A Master of Business Administration (MBA) is a postgraduate degree. It revolves around giving the students a piece of fundamental management knowledge. This means that you will cover all areas like marketing, finance, and accounting, providing you with an overview of key business practices and building leadership qualities.
This degree will provide you with an interdepartmental look at how businesses are run and key entrepreneurial skills to take on any area of business that you wish, whether it is HR management or a marketing head, or even the CEO. These days many universities are offering excellent postgraduate MBA programs, or you can study MBA online from a prestigious university.
Courses
MBA is a very vast degree and covers all areas of business administration. There are a lot of courses and majors to choose from. MBA provides courses in marketing, HR management, business planning, finance management, business law, communication skills, entrepreneurship, and many other courses that you can pursue. A full-time MBA program takes 1 to 2 years to complete. It can be done from online to on-campus study from part-time to full-time. There is an option for everyone.
Is the degree worth it?
Studying a Master of Business Administration degree could help boost your business career. However, as strong as it is in providing you with a safety net, the financial aspect can be a bit challenging for some of you. As circumstances can be different for everybody, pursuing any postgraduate degree is an investment.
You need to keep in mind some of the key features that this degree might provide and then decide on whether you want to spend the next 1 to 2 years studying, as a result of which there is a possibility that you have to relocate or if it is not entirely the right step for you.
Business knowledge
If you want to develop a broad knowledge of the business and its workings, then MBA could be a great investment. It covers topics like corporate finance, marketing, accounting, and organizational behavior.
MBA students have complete knowledge about each function and how they interact with each other. These skills are perfect for getting you a high-paying job and are currently in high demand by many firms.
Specialization
Some MBA degrees allow you to specialize in a specific area of business that you might want to pursue further such as human resources or finance. The MBA curriculum revolves around real-world scenarios with case studies and group discussions.
If you want to excel in any specific area of administration, you need a postgraduate degree, and MBA will be the right degree to pursue with your choice of subject.
Different fields and their scope
Finance:
If you think you are good with numbers and have strong analytical skills, then finance is the right option for you. With increased demand, there is a high scope for MBA finance graduates in various sectors of the industry.
It may include knowledge about financial risks, stock markets, bankruptcy, and corporate finance with respect to the global economy and other topics that can open doors in banking, real estate, investment sectors, and insurance.
MBA graduates in finance are sought after by many industries, from the government to the corporate sector, with yearly salaries ranging from $40,000 and $180,000.
Marketing:
If you want a more creative career in entertainment, advertisement, media, sales, and promotions, then a master’s in marketing is just for you. Every firm, regardless of its position, needs to boost its sales, and the way they do this is by marketing its products. Staying on trend, social media campaigns, and competition are some of the concerns of business firms these days.
This is why an MBA in marketing teaches strategic planning, consumer behavior, demand analysis, cost volume and profit, and market research. Since marketing is a vast field, you get a lot of opportunities with salaries from $46,000 to $140,000 per year.
Business Analytics:
Business analyst has a huge impact on organizations as they reduce various risks to the business. A business has raw information that is hard to understand; A business analyst uses this information by using operational analysis and by employing optimization techniques to communicate it to the various stakeholders, customers, and other members of the firm to make decision-making easy.
Interpreting the data available is very important, and with businesses growing, a business analyst’s job has become more important. Thus with a master’s in business analytics, you’ll learn data programming techniques, linear programming, and statistical and mathematical techniques.
Therefore, business analytics is very important in any area of the business, including finance and marketing, with a salary that is around $76,000 per year.
Human resource management:
An MBA in human resource management is based on recruitment, management, and leadership over the people in an organization. It builds leadership skills and offers training and knowledge of managing the workforce. These days with the development of information technology, HR management is in high demand.
This degree teaches strategic management and human resource development, and you will learn how to operate an organization. This includes employee hiring, training, and development. If you have an MBA HR degree, you can expect a salary of $120,000 to $200,000 per year.
Therefore, the actual salary depends on the post that you are working at and is a rough estimate of what it looks like for most people. These are some of the areas of the master’s degree that are in high demand.
Since the MBA degree is a vast degree, you need to make sure that it is something that you want to do. It is not only a financial commitment but also a time commitment as, depending on the course requirements, it takes 1 or 2 years to complete.
MBA graduates have an excellent employment scope in many areas as it, including job training that allows you to take on any job confidently. With specialization in a specific field, you become more distinct and qualified for that job.
Finally!
MBA graduates are not only able to get jobs in one sector but have various opportunities in the government sector, and they can work in any field like medicine, finance, and business since managerial positions are available everywhere.
This degree allows you to have other skills like communication, leadership, and problem-solving that can help you in any area in which you wish to excel.