Why MBA? 25 Reasons Why You Should Do an MBA in 2024
Still, pondering on the question – Why MBA? How can it help you transform your career? You are at the correct place. Nowadays, as soon as a graduation course draws towards its end, there is a mad rush to go for a suitable postgraduate business course. The gateway to an ever-ascending corporate career becomes a reality by acquiring a postgraduate business degree.
Sometimes decisions are taken just because it happens to be the trend or the “in thing.” Of course, there is nothing wrong with this, but it is always better to have clarity on “why MBA” and the career benefits that one will derive from the same.
The demand for management analysts is expected to increase by 10 percent 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.
Let us examine several compelling factors that will surely answer your question, “why MBA is important”.
Why Do MBA in 2024?
The following are the benefits of doing an MBA:
- Entry Barriers- Some decades back, having an MBA qualification was an added step to success at the corporate growth level. Now, many branded and blue-chip organizations have made it a policy to hire only MBAs even at the entry levels. They are tagged as management trainees. In various departments, it is these management trainees who move up the ladder.
- Removing Growth Barriers – Having a management degree is an added weapon that helps when being considered for promotion and higher positions in the corporate structure. The lack of an MBA degree can lead to deserving people being overlooked simply because it is an organizational policy. In 2017, nearly 7% of MBA students secured immediate placements.
- Limitation of Generic Jobs – Having a non-professional graduate degree often becomes a constraint when someone starts entering the workforce. It is not necessary that all have a specialization like – Engineering, Doctor, Chartered accountant, or others. A plain vanilla 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.
- Jack of all Trades & Master of all – The chartered accountant, even at the top level, limits his or her skill to accounts and audit. The mechanical engineer can supervise production as per standards but cannot assure capacity production if there is a slump in demand. The management profession can assess the external market conditions and at the same time detect a ballooning of cost in the internal department of the company. They can suggest remedial measures.
- At the Top Hierarchy is MBA – The corporate culture is changing. There was a time when the Chief Financial Officer used to get the top boss job. If it was a manufacturing company, then the production head due to his technical expertise used to get the coveted position of the CEO. But today, the trend is to put the MBA manager in the top slot because of their ability of bird’s eye view. Due to this discernible view, they are entrusted with the role of steering the ship in the right direction.
- Personality Development – It is not just about subject knowledge. It is the development of soft skills. An MBA helps in overall personality growth (source). The course helps to have better presentation and interpersonal relationship skills by fine-tuning the communication. This communication ability is enhanced from the vigorous training and group discussions imparted as part of the curriculum. There is an overhauling of the personality, which otherwise would have taken, painstakingly long years.
- Confidence Building – Personality development leads to a high level of confidence. Having high confidence is the gateway to career success. The present-day corporate scenario demands self-esteem and the ability to instill confidence in others. These include internal colleagues, superiors as well as external customers, partners, etc. For them to have confidence, first, self-confidence should be inculcated. This is where having an MBA helps.
- Team Building – It is one of the most important qualities for job success and career growth. Leading a team and motivating them to deliver the result, is the core component of any organizational growth. It is the team that ultimately succeeds, and for the team to reach its goal, the best in each member should come out. This happens only through a good leader. A good MBA program develops the leader in the individual. It is not uncommon to hear legendary stories of Harvard, IIM, and Wharton MBA pass outs who have built a small business to giant organizations.
- Entrepreneur Abilities – There is many a scene in the current era of digital start-ups, who are fired up with the zeal of setting up their organizations. This becomes much easy if there are 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.
- Helps in Running the Family Business – With the advent of digital technology, apps, and automation like Artificial Intelligence (AI), Internet of Things (IoT), the family business is no longer restricted to specific pockets. It requires exposure and knowledge along with strategic thinking. Business families are nudging their scions to go for MBA and then run the family business.
- Subject Specialization – As the economy of any nation expands, more and more sectors are added to it. The growth of a particular sector is a corollary to the expansion of another sector. An MBA course imparts skills as per contemporary needs. It specializes in subjects like – Marketing, Finance, HR, Operations and Systems Management, Forensics and Corporate Fraud, Business Analytics etc. This creates specialized management professionals who are employed for specific verticals.
- Branding and Advertising- There is no doubt on the fact that brand management, through advertising via the various forms of media, has become a specialized field after numerous MBA schools and colleges springing up across the globe. Product branding and promotion as of today is a research and scientific subject.
- Flexibility in Learning- 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.
- Global Credentials – 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.
- Constant Networking – An entry into the MBA program 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.
- Knowledge Building – The MBA curriculum is so designed that it creates an insatiable appetite for knowledge. Campus placements are for the best students. Nobody would like to miss out on that. Upgrading knowledge on real-time facts, economic and political, becomes the need of the hour.
- Multi Vertical Skills – 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 organization. A banking domain manager, who understands business, can easily take charge of a consumer goods company.
- Out of the Box Ideas – Strategic thinking is a major advantage derived from an MBA as compared to others. The MBA course teaches them to brainstorm and come out with out-of-the-box ideas. Product diversification, Mergers & Acquisitions are happening lately, courtesy of the MBA managers.
- More Job Opportunities – more openings are available for MBA candidates than for the non-MBAs. It is very common to see the words – MBA preferred, in the job description. This is the norm even in smaller companies.
- Job Candidate Differentiation – There are job openings where comparatively lesser years’ experience is asked from an MBA candidate for certain positions. This is indeed a high advantage and warrants the need for an MBA degree.
- Higher Salaries- Talent and capabilities are always rewarded in the corporate sector, but the trend has shown that MBA’s claim a higher pay package with an average of INR 6 – 23 lakhs based on the specialisations.
- Technical and Managerial Skills- The typical Mechanical or Electrical engineer understands machine dynamics. There may find 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.
- Finance Management – Good MBA is a good finance manager also. They have a better sense of planning their investments.
- Flexible Syllabus – Among all professional degrees, the MBA syllabus is the most dynamic and is imparted according to the economic and corporate needs of the time.
- Higher Social Prestige – Apart from job reasons, it also has its social prestige value. In countries like India, the MBA has a good value in the marriage market as well for prospective bride and grooms – In a lighter vein of course!
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
|Rs 4,00,000 – Rs 8,00,000
|Rs 5,00,000 – Rs 10,00,000
|Rs 4,50,000 – Rs 9,00,000
|Rs 4,00,000 – Rs 7,00,000
|Rs 4,00,000 – Rs 8,00,000
|Rs 8,00,000 – Rs 15,00,000
|Rs 10,00,000 – Rs 20,00,000
|Rs 9,00,000 – Rs 18,00,000
|Rs 7,00,000 – Rs 14,00,000
|Rs 8,00,000 – Rs 16,00,000
|Rs 15,00,000 and above
|Rs 20,00,000 and above
|Rs 18,00,000 and above
|Rs 14,00,000 and above
|Rs 16,00,000 and above
Long Story Short
The decision to pursue an MBA in 2024 is driven by a myriad 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 program 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.
- 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 specializations in India encompass Finance, Marketing, Operations, Information Technology, and Human Resources.