The consensus is generally that advancing your education is one of the most beneficial actions you can take for personal growth, offering countless advantages. Specifically, pursuing a Master’s degree in Business Administration (MBA) bestows certain exclusive perks.
Deciding to work towards an MBA isn’t an inconsequential choice. In most cases, it is usually a part-time endeavour alongside full-time employment, with the average course pegged at around €35,000.
The pursuit impacts every facet of the student’s life for the study period, with the necessity for juggling the demands of the course with a typically hectic modern lifestyle. Therefore, it is crucial for prospective MBA candidates to be fully aware of what they stand to gain from this significant commitment.
Prerequisites
On the whole, an MBA is viewed positively for expanding an employee’s competencies in a manner that applies across various fields. It paves the way to elevation, an increased pay scale, establishing a professional standing and even running or owning a company. Like every university degree, there are certain entry conditions. Most institutions demand a bachelor’s degree to qualify for enrolment in an MBA programme. A common further stipulation is achieving a 2.1 in the said degree. Nonetheless, they often accept work experience as a substitute for these qualifications.
Although some amount of work experience is frequently a prerequisite for MBA programmes, it need not necessarily be in commerce or finance, leading to a mixed student demographic in the course. Colin Hughes, spearheading the Graduate Business School at TU Dublin, considers this as one of the key plus points of an MBA.
“It facilitates students’ learning about assorted fields. It broadens their views that may have been influenced by industry groupthink,” Hughes shares.
In addition to widening their academic horizons, it also exposes them to fresh sectors thereby increasing their familiarity. Hughes indicates a “considerable movement” among those who venture into MBAs.
Professional Circle
“We observe that nearly 40% of individuals switch jobs over the course of their MBA. A significant number do so post their MBA. The most straightforward route is internal progression, but also noteworthy, is the movement across sectors or even transitioning into a completely new sector,” reported Hughes.
“We often observe people shifting industries or launching their own ventures into a new sector,” notes the composition of the MBA course ensures a wide range of contacts upon completion, an invaluable asset in the business world, particularly when seeking collaboration or seeking entry into a different sector.
An MBA curriculum is typically broad and comprehensive, with many Irish programs enjoying the AMBA accreditation, signifying their quality and guiding course content. The programs are primarily practice-based, research-informed, and provide holistic insight into business operations.
Hughes emphasises the importance of adaptability in the relentlessly evolving professional world, which makes MBA programs strive to impart the ability to manage and even thrive amid change. In the wake of the increasing prevalence of sustainable practices, for instance, this is particularly significant.
Although many enrol in an MBA for professional advancement, the programs also contribute significantly to personal growth, “…an MBA essentially is a two-year reflective exercise,” stated Hughes, “It equips participants with the ability to introspect, to pause and analyse situations and adopt alternative approaches.”
Hughes further adds, it considerably boosts self-confidence and hones their business insight. The course heavily emphasises group activities, facilitating interaction with diverse personalities, fostering teamwork and adaptability.
Enhancement of critical thinking remains an indispensable takeaway from MBA courses, enlightening participants on distinguishing reliable data, optimising data utilisation, strategising, forming and coaching teams. This education is typically for applicants transitioning into leadership roles who seek a broader business understanding.
As to the impact of MBA completion on the individual, Hughes affirms that the effects are profound.
Many individuals ascend the corporate hierarchy or secure promotions, while others harness the entrepreneurial aspects of an MBA to embark on their own business ventures. Indeed, the number of opportunities available to those who have an MBA listed on their resume is prodigious.