Many people have been questioning the importance and relevance of the MBA over the last few years. Business is now more democratic than ever, and you do have a few Cinderella stories of people with little or no business experience making it. You also have a slew of successful entrepreneurs coming from fields such as IT and engineering. But the truth is that the MBA is still relevant, and it could be more relevant now than ever before. Let’s take a look at a few reasons why the MBA degree is still worth it in 2021.
The MBA Prepares Candidates for Disruptive Events
We’ve just learned that black swan events don’t just happen in theory, and many are just realizing now that they weren’t equipped to deal with massive disruption. However, MBAs are familiar with lean and agile methodologies and could pivot by implementing remote working seamlessly in their operation. They had contingency plans in place and already had a diversified supply chain. They knew how to use financial instruments to lock in the price of commodities. These are all things that could go straight over the head of the average self-made entrepreneur.
At the end of the day, MBAs are better prepared to deal with change in general, and they always have their finger on the pulse on new methodologies, changes in trends, and technology.
MBAs Foster Engagement
Lack of engagement is a major issue in business today. As a matter of fact, it was found that UK workers only had a 45% engagement score. Poor engagement affects performance and eventually affects your bottom line.
The issue is that not everyone knows what it takes to foster engagement, and many don’t know what can hinder it. MBAs know that culture is not just a slogan. They know that it starts with the way people are hired and has to be consistent throughout the organization and embedded in every process.
MBAs understand the human factor better than those who learn business instinctively. They know what to do to retain employees, and they know how to screen for the right executives. Engaged employees are more performant and loyal. Having an engaged team often gives innovative companies an edge, as their employees get to express their full potential.
Getting the MBA is Easier than Ever
While admission requirements are still strict, the MBA is now more accessible than ever. Thanks to the online MBA, UK students can get an MBA from any university in the country no matter where they are. International students can also get the top-rated accredited online MBA in the UK without having to leave their country.
You have online MBAs that allow you to condense your studies if you want to get the credentials faster and others that allow you to stretch them out if you want to study while still taking care of your everyday obligations.
And for those who are still wondering if they hold the same weight as traditional MBAs, know that there is no way to tell if a degree was received online. The most important part is making sure that the school and its MBA is respected and accredited. This is what will dictate how well regarded your degree will be in the marketplace.
High Employment Rate
We can expect the job market to look very different in the next few years, especially when it comes to competitiveness. Management jobs could shrink, and the MBA is a prerequisite for a lot of those. Those with an MBA will also be privileged over others in management positions that don’t require one.
Most MBA students end up getting a position straight out of school. Major companies such as Deloitte and Amazon routinely recruit management trainees, and they go for students who just graduated. Getting an MBA could be the best way to get your foot in the door and move up the ranks.
Many will also have to reinvent themselves in this new economy, and the MBA is a great way to change career paths. A sales professional could go for an MBA and move to market analytics, for instance, or go into a field like supply chain management or international business.
The number of specializations is increasing every day, and you can pick one that will allow you to fill roles that will be in high demand in the next few years. You may want to have an IT component in your program, or look at things like big data, for instance. Alternatively, you may want to concentrate on Human Resources, which will be a crucial function for many businesses.
One of the most attractive benefits of getting an MBA is that you’ll most likely get an instant bump in pay. And those with an MBA tend to make more than other graduates. It has been estimated that the average MBA can make anywhere from £70,000 to £120,000 per year, which is about twice as much as graduates with ‘ordinary’ degrees. MBAs are in demand both in the private and public sector and tend to have much better packages.
It Increases the Chances of Startup Success
The world will need innovative startups to solve some of the problems we will have to face in 2021. And, at the end of the day, someone with an MBA will always have an advantage over someone who has no business experience, no matter how well versed they are in their field. As a matter of fact, about a quarter of all ‘unicorn’ startups with the highest valuations in the world had an MBA as one of the founders according to data from B schools.
This is because MBAs know exactly whether or not a venture could be profitable and the pitfalls of certain business models. They have the chance to test ideas and concepts with professors who have real-life business experience. They are much less likely to commit fatal errors at a time when the margin for them is skinny. So, if your goal is to position yourself to fill a gap with a startup idea, the best move for you would be to get the solid foundation needed to at least be competitive.
As you can see, there are tons of reasons why the MBA is still a game-changer in 2021. Make sure that you look into it in-depth and always remember to check the reputation of any program before you consider enrolling.