Why Now Is A Great Time to Get Your MBA
By Space Coast Daily // September 23, 2020
If you’re not entirely satisfied in your current job, it can be tough to know what the best next step is.
Do you start looking for a new career? Do you stick out your current job and try to get given the responsibility and recognition that you deserve? Or do you start a business of your own?
It’s not an easy choice, and it’s certainly not one that should be taken lightly. You must take the time to sit down and think about what’s important to you when you’re making this decision for yourself.
Is it important to you that you have a good amount of free time to spend with your family or pursue your creative interests? Or do you crave a career with meaning and the opportunity for progression?
These personal values and the life you would ideally like to be living should form the cornerstone of your plan so that you are as happy as possible in your career going forwards.
Whatever you decide, getting your MBA could be a great way of giving yourself the tools that you need to take the next step on your journey, and with more and more online MBA programs available, it’s never been easier to get started.
Increase Your Employability and Prospects
According to the Graduate Management Admission Council (GMAC), the median salary for MBA graduates reached an all-time high in 2019. They reported that the median base salary among MBA graduates was $115,000.
The compensation rate for MBA graduates in 2019 was actually higher than it was in previous years, suggesting a trend towards paying MBA holders higher salaries. Employment rates for MBA graduates are also excellent, with 76% of companies in 2019 reporting that they were planning to recruit MBA graduates.
Based on a GMAC survey, the types of jobs that businesses were most eager to place MBA graduates in were positions involving strategy and innovation, finance, business intelligence and analytics, marketing and consulting.
Employers in a multitude of sectors like to take on MBA graduates because they know that they will have the general management knowledge and skills that are needed to oversee multiple departments within businesses. An MBA with a concentration in a high demand field is particularly valuable to employers.
It’s not all about the core skills that you can learn from your MBA course, though. Employers value a combination of these ‘hard’ skills along with ‘soft’ skills like creativity and charisma.
If you decide to embark on an MBA, it’s worth ensuring that your course allows you to work on these softer skills too and provides you with a way to demonstrate them to potential employers.
This is where an online MBA can provide you with an additional advantage. Studying online proves to a potential employer that you have the discipline and self-motivation necessary to complete your studies under your own steam.
When you are considering whether or not an online MBA is the right choice for you, it’s important that you think about your career goals and whether an MBA is the thing to help you achieve them. A good way to evaluate this can be to check out your potential school’s alumni employment record. If a lot of students are ending up where you hope to be, then chances are it’s a good choice for you!
More and more institutions are now offering their courses online, which provides a multitude of benefits over studying at a brick and mortar campus. Learning online:
■ Fits into your schedule. If you have commitments outside of your study, then learning online usually means that you can fit your study around the rest of your life, rather than the other way around.
■ Means you don’t need to travel. You can learn online from anywhere, meaning you don’t need to waste precious time commuting in for classes.
■ Is customizable. A lot of online courses will allow you to customize your learning experience based on your background and what you are hoping to get from the course. This means that your learning experience can end up being much more valuable.
■ Empowers you. If you have been stuck in a job that’s making you miserable, taking the first step to get out of that position in such a positive way is incredibly empowering.
■ Makes learning accessible. If you are someone who struggles in a classroom environment, then learning online takes away the stress and pressure and allows you to learn at the same level as everyone else.
You can study your online MBA at accredited universities, which allows you to study with a faculty of professionals dedicated to your personal growth without having to sacrifice your personal life at the same time.
An online MBA can be tailored for your needs, based on your educational background, work experience and career goals, and also allows you to choose a concentration so that you can focus on a specific business area if this is the right thing for you.
Finance and Accounting
An online MBA with an accounting concentration is perfect for professionals who want to take on higher-level leadership positions in taxation and accounting. A finance concentration will prepare you to build, manage and support a strong finance team. As well as technical financial and mathematical skills, you will gain leadership skills that are valuable in any sector.
The Bureau of Labor Statistics (BLS) predicts that employment of financial managers will grow fifteen percent between 2019 and 2029, which is much faster than the average for other occupations. Financial managers are also well paid, with a median salary of $129,890 in May 2019. Employers may look favorably for applicants with an MBA for these positions, as it shows that you not only have the financial knowledge needed to do the job but that you also have the quantitative and qualitative skills required to lead in the field.
