The new year is just around the corner, and this is often a time when our thoughts go towards what we really want to get out of the next 12 months of our lives. With the start of 2020 comes not only a new year, but a new decade, where lots of innovative things are sure to happen in whatever industry you’ve chosen to work in. If you are looking to set a goal for yourself that can help you get the most out of the coming year, and propel you to bigger heights for the ‘20s, then one great thing to set your sights on could be finally starting that MBA you’ve been wanting to do.
“Whenever you see a successful business, someone once made a courageous decision” – Peter Drucker
An MBA is a powerful thing to have on your resume, as well as an interesting and useful program of study for people from all different backgrounds who would like to work in senior leadership roles, or even head up their own business ventures. You should have a few years of experience in the professional world before undertaking an MBA, and as a result of this, it can be something a lot of people plan to do in the future, but stall on actually getting started with. If that sounds like you, then here are 12 very good reasons to make finding an MBA program that is right for you your number one goal for January 2020!
When it comes to postgrad qualifications that have cachet, nothing really beats the MBA – at least in business and financial circles.
An MBA is recognized all over the world, and despite being a professional qualification, is one that most people have heard of and respond to.
But just why is an MBA so well regarded? Well, while there are plenty of business success stories where a person who didn’t formally study business managed to achieve leadership greatness, in most cases, people have some gaps in their knowledge and experience when they are ready to enter senior leadership, or start a business. An MBA is designed to give a good understanding of all of the key areas that a business leader needs to know about, while also providing advanced and current thinking about management. This means that when you’ve completed an MBA, you’ll be a competent and well-informed professional, and naturally, this is something that employers, investors, and even clients really seek out.
Do you want to stay in your current job and do your MBA part time? Do you want to use a period of time such as after redundancy or while being a stay at home parent to study your MBA full time and get it as fast as possible? Do you want to do your MBA while traveling, or while saving money by living somewhere less expensive than a college campus?
There are now so many options for people who want to do an MBA that you are certain to find something that fits with the timescale, budget and goals that you have. Online MBA courses like this Ohio online MBA are growing in popularity, and these can offer a huge amount of flexibility while still providing you with a qualification that is just as credible as MBAs attained by going to private colleges the traditional way. Take a look at programs starting soon and see what might suit you!
A great benefit to doing an MBA when you have attained a few years of experience in the professional world, is that it allows you to look back on your experiences and see exactly what was being done in your companies through the lens of a business leader. You can consolidate what you may have learned about all different aspects of business and management, and gain a deeper understanding of the environments you have already been in. This can be one of the most interesting things about studying business at an advanced level – you can begin to derive important lessons from things you have already seen in action.
Everybody knows that there are many different approaches to leadership, and usually, by the time you’re thinking about starting an MBA, you have encountered a few and probably even started to get a sense of your own. However, when you study for your MBA, you will be exposed to all of the latest research and thinking on the psychology surrounding people management and leadership, and will be able to understand what makes different types of manager work well. This will not only help you really strengthen yourself as a leader, but also to better work with other people at your level when you find yourself in senior roles.
New studies on management psychology and team dynamics are done all the time, and as cultures shift in the workplace, new thinking emerges.
When you do an MBA, you’ll get to discuss the most current, as well as the most established ideas about management, and this will help keep you at the cutting edge.
Marketing is such a huge factor in business success that it is something most senior managers need to understand to some degree, and something entrepreneurs and CEOs definitely have to know about. It is also an area that many people don’t get that much exposure to in the earlier stages of their careers, unless they are in marketing roles. On an MBA course, you can really begin to take in the strategies and approaches used not only to market things, but also to assess the ROI and impact of campaigns as they run, helping to drive decision making.
You can learn more about:
These are just a few topics that you’ll be able to get a broader understanding of by studying marketing as a strategic business function.
These days, whether you’re in a B2B or B2C role, and whether you’re selling products or providing services, a lot of the decisions that can make or break your business are based on how well you can understand your market.
With ever-increasing complexity in the ways that we can gather and use data about our consumers, this is an aspect of business where understanding the latest thinking can give you a real competitive edge. Learning more about the ways in which businesses can understand and target customers, and develop products or offerings to meet demands, will enable you to become much more effective when it comes to strategic decision making, as well as in customer facing situations. Studying market research and customer behaviors, as well as the approaches and technologies used for this, can be a very valuable part of your MBA preparation.
If you feel like you are stagnating in your career, having made it to a middle management level, but not really being in a position to start applying for senior executive roles, then starting your MBA could well be the thing that will break you through this ceiling in your progress. If your ideal would be to obtain a promotion into senior management in your current company, then talking to your manager about undertaking an MBA in your spare time may well lead to some assistance from your employer. Appraisals and career development meetings can be a good time to talk over your intentions, and show that you are serious about expanding your skills in order to move up the ladder.
While an MBA will definitely make you more employable, and more likely to get promoted in your current company, it is also a very good choice if your long term goal is to go into business on your own. Indeed, it can also be of a lot of assistance if you are already in the process of starting a company, or run a small business you have big plans for.
Being the CEO of a startup requires you to wear a lot of hats, and the MBA will equip you to navigate all of the different areas of business that you will need to be accountable for, as well as to make the right hiring and management decisions.
Making new connections is one of the many opportunities you will have as an MBA student, both with other students following the same course as you, with professors and speakers you’ll be introduced to via the course, and with the broader MBA community.
The networking opportunities are still there even if you are studying from home online, though you may have to show some initiative to really make the most of them when you’re not meeting people face to face on campus. You can:
One of the great things about choosing an option like an online MBA and doing it part time while you continue to work, is that you will be able to immediately start to apply the things you learn.
This means that as well as consolidating how well you understand the subjects covered on your course by relating them to real situations, you’ll also be becoming a more and more effective professional every day, as you continue studying.
If your goal is to get to C-level in a specialized area, for instance becoming a CTO or CFO, then an MBA can still be a great choice when it comes to advanced degrees. While your main expertise will of course remain in your field of specialism, an MBA will make you a more rounded leader who can appreciate better the approaches and challenges of other business functions within your company. A CTO who has a good understanding of sales and marketing will always have an edge over someone who is purely technology focused, and a financial expert will make a better CFO if they also understand the company’s R&D strategy, for example. Some aspects of leadership are also universal, such as people management and organizational efficiency, and these can be things that specialists may not have covered in a lot of detail prior to doing an MBA.
Whatever you plan to do with it, the bottom line is that an MBA will open doors for you.
You’ll be equipping yourself with a high level of business competence, and arming yourself with one of the most respected qualifications, recognized globally.
Getting started on gaining all of that knowledge and making yourself a more appealing prospect for high level positions is going to improve your long-term earning potential, and where you can expect to go with your career in the medium term.
If you like the idea of making your first steps toward having those important three letters after your name, then why not start investigating the options for online MBA programs available to you? If you’ve got the drive to succeed in business and can set aside the time to work on an MBA full or part time, then there is no better way to ring in a new and prosperous decade!