If you want to be a successful manager, it’s important to do everything you can to prepare yourself for the role. In today’s competitive business market, it’s beneficial to do whatever you can to get ahead…and that might mean getting your MBA. Though it’s not necessarily a requirement for management employees, there are certainly advantages to having this degree. However, due to the high costs of these programs, many people are reluctant to invest in them. In order to make the decision that is right for you, consider the pros and cons associated with earning an MBA.
Pros
Higher Earning Potential- While there is an initial investment in earning an MBA, studies have shown that having such a qualification can help you earn a better salary and even double your earning potential. Though this isn’t a guarantee for everyone, employees who have their MBA typically earn more than those who don’t.
More Likely to be Promoted- Anyone who has ever worked in a business setting understands how difficult it can be to set yourself apart from the competition and stand out. Fortunately, an MBA can do just that. An MBA gives you a competitive advantage that can help you to land bigger jobs and better promotions.
Superior Business Knowledge- The point of an MBA is to equip professionals with the specific skills necessary to be successful in a management role. You will be taught various concepts that will better equip you to handle situations and make important decisions. This degree will help you to gain superior knowledge that will be useful in the real world and will make you more confident when it comes to making business decisions.
Better Employment Opportunities- One of the main benefits of an MBA degree is the fact that it helps you to get a job. Considering that an MBA is one of the most prestigious postgraduate degrees and is held in high respect, you should find it much easier to find employment. Likewise, this degree makes it easier to change careers down the road if you choose to do so.
Cons
Time and Expense- While there are definitely some advantages to earning your MBA, it should be noted that this doesn’t come without a hefty price and a lot of time and hard work. It can be difficult to work a fullt-time job while also studying to get your MBA so many people find that it’s not worth the additional time and money. If you are anxious to get out into the workforce or you are in a position where you cannot give up your full-time job, it might be challenging for you to pursue such a degree.
Personality Over Degree- Though some employers are instantly impressed with degrees and accomplishments on paper, others aren’t so quick to make the hire based on these credentials alone. Some employers are more interested in your personality than your degree. For instance, you might have a stellar resume and impressive degrees but if you aren’t the right fit for the job, you won’t get it. In reality, you might have an MBA but that doesn’t necessarily make you a great manager.
Some Skills Cannot be Taught- In order to be a successful manager, there are certain skills one must possess (and these can’t always be taught.) Great managers are also great leaders and they know how to engage employees, communicate clearly and effectively, use their time well, organize projects, delegate assignments, and motivate their employees. While it is certainly helpful and impressive to earn an MBA, the fact is there are some skills that cannot be taught in the classroom. Some of the most successful managers earned their way to the top not because of a degree, but because they possess the right skills for the job.