Why MBA? Top Reasons Why You Should Do an MBA in 2024

In today’s constantly evolving world, an MBA is like a lifetime investment that would not only advance your career but also prepare you to tackle various challenges that come your way in the corporate landscape. For graduates seeking to expand their boundaries, it’s a powerful tool to sharpen skills, evolve into a visionary leader, and climb the managerial ladder with newfound expertise and confidence. And for those who have always dreamt of getting an MBA, this is a golden opportunity to realise their aspirations.

According to a recent BLS report, the demand for management analysts is expected to increase by 10% from 2022 to 2032, surpassing the average growth rate for all occupations. On average, approximately 92,900 positions for management analysts are projected to become available each year during this decade. A significant number of these opportunities are anticipated to arise from the necessity to replace individuals who transition to other professions or leave the workforce, such as through retirement.

With these promising trends in mind, it’s clear that the demand for skilled leaders and strategic thinkers is on the rise. Let us examine some more compelling factors that will surely answer your question, “why MBA is important?

Why MBA is Important in 2024?

The following are the benefits/advantages of MBA:

• Enhanced Job Prospects

This is one of the major reasons to do an MBA. Not all need to have a specialisation like – Engineering, Doctor, Chartered Accountant, or others. A simple graduation degree will only give generic jobs, and such jobs always have ready substitutes. There is no demand for generic profiles, and there is always a glut of supply.

More openings are available for MBA candidates than for the non-MBAs. MBA is one of the major preferences that draws recruiters’ attention. This is the norm, even in smaller companies. There are job openings where comparatively fewer years of experience are required from an MBA candidate for certain positions. This is indeed a high advantage and concretes the need for an MBA degree.

• Improved Personal Branding

Alumni from top business schools are highly respected in corporate environments. This is because these prestigious institutions have long-standing histories and well-established brand identities. The MBA curriculum includes assignments focused on Business Model Analysis, which equips graduates with the ability to analyse information, numbers, and data to identify and mitigate threats to business models. These assignments foster strategic thinking, enabling students to design their own brands and business models.

Many MBA graduates have successfully launched startups that have grown into billion-dollar unicorns. Sage, a software research organisation, gathered data on billion-dollar startups and their founders’ educational backgrounds. This research revealed that business school alumni are particularly successful. Notable examples include Blue Apron, a leading food subscription service, and Cloudflare, a web-based performance and security platform, both of which originated from business schools.

• Opportunity to Acquire Managerial and Entrepreneurial Skills

There are many scenarios in the current era of digital startups that are fired up with the zeal of setting up their organisations. This becomes much easier if there is experience and background in working in the corporate sector. Additionally, an MBA degree helps in acquiring the technical and theoretical knowledge of subjects like Marketing, Human Resources, Operations, Project Management, and Channel Management.

The knowledge so built up comes to use when working and switching from one vertical to another. Only the skills need to be transferred across the organisation. A banking domain manager who understands business can easily take charge of a consumer goods company.

The typical Mechanical or Electrical engineer understands machine dynamics. There may be constraints in smooth customer negotiations and deal conclusions. This is where having an added MBA degree helps in a combination of tech and soft skills.

• Networking Opportunities

An entry into the MBA programme gives the opportunity to be networked. Every MBA college has industry professionals, recruiters, top-notch managers, subject speakers, and new joiners in the corporate sector, etc. The Alumni of the majority of MBA schools are highly active cells. It is a source of guidance to old and new students.

The MBA degree has worldwide credentials. It is country-agnostic. Good managers can succeed in any environment and any country. It is very often seen that top heads of brand names in the USA, UK, Canada, etc., are from countries like India and China.

• Access to Distance Learning and Online Courses

Many universities have the option of a part-time MBA. This is to help working professionals to have a scaled knowledge of their vertical domain. It also gives them the chance to apply for higher positions which sometimes get stymied on account of having a graduate qualification. Part-time MBA has flexible class timings, so that daily work schedule is not affected.

5 Most In-demand MBA Courses in 2024

1. MBA in Marketing 

Why MBA in marketing is one of the most in-demand MBA courses in 2024 and in the coming years? Marketing is a specialisation that remains consistently in demand due to its significant impact on businesses. You become a future-ready professional by focusing on marketing analytics, marketing communication, digital marketing, sales and distribution, and consumer behaviour, you become a future-ready professional.

Social media marketing has emerged as a popular career path in today’s digital era. With an MBA in Marketing, you can pursue various lucrative roles, including digital marketing specialist, marketing manager, market research analyst, social media manager, and more.

Skills Required: 

• Strategic marketing
• Marketing analytics & data-driven decision-making
• Digital marketing & social media expertise
• Brand management & Customer Relationship Management (CRM)
• Creative problem-solving & innovation in marketing
• Marketing communication & persuasive storytelling
• Ethical & legal considerations in marketing
• Cross-cultural marketing and global marketing strategies

2. MBA in Business Analytics

An MBA in Business Analytics equips you with the skills and strategies to create data-driven business solutions. You will learn to process large datasets to achieve desired results, preparing you to tackle real-world business challenges. The programme covers R, Python, digital and web analytics, marketing analytics, HR analytics, financial analytics, Big Data analytics, and more, alongside traditional management subjects.

