Many ambitious professionals experience career plateaus, like moments when they realise they have mastered their role and are ready to take on new responsibilities. They may be dreaming of leading their own team or shaping the strategy of their company, but they may not be sure where to start. If this sounds like you, a Master of Business Administration (MBA) could be your next step.
An MBA is a postgraduate program aimed at experienced professionals who want to build comprehensive business leadership skills. With the rise of reputable online MBA programs, this pathway has never been more accessible for those looking to balance work and study. But once you’ve graduated with an MBA, what can you actually do with it? In this article, we’ll explore the potential outcomes of an MBA so that you can determine if this pathway is right for you.
What Do MBA Students Learn?
The core value of an MBA lies in the diverse set of skills you’ll acquire during your studies. MBA programs typically focus on five skill areas: strategic leadership, financial acumen, operational efficiency, marketing and brand management, and (most recently) ethics and sustainability.
A well-rounded curriculum will provide a foundation for understanding ‘the big picture’ of business and your place in it, managing people as a leader, connecting with customers, optimising processes, making data-informed decisions, grasping financial fundamentals and doing business in a way that is socially responsible.
Additionally, students learn to build a professional network with their peers, teaching faculty, and their university’s alumni, which will become a critical career asset after graduation. Your network and studies will each contribute to opening doors to a wide array of roles and industries. The pathways below are just a taste of what that might mean for you.
Traditional Career Pathways for MBA Graduates
Many MBA graduates find success on high-demand, traditional pathways, working alongside or climbing the career ladder at established corporations. An MBA can allow you to pivot to an entirely different role or take on new responsibilities within your current team.
Consulting
Consultants act as external experts, helping to solve complex business problems for various clients. MBA graduates are well-prepared for consulting roles thanks to the program’s rigorous curricula and problem-solving frameworks. As a consultant, you may be responsible for helping a company enter a new market, streamline operations, improve profitability or create new HR strategies. Using knowledge from your combined studies and experiences, you will develop evidence-based solutions for your clients and help them implement suggested changes.
Finance
MBA graduates are seen as indispensable in corporate finance management, portfolio management and investment banking roles. Maybe it’s an internal role that involves managing the company budget or an external role that helps various companies raise capital. Your MBA degree will provide you with a comprehensive foundation of accounting, financial modelling, and corporate valuation that’s essential for a pivot to finance.
Marketing
Contrary to what you may have heard, many creative professionals benefit from an MBA. For aspiring brand managers and marketers, an MBA can enhance your creative skills by supporting your decisions with knowledge of consumer behaviour, data analytics, and strategic management. Beyond campaigns, these roles expect you to take responsibility for an entire product line’s profitability and performance in the marketplace.
Industry Flexibility
An MBA also provides flexibility to pivot across industries. While you might have previous experience in one field, your MBA equips you with transferable skills applicable to a health career, finance, technology, consulting or even creative sectors. This versatility makes you more resilient to market shifts and opens doors to roles you may not have initially considered. Graduates often discover opportunities they hadn’t imagined, allowing for career reinvention or advancement in areas where business knowledge is in high demand.
Emerging Opportunities for MBA Graduates
Technology
In the tech industry, project managers guide the success of new products, liaising with engineering, sales and design teams to bring the vision to life. While a background in tech is certainly useful, the core of product management is a proven ability to lead a cross-department team and make strategic business decisions. An MBA equips you with the skills necessary to bridge the gaps between the tech and business worlds.
Entrepreneurship
An MBA program offers a structured, reliable framework that can help quiet the chaos of starting your own business. Courses will teach you to create a sound business plan, model your finances, develop a marketing strategy, manage operations and network with and pitch to potential investors. You will have the textbook knowledge to back your intuition on a business idea’s viability, helping you get off on the right foot as a small business and moving you toward success.
Not-for-profit
Few understand that not-for-profit organisations function just like businesses, just with a mission-driven bottom line. Strategy, marketing, fundraising, leadership, budgeting – these are all skills that executive directors and managers at not-for-profits need to master to ensure their organisation delivers maximum social impact. An MBA program teaches not-for-profit leaders how to do good efficiently and sustainably, making it an invaluable resource for those in the sector.
Global perspective and networking opportunities
Finally, an MBA offers exposure to global business practices and diverse perspectives. International case studies, cross-cultural teams, placement work experience and alumni networks give students a broad understanding of how business operates worldwide. Building connections with peers from different industries and countries can help you create lifelong professional opportunities. This global mindset can be especially valuable if you aim to work with multinational companies, launch an international venture or contribute to socially responsible initiatives on a larger scale, among many other things.
Key Takeaways
Pursuing an MBA is an invaluable investment for those looking to become the best version of themselves in their career. From investment banking to not-for-profit management, an MBA will equip you with critical skills in strategic leadership, financial acumen, operational efficiency, marketing and brand management and sustainability – all of which will help you climb the career ladder and secure your success. Although MBA courses require time and resources, online MBA programs make it easier to access the key to achieving your ambitions. So, if you’re ready to