Choosing to do an MBA degree is the sort of decision most people will make after concerted deliberation and meticulous planning. A full-time MBA at one of the world’s top business schools can cost anywhere between £12,000.00 and £20,000.00, depending on the program length and location you opt for, with MBA programmes at top business schools such as Oxford and Cambridge potentially costing up to £45,000.
In contrast, with Minerva Elite Performance this cost is only £2,699.00 for your first year and an average of £3,000.00 at either Cardiff Metropolitan University or Northampton University for the 2nd year
When proceeding through a checklist of reasons ‘for’ and ‘against’ enrolling in the degree, one encouraging point worth considering is the continued buoyancy of the MBA employment market.
1. Career acceleration and career change
It is no surprise that most candidates aiming for an MBA apply because they want to improve their career prospects. Many people select this as a principle motivation, with many more of them citing management or leadership positions as their immediate post-MBA career goal.
The post-MBA career change also appears to be a growing trend, be it deliberate or not. On the premeditated end of the scale, 40% of candidates choose to do an MBA degree because they aim to change the industry they work in, their job function, their location, or a combination of these three.
In cases where the economy or business is disrupted, the MBA qualification can give students greater flexibility by opening them up to more avenues of opportunity.
2. The acquisition of new skills
The MBA degree has experienced something of a transformation over the last few decades as top business schools remould their business management curricula to fine tune course contents to the evolving demands of both MBA employers and the global economy.
Four skills that today’s MBA employers place particular importance in are: interpersonal, leadership, strategic thinking and communication skills.
For applicants who indicate that they are looking to acquire new skills, it’s comforting to know that it is the top MBA providers focus on teaching what’s relevant and what’s in demand. MBA graduates entering today’s workforce are likely to be better equipped as leaders, communicators, and business strategists, because they have a developed soft skillset.
3. Increasing salary potential and return on investment
Salary is still a driver, because candidates want a return on investment, but personal values come into play a great deal. People want to work for companies they admire and with which they share values.
The large majority of candidates do earn a higher salary post-MBA, for example, in the USA, students recoup the cost of their full-time study within a 44-month period on average. Here in the UK and Europe, where programs are often a full year shorter than their North American equivalents, that figure drops to 30 months. The average pre-to-post-MBA salary uplift for full-time students in Europe is a healthy 84%, while in North America, this figure stood at 75%.
4. Starting your own business
Many choose the MBA degree because they are thinking of setting up their own business and would like to develop the entrepreneurial expertise to be able to launch their project with some level of confidence. Specialisations in entrepreneurship are offered by many top business schools, and more institutions seem to be catering to student demand by building innovation hubs and start-up labs where experts can support and guide, and peers can brainstorm. One of the better-known MBA success stories today is that of William Shu. He graduated from Wharton in 2012 and set up his food delivery business (Deliveroo) in 2013, a company that is valued at over US$1 billion today.
5. Top business schools and growing a professional network
Many MBA applicants, include building a professional network among their primary reasons in applying, a motive that is arguably very shrewd indeed. It is estimated that as many as 85% of today’s jobs are filled through networking. Most, if not all business schools judiciously promote the sizes of their alumni network, and advertise it at as a key selling point on their websites.
6. The chance to make a difference within an organisation
There are companies and organisations that are willing to part or fully sponsor their employee’s MBA study. Part-time, online and executive MBA program formats all enable students to work and study in parallel. Much of what is learned in a classroom setting can then be immediately applied in the workplace, allowing candidates to make an impact on business operations as early as week one (to the likely approval of senior management).
Of course, not all students wanting to make a difference within their organisation are sponsored by their employers – many will be self-funded. An MBA qualification can be a means to earn promotion, or to develop and hone expertise to the point that it accelerates a business’ drive forward.
7. The educational value of the MBA qualification and self-development
Self-development and the educational value of an MBA qualification are important to the great majority of us. An MBA isn’t purely a qualification on paper, it is the entire student experience; the skills and new information learned, the people and faculty met along the way, relationships and knowledge that can offer career leverage in the short term, and which can also contribute towards an MBA graduate’s success throughout a lifetime.
For further information on starting your MBA journey with Minerva Elite Performance, Contact Jacki Costello – admissions@minervaeliteperformance.co.uk”