Why Get an MBA? A Look at Career Competitive Advantages and Benefits
A Master of Business Administration (MBA) is a graduate degree that provides individuals with the skills to excel in management positions. Today, professionals increasingly consider an MBA degree important to develop and enhance a diverse set of skills. A 2019 study by the Association of International Graduate Admissions Consultants (AIGAC) found that the top reason for applying for an MBA is acquiring new information, skills, and knowledge.
An MBA Enhances Critical Skills
A benefit of getting an MBA is the opportunity for working adults to refine a wide range of key skills and competencies considered essential for advanced business roles. MBA programs today help students develop competencies in areas such as finance, organizational leadership, and project management, which are demanded by multiple industries. In addition, MBA programs help build skills related to specialized roles such as energy management and technology management.
The demand for a cross-disciplinary MBA program prompted business schools to offer unique curriculums to prepare students for the future of business in different industries. Norwich University’s online Master of Business Administration (MBA) program offers diverse concentrations that emphasize the development of skills to address diverse career paths.
MBA Concentration Options
Getting an MBA is an important step for prospective students who want to differentiate themselves and advance in their organizations. MBA programs typically offer concentrations that enable professionals to gain a deeper understanding of a vital business component. Schools offer general studies on topics such as finance, management, and accounting, according to a 2018 survey by the Graduate Management Admission Council (GMAC). However, emerging programs, such as Norwich University’s online MBA program offer both general MBA courses and concentrations including:
- General MBA offers a core set of business skills. Students examine concepts such as international business management and leading organizational change.
- Construction Management focuses on topics specific to managing construction projects such as contracts, insurance, and project management techniques.
- Energy Management provides students with an understanding of how to reduce the energy requirements for organizations as well as the skills to help their companies become more energy efficient.
- Finance explores topics like multinational business finance and strategic management in finance.
- Organizational Leadership concentrates on strategic leadership and managing change in organizations. Students explore practical ways to influence positive behavior in individuals, teams, and organizations.
- Project Management offers practice project management tools and techniques used in leading and managing large projects. Students also learn how to create effective teams and communication plans to lead projects successfully.
- Supply Chain Management focuses on how to create supply chain strategies, manage supply and demand, and optimize organizations’ supply chains.
- Technology Management examines the use of technology in business operations, such as distribution and engineering. Students explore how to optimize these business technologies using project management techniques.
Benefits of Earning an MBA
In the GMAC Corporate Recruiters Survey 2019, 64% of organizations reported that they are looking to hire MBA graduates of specialized programs. Information technology and supply chain management were the top concentrations sought by U.S. employers. Energy/utilities, health care, consulting, and technology had the highest percentages of employers planning to hire MBA graduates in 2019. The survey found that U.S. companies in 2019 plan to offer new MBA graduates a median annual starting salary of $115,000, compared with $55,000 for new graduates with only a bachelor’s degree.
In addition to the potential for high-value job opportunities and increased salaries, a key benefit to getting an MBA is a robust alumni network. Students spend a majority of their MBA tenure interacting with peers. After graduation, many of these relationships continue, which can help graduates develop contacts when searching for new jobs, changing careers, and looking for career advice.
Prepare to Advance Your Career with an MBA
The industry-relevant concentrations offered in Norwich University’s online MBA enables professionals s to build the skills and competencies sought by corporations. Discover more about how the University’s global perspective on business can lead to advancement or support a new career path.
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Master of Business Administration (MBA), Investopedia
2019 MBA Applicant Survey, Association of International Graduate Admissions Consulates
Master of Business Administration, Norwich University
Demand for MBA and Business Master’s Programs, Graduate Management Admission Council
Application Trends Survey Report 2018, Graduate Management Admission Council
Business School Hiring Report: Corporate Recruiters Survey 2019, Graduate Management Admission Council