Most people who aspire to advance their career in business will have given some thought to earning an MBA. As one of, if not the most prestigious and well-respected qualifications in the business world, it’s no surprise that this degree program is hugely popular among professionals in almost every industry. And with a range of MBA concentrations that allow you to focus intensely on certain areas of business, it is one of the best educational options out there for anybody who hopes to become an expert in their field.
However, that being said, an MBA is seriously expensive and a massive investment of your time. For the majority of people who are set on working in a career that an MBA will shoot them straight into, this is undoubtedly worth it. Regardless, it’s always a wise idea to give getting an MBA, like any investment, a lot of careful thought, consideration, and research before deciding whether or not it is the right option for you. Getting this advanced business degree is a lot of hard work and dedication, and it’s always best to be sure that the investment will pay off for you. The good news is that MBA graduates are still in high demand all around the world and there is an increasing need for professionals in certain industries such as IT, international business, finance, and marketing.
So, how can you best decide if an MBA is a right choice for your career?
Start with Asking Questions
Get really honest with yourself when deciding if getting an MBA is the right choice for you and your career. Consider your reasons for getting an MBA and whether they are actually worth the investment. Do you really need an MBA for the career path that you’re going to pursue? If you don’t actually need an MBA, will it at least seriously enrich and improve your career progression and your future net worth?
Along with asking yourself some questions, a good place to start is with speaking to other people who are working in the positions where you see yourself in the future. Ask them if they are willing to provide more information on the kind of education that they had in order to get into their role, and determine whether an MBA is a common theme. Ask your role models if they think that getting an MBA would have made any kind of positive difference to or impact on their career journey. If they didn’t get an MBA, which qualifications helped them get to where they are if any?
Finally, once you have done the above and come to the conclusion that an MBA is the best choice for your career aspirations, the next set of questions to ask yourself should be about how you’re going to get the degree. There are several options to consider which include:
On-Campus, Traditional MBA Study
This type of degree is the traditional kind that we’re all familiar with. You’ll be studying at business school and required to attend on-campus classes, lectures, and workshops. Depending on where you decide to attend business school, you may be required to relocate or commute.
Online MBA Study
Much more popular this year due to the COVID-19 pandemic, getting your MBA online gives you access to the same learning materials, coursework, and assignments that you’d expect from an on-campus program but without the need to actually be on-campus. Depending on the type of degree and the school that you attend, you may be required to be online for virtual lectures and classes at certain times, or have the option to go over the learning materials and resources at times that suit you best.
Online MBA options are ideal for anybody who wants to attend a certain school but is unable to commute or relocate, along with people who need to continue working while getting their MBA thanks to the extra flexibility that they provide. While tuition is typically around the same, you can often save money by studying online since you don’t need to factor in a lot of the additional costs that tend to come with studying on-campus.
Blended MBA Study
Blended MBA programs provide you with a combination of both on-campus and online studying. This is a great option for somebody who wants the flexibility of learning online but would benefit from face-to-face support from time to time. Some programs require you to be on campus for certain classes while others allow you to choose when you’d like to attend.
Consider Your Future Career Goals
There are various reasons why people decide to get an MBA. From wanting a promotion at their current place of work to changing into a different line of work altogether or even starting their own business, it’s clear to see that the MBA is a very versatile qualification that can be used to achieve a wide range of goals. Knowing what you want to do with your MBA will make it easier to determine the next steps to take, particularly when it comes to deciding on a concentration or asking your employer to assist with funding.
Consider Your Skill-Based Goals
If you’re still stuck on where exactly you’d like your MBA to take you, it can be worth thinking about the type of skills that you would like to have developed once you’re done. The MBA is a great degree for developing a huge range of transferable skills including communication, organization, time-management, decision making, leadership, delegation, team-working skills, and many more. And, some MBA concentrations will focus more heavily on some skills than others.
Discuss Your Plans with Your Employer
There are many benefits to getting an MBA in the evolving workplace – just click here to find out more. Today, MBA graduates are in higher demand than ever and if you’re hoping to climb the corporate ladder with your current employer, getting an MBA could be the ticket that you need to get that promotion.
However, before getting started, it’s always worth speaking to your employer about your plans. This allows you to make sure that both you and your employer have the same ideas when it comes to what is required to be eligible for working in a certain position in the company. It also allows you to ask your employer about potential future job openings that you may want to keep your eye on, and whether they have any recommendations for MBA concentrations that you may want to consider choosing in order to be a better fit.
Along with getting your employer’s blessing for studying an MBA, this conversation could also be of great benefit to you financially. More and more workplaces are recognizing the benefits of supporting their employees’ education, and your employer may be able to cover some or even all of the cost of getting your degree. If this is the case, there are likely to be some conditions attached – after all, your employer will want to ensure that they’re getting the best return on their investment in you. For example, you may be required to continue working at the company for a certain length of time after graduation.
If your ultimate goal for getting an MBA is so that you are in a better position to climb the corporate ladder at your current organization, it’s worth speaking to your employer beforehand to ensure that your plans are in line with what they would require. The last thing that you want is to spend the next two to four years earning an advanced degree only to find that your employer would have given you the same promotion after much less work.
Consider Your Personal Circumstances
Consider whether getting an MBA is realistic for you right now. The workload is often quite heavy. Be honest with yourself when it comes to determining how much time you have available to study. It can be a good idea to make yourself a personal timetable of everything that you do throughout the week to see where you can fit study time in. Think about sacrifices that you might have to make, like giving up some time on a certain hobby, especially if you are planning to juggle getting your MBA with full-time work.
Thankfully, an increasing number of students are getting MBAs while working and as a result, there’s an ever-growing list of options when it comes to flexible MBA program options suitable for somebody with a hectic schedule.
Do You Want An MBA?
The most important question, however, is simply ‘Do I want an MBA?’. If the answer is yes, then ultimately, it’s your right to enroll in the MBA program of your choosing. Whether you have a specific future career goal in mind, have a business idea that’s ready to get started with, know what kind of career you want to change into, or simply want to get the qualification and see where it takes your career, there’s no denying that these are excellent credentials to have in the business world.
An MBA can seriously transform your career in many ways. But it’s a huge commitment and investment, so it’s definitely worth spending some time to decide if it’s the right one for you.
