The MBA is back in the spotlight after many years of its relevance being questioned. Recent events have shown how fragile global supply chains can be and also how unprepared many businesses were to face major disruption.
Owners who had a solid business background were able to adapt, while many of those who didn’t had to be introduced to new concepts for the first time in their lives. This is why many more businesses are valuing MBAs today and the skills they have to bring to the table. Let’s take a look at why now could be the right time to get an MBA.
MBAs Are Not What They Used to Be
MBAs now are very different from what they used to be 20 years ago. They focus more on real-life experience and don’t focus as much on theory and case studies. You’ll get more practice and hands-on assignments. You will also be better prepared to actually run an organization.
Older MBAs were more geared towards preparing students for careers in financial service. Today’s MBAs are better adapted to meet current managerial needs and are more relevant to the future professional success of students.
It’s More Accessible than Ever
While getting into an MBA is still difficult, there are plenty more ways to get one today than there used to be. Students can now get their MBA online through an accredited program and get all the skills and credentials needed to top managerial positions. You have universities like Kettering offering accredited online MBA programs that you can follow from the comfort of your home without leaving your current position. Many of these programs are also geared towards people from other fields who want to use their prior expertise and credits to through their MBA faster.
There are tons of benefits to getting an MBA online. If you wish, you could follow your classes on your own schedule or a fixed one. Asynchronous classes, as they’re called, allow you to watch learning material at any time of the day and night. This makes them a great option for those who may be working with an irregular schedule or have many personal responsibilities.
Synchronous classes also have many benefits and allow students to directly interact with the teaching staff and other students during classes. This is the best option for students who want to replicate the ambiance and collaboration aspect of traditional MBAs.
Online MBAs also allow students to integrate remote collaboration tools, and using them will become second nature to you. We can already see how big of an advantage this will be in the next coming years. Online MBAs also attract students from all sorts of different fields and different countries. This will allow you to learn from their expertise and experience while getting exposed to opportunities you didn’t know existed.
You’ll Be Better Prepared for Change
We recently learned how fast things can change and how important it is to be able to adapt in this day and age. Getting an MBA will allow you to not only be prepared for change, but to embrace it.
If you decide to get your MBA now, you’ll be able to explore and analyze all the current international business trends. You’ll get a glimpse into the future that many others won’t, and will be able to set up your business or managerial style to deal with coming changes. You’ll learn how to use all the latest management techniques and tools. The abilities you’ll develop will become great assets and allow you to adapt to unavoidable changes in your industry, business practices, and the marketplace.
More Career Opportunities
The MBA is the perfect option for those who want to advance their careers. If you’re in a lower-level management position, the MBA could make you a prime candidate for a promotion. The MBA is also becoming a prerequisite for an increasing number of entry-level positions. You will be required to have an MBA to advance in most finance positions and many consultant jobs will also ask that you have an MBA, so this is something you’ll have to think about.
Access to a Wide Network
No matter how you decide to get an MBA, it is one of the best opportunities to build a solid network. You will be able to network with not only students, but teaching staff as well. Some may volunteer to work with you as mentors. Having someone with this type of experience helping you navigate your career or review business plans and ideas is an invaluable asset to have.
You’ll get access to a wide alumni network as well. Being able to learn from students who have graduated and are working will give you a good idea of what to expect, and could help you modify or reevaluate career paths.
MBAs Are Getting Paid Top Dollar
Businesses now understand the importance of having someone with an MBA on their team more than ever, and they are ready to pay top dollar for their expertise. While competition is fierce, job security is great for MBAs and they’re getting paid much more than the average university graduate. It’s estimated that MBA graduates make around $90,073 per year on average. They also enjoy great job security, especially in a world where MBA skills are becoming so valuable.
According to the BLS, demand for management professionals is set to increase by 5% leading into 2025. This is much faster than the national average. A total of 505,000 jobs are set to be created in the field from 2020 to 2025, which makes now the perfect time to start your MBA journey.
One of the reasons why the demand for MBAs is growing so fast is because many companies are trying to expand at a time when they’re facing major competition and disruption. Businesses that are rapidly expanding in a fiercely competitive field need experts who can tackle new business programs effectively, and management professionals with an MBA are perfectly equipped for this.
There is also more demand for people with specialized skills in areas like supply chain management. The global pandemic has been particularly tough on industries that had fragile supply chains and didn’t have contingency plans. They are now realizing how important diversifying their supply chains can be and might be overwhelmed by the idea of managing multiple suppliers across different markets. These are some of the businesses that will be in greatest need of MBAs.
You Want to Become an Entrepreneur
Future entrepreneurs with an MBA will also have a big advantage over those who don’t. They will be able to build their business with disruption in mind. They will also be able to integrate principles like lean management and agile cooperation to allow remote and hybrid teams to be more efficient. They will have already reviewed multiple possible scenarios, and have solutions for them.
Business owners who don’t have an MBA or business background, on the other hand, will have to learn on the fly. They will have a very slight margin of error and be more likely to make mistakes that they won’t be able to recover. MBAs, on the other hand, will have learned from the mistakes of others.
You’ll also get a bevy of skills that will allow you to be more independent and not have to rely on outside expertise. You don’t have to hire as many people and will be able to handle many functions yourself. You’ll be able to manage your own books, which is a big advantage. Not only will you not have to pay someone, but you’ll be on top of everything that’s happening with them.
You’ll also have all the skills needed to manage things like HR on your own. You’ll have a better understanding of intellectual property and will be less likely to infringe on someone else’s rights. You’ll be less likely to make mistakes that could get you in trouble with regulatory agencies and less likely to be faced with a lawsuit as well. You’ll be better equipped to deal with conflict within your organization and build a strong company culture.
Not only that, but you’ll be much more credible as a leader as well. Hiring managers that have more expertise than you could end up biting you in the end. They might lose respect if you decide to enforce decisions that they know for a fact are wrong. They will then start questioning your judgment and their future with the company. This is not something you’ll have to worry about if you have an MBA.
Last but not least, many lenders and venture capitalists today will refuse to work with people who don’t have a business background. Having an MBA will make you credible to lenders and venture capitalists will be more likely to allow you to keep majority control. This is an advantage you can’t afford to overlook.
These are all reasons why now could be the absolute best time to get an MBA degree. We suggest that you look at different MBA programs and formats right now and find a program that fits your profile.