Skills Required:

• Data analysis and visualisation
• Problem-solving and decision-making in business
• Strategic thinking and business insight
• Communication and presentation abilities
• Leadership and teamwork capabilities

3. MBA in Finance

This MBA specialisation equips professionals with the skills needed to achieve an organisation’s financial goals. An MBA in Finance offers a thorough understanding of financial analysis, planning, taxation, internal audit, treasury management, merchant banking, insurance, and risk management. Graduates with this specialisation are in high demand across various industries due to their extensive knowledge of financial principles, strong analytical skills, and effective decision-making abilities.

Skills Required:

• Financial analysis & valuation
• Financial modelling & forecasting
• Corporate finance & investment management
• Financial risk management & derivatives
• Financial economics & market analysis
• Financial reporting & regulatory compliance
• Quantitative & analytical skills
• Problem-solving and decision-making skills

4. MBA in Entrepreneurship

Entrepreneurship, often viewed as a solo endeavour, also demands effective management of a venture. An MBA in Entrepreneurship equips aspiring entrepreneurs with the necessary skills to thrive in their ventures or secure managerial roles in startups. Graduates can pursue promising job opportunities while also developing their own businesses.

Many MBA programmes offer entrepreneurship support cells and divisions where emerging entrepreneurs can present their ideas and receive university funding and resources to advance them. This specialisation can be highly beneficial for budding entrepreneurs.

Skills Required: 

• Communication
• Strategic thinking
• Decision-making
• Emotional intelligence
• Creativity
• Data analysis
• Leadership skills
• Entrepreneurial skills
• Networking

5. MBA in Human Resources (HR)

Human resource management (HRM) encompasses a wide range of administrative responsibilities within a business, such as hiring and recruiting, retention and engagement, strategy development, compensation and payroll, and mediating between management and staff. HR managers are crucial in shaping organisational culture and work directly with employees to help them resolve workplace disputes, enhance communication skills, advance their careers, and achieve job satisfaction.

Skills Required:

• Strong Communication Skills
• Interpersonal Skills
• Problem-Solving and Analytical Abilities
• Business Acumen
• Ethical and Professional Conduct

Why MBA after Engineering?

Many engineers today choose to pursue an MBA after completing their engineering degree. But why MBA after BTech? An MBA can significantly broaden your career opportunities. As a comprehensive management degree, it can accelerate your progression up the corporate ladder. Additionally, it allows you to work in various industries, thereby expanding your long-term career prospects through enhanced knowledge and training.

Why is an MBA So Expensive?

MBA programmes can be expensive for a number of reasons, including:

• Programme experiences like study abroad trips, consulting projects, workshops, etc.
• School infrastructure, which includes the integration of the latest technologies.
• Renowned faculties who are subject matter experts in their fields.
• Collaborations with industry, alumni, and international institutions for student exchange programmes.

What’s stopping you? Enquire Now!

Highest Salary for MBA Professionals

The highest salaries for MBA professionals in India are typically observed in industries such as consulting, finance, investment banking, and information technology. Additionally, technology companies, particularly those in the e-commerce and software sectors, also provide competitive salaries for individuals with MBA qualifications.

In India, salaries for MBA graduates can vary widely, ranging from Rs 4,00,000 to Rs 32,00,000 per year. The specific salary is contingent upon the candidate’s field of expertise and specialisation.

Salary Ranges for MBA Professionals in Different Industries and Experience Levels in India

Long Story Short

The decision to pursue an MBA in 2024 is driven by a number of compelling reasons that extend beyond the traditional notions of career advancement. As the corporate landscape evolves, an MBA serves as a strategic tool to navigate the dynamic demands of the business world. From breaking entry barriers to ensuring continuous growth, an MBA qualification opens doors to diverse opportunities and positions individuals as valuable assets in the competitive job market. The programme not only imparts specialised knowledge but also hones essential soft skills, fosters confidence, and nurtures leadership and team-building capabilities. The global recognition, constant networking opportunities, and flexibility in learning further enhance the value of an MBA.

Most of the above-mentioned MBA courses are offered by BML Munjal University. The distinctive MBA programmes at the University emphasise practical, real-world experience. The comprehensive case-based and experiential curriculum at BMU’s business school equips students with essential leadership and advanced management skills, forming a strong foundation for their future careers.

FAQs

• Why do you choose MBA?

Enhanced job security and lucrative salaries stand out as key factors driving the widespread popularity of MBA degrees. The average earnings for an MBA graduate significantly surpass those of individuals holding a standard Master’s degree. Anticipate earning double the income compared to what is typically associated with a conventional university degree.

• Is an MBA Degree Really Worth It?

A paramount advantage of undertaking an MBA is the chance to establish a varied and impactful network. Business schools draw in ambitious and skilled individuals from diverse backgrounds and industries, fostering a dynamic environment conducive to collaboration and the exchange of knowledge.

• How does an MBA help me in my career?

Pursuing an MBA degree enables students to acquire knowledge essential for advancing in various career paths. It provides insights into company hierarchies, daily operations, social and cultural contexts, as well as evolving demographics.

• Which is the best MBA specialisation?

The leading MBA specialisations in India encompass Finance, Marketing, Operations, Information Technology, and Human Resources.