When you think of the word business, what comes to your mind? If your first thought was ‘Management,’ then you are not alone. Many think getting an MBA is the only way to succeed in business. However, not everyone can afford the time and cost of an MBA program. Is it worth it? If you want to succeed in business, should you get an MBA or not? These are some of the common questions when it comes to MBAs. We will debunk some common myths about MBAs and explain why an MBA can benefit your career. So read on to know more!
1) MBAs are only for those who want to work in Management.
There is a misconception that only those who want to take management positions should get an MBA. However, the real reason for getting an MBA is to get a better job in any industry. A business graduate understands the various aspects of the business and can make informed business decisions. Even though you may not end up as a manager, having an MBA can help you choose a higher-paying job. It will also enable you to earn a higher salary than an average graduate. The median salary of MBA graduates is $100,000 a year, almost double that of non-MBA graduates. Thus, an MBA can help you earn a better salary irrespective of your career path.
These days, people heading to B-school are interested in Entrepreneurship, Healthcare, Technology, Human Resources, Real Estate, Marketing, Non-Profits, Entertainment, and much more.
Even if you work in a field that doesn’t traditionally require an MBA degree, you may still benefit from it. Seek out people who are pursuing your target career at any level. It’s a great way to understand what you need to do to accomplish your goals.
Applicants with unconventional or less traditional work or academic experience before business school often worry about how admissions committees assess their records. However, it’s more than okay to be different, and no MBA program wants to fill an entire class solely with candidates from investment banking or consulting. Non-traditional applicants often stand out in the MBA admissions process.