Some of the other job titles that students with an online MBA with an accounting concentration are:
■ Auditing Manager
■ Budget Analyst
■ Chief Financial Officer
■ Financial Manager
■ Financial Planner
■ Financial Analyst
■ Tax Manager
■ Tax Consultant
■ Tax Fraud Examiner
Business Analytics is hugely important, particularly now. More and more businesses are doing more of their business online, and more online business means more online data. If you can correctly collect and interpret that data, then you can build models and make predictions that will potentially be very lucrative indeed.
An online MBA with a Business Analytics concentration will equip you to drive customer insights, operational performance, business process optimization and business development. The analytical skills that it provides will also put you in a great position to cash in on the growing Internet of Things (IoT) business, which is currently generating revenue over $300 billion and will only get bigger.
MBA graduates with a Business Analytics concentration have graduated into these roles:
■ Business Consultant
■ Chief Data Officer
■ Customer Analytics Manager
■ Director of IT
■ Financial Manager
■ HR Analytics Leader
■ HR Manager
■ Marketing Manager
■ Marketing Analytics Manager
■ VP of Business Analytics and Growth
■ VP of Data and Analytics
Marketing is crucial for every business. After all, if your customers don’t know what you’re selling, then it doesn’t matter how good your product is, they’re never going to buy it!
An online MBA with a marketing concentration will teach you to:
■ Conduct market research and apply it to guide strategic decision making for your organization.
■ Explore the nature of consumer decision making and understand how this needs to be reflected in the marketing strategy.
■ Be an effective leader.
■ Think about marketing as a global tool, rather than just a local one.
Some of the jobs Marketing MBA graduates have gone on to do are:
■ Art Director
■ Business Development Executive
■ Brand Manager
■ Chief Communications Officer
■ Chief Marketing Officer
■ Content Marketing Manager
■ Corporate Communications Manager
■ Creative Director
■ Digital Marketing Manager
■ Director of Creative Services
■ Director of Marketing
■ Director of Marketing & Communications
■ Director of Membership & Communications
■ Marketing Communications Manager
■ Marketing Manager
■ Market Research Manager
■ Public Information Officer
■ Social Media Marketing Manager
■ Marketing Strategist
So, as you can see, this MBA concentration could potentially take you down a route that would be satisfying both professionally and creatively. Particularly if you chose to work with an organization that is doing work that means something to you personally, your online MBA in marketing could open the door to you making a difference in the world, too.
Salaries for marketing professionals will vary according to the sector. For example, if you are working in one of the sectors who spend the most on marketing, currently energy, health care, media/communications, and tech/software/biotech according to Deloitte, then you are likely to earn more than if you are working for a charity or non-profit organization.
The BLS reported that the median annual salary for marketing managers was $132,230 in 2017. The top-paying industry for marketing managers was oil and gas extraction with a mean wage of $197,000.
Starting Your Own Business
There are undeniable benefits to getting an online MBA if you are planning to work in an organization. However, whether they are as valuable for starting your own business is a topic that is the subject of debate.
If you are someone with a great idea, but no contacts or experience in the business world, then an MBA could be valuable to you. One of the great things about an MBA is the fact that you get to study with other people who are destined for the business world and to learn from people who are already experienced in the business world.
These contacts are not only valuable in terms of the wealth of advice and experience that you can gain but because they may well end up being the start of your business network. If you want to do well in business, then having a network of people to go to is invaluable.
MBA’s have been criticized for being too theoretical. They will teach you a great deal about the theory of business, but that theory will differ quite widely to how companies operate in real life.
Some entrepreneurs claim that the only way to learn how to succeed in business is to get out there and experience what it’s like to run a business and learn from it as you go along. However, conversely, other entrepreneurs have praised MBA’s as having equipped them with the skills that they needed to run their business.
MBA’s are theoretical, yes, but they still teach you important lessons about the business world that could take years to learn if you tried to work them out as you went along.
A great thing about learning, in general, is that it allows you to reflect on yourself, what you know and what your goals are. An online MBA could be a great opportunity to refine your business idea and furnish yourself with the skills and business contacts that you need to get your idea off the ground. You may discover things through committing to learning that you wouldn’t have otherwise.
The Way the World Does Business Is Changing
There’s no doubt that the pandemic has changed how we do business. According to NBC Miami, although restaurants took a hit during the pandemic, other business areas have thrived.
For example, the construction industry has seen an increase and the demand for home improvements was unaffected by the pandemic. Paint, wallpaper and hardware dealers also saw an increase in sales.
An online MBA can provide you with the analytical skills that you need to identify these trends so that you can position yourself in such a way that you will benefit as the economy starts to recover, whether that’s by starting a business of your own or by getting yourself into an industry that is set to soar.