Funding an MBA isn’t cheap. In the UK they can range from £16,000 to £73,000. But the rewards can be great, so it’s no wonder many believe it’s an investment well worth taking.
Holding an MBA can be a tremendous boost to your career. Many Directors, CEOs, VPs and entrepreneurial, dynamic business leaders have found that an MBA education has accelerated their career success dramatically, adding several thousands to their salary in the process. It is an educational journey that many ambitious people embark on – with the likes of London Business School, Imperial College and Cass top of the wishlist – and is widely regarded as a fantastic investment. And the word ‘investment’ is key here. Funding your MBA effectively can require a good deal of thought and planning.
So, why should you fund an MBA?
1. Higher salary
With an MBA, you have more choice and flexibility to negotiate for salary increases with current and potential employers.
2. Global network
In 2012, 92% of MBA graduates worldwide found employment within 3 months of graduating.
If you’ve cast your eyes beyond London and you’re looking at developing your career outside of the UK, an internationally recognised MBA will hold you in good stead no matter where you go.
What an MBA offers you, more than anything, is a unique networking opportunity. During your studies, you’ll interact with high achievers, people who are on the career fast track and industry experts. You can be assured that anyone involved in the teaching and studying of an MBA programme will possess vast knowledge and experience in fast-paced business environments. Another big benefit if you’re studying a full-time MBA, is the multitude of opportunities you’ll get to meet potential employers who might be guest lecturing MBA classes.
3. Business acumen
MBA students are gaining insight into topics that are increasingly applicable to the ever diverse, global business environment in which we now find ourselves.
Business environments the World over are undoubtedly changing; gone are the days when business leaders wore suits and ties: just ask Mark Zuckerberg and his wardrobe of T-shirts. As such, MBA programmes are reflecting the ever-changing global business culture and environment. An MBA Hindsight survey conducted by the Association of MBA’s found that among the most vital topics for today’s MBA students to learn about on their MBA included Entrereneurship (34%), Internationalisation (26%), Sustainability / Responsibility (17%) and New Technologies (9%).
What else is changing?
Well, the feeder sectors for MBA graduates for one. The days when a typical MBA graduate would go straight into an investment bank are over. Harvard Business School found that tech companies employed 7 per cent of its graduates in 2008; by 2014, that figure increased to 17 per cent; 7 per cent of HBS graduates went into internet services, a category that had not even existed in 2008.
Studying towards an MBA takes you out of your comfort zone, giving you a fresh perspective of business theories, best practice and a better understand of the challenges facing businesses across the world. Most of all, an MBA is a passport to further your career, whether that is transitioning to a new industry or moving into a more senior role, an MBA can help.