security and high salary are some of the most important. The average income for an MBA graduate is much higher than an employee's with a regular Master's. You can expect to earn twice as much as what you would get from a regular university degree.
If you’re wondering what you can do with an MBA degree or what MBA jobs are available, here are some popular career choices: business operations manager, management analyst, market research analyst, top executive, HR manager, etc.
Average salaries for MBA graduates
- In the U.S. - 84,650 EUR/year
- European countries - 100,000 EUR/year
In two-three years' time, you cover the investment made with your MBA education.
Average two-year MBA costs at top business schools
- In the U.S. - 101,200 EUR/year
- In Europe - 9,800 to 35,600 EUR/year
4. Start your own company from scratch
Many students choose an MBA because they want to become entrepreneurs and learn how to run a business. They have a big dream and want to know how to turn it into reality. An MBA will help you acquire business practices needed to start a new business or help existing ones grow.
Many MBA graduates end up starting their own business. Those who don’t, land middle-level or top-level management positions within big companies. Just imagine how becoming your own manager would feel like.
5. Open the door to thriving career opportunities
Graduates of part-time or full-time MBA programs have higher chances of holding a high-level management position and enjoying successful MBA careers. You can also explore online MBA degrees, which offer more flexibility and allows you to learn at your own pace. Over 50% of MBA graduates worldwide are senior managers or board directors. This type of position brings a higher salary, but also greater responsibilities.
According to Bloomberg, top employers hiring the most MBA graduates in Europe include Deloitte, Ernst & Young, McKinsey, and Boston Consulting Group. American companies like Apple, IBM, Procter and Gamble, and Amazon are also hunting for MBA graduates.
6. Experience a new place and culture
By earning an MBA degree abroad, you will gain a new perspective on how businesses are handled and get to live in a foreign country. This will broaden your cultural horizon and your international business career prospects.
You can find companies that you want to work for and arrange meetings with potential employers. Who knows, you might end up staying and working in that country after graduation.
Here are some of the best business schools in the world in 2019 based on a ranking made by Financial Times:
- Insead Business School, in France
- University of Pennsylvania, in the U.S.
- IESE Business School, in Spain
- London Business School, in the U.K.
- National University of Singapore, in Singapore
7. You can study an MBA degree online
The main benefit of studying an online MBA degree is obviously convenience. You might be busy with your work or you are simply involved in other activities which are important to you. This doesn’t mean you cannot expand your knowledge about business and management. Online MBA programmes are very flexible. You can study at your own pace and access lectures and course materials whenever you want. You only need an internet connection.
Online MBA courses are also accredited. That’s right. We’re living in a world where studying online receives the same recognition as on-campus education. Just check the accreditation of your MBA degree or university before enrolling. There are people out there trying to scam you. Still, spotting the difference between a genuine Business degree and a fake one shouldn’t be too hard once you do your research.
While tuition fees for online MBA degrees are lower, you can still find very affordable or even free Masters in Business Administration in countries like Sweden, Finland, or Denmark. The advantage of studying online is that you’ll only have to pay the tuition costs. Moving abroad would involve other expenses like accommodation, transport, and visa expenses (might not be the case, it depends on your nationality). If you feel that you can invest that money somewhere else, opting for an online MBA programme is the way to go.
An MBA means the worldwide recognition of your credentials
Once you graduate an MBA programme, regardless of the location where you plan to build your career, your degree will increase your business credibility.
The real advantage of an MBA, however, is its proven versatility. With an MBA, you can pursue many careers and advance faster to better-paid jobs.
So, start looking for an MBA degree and find your perfect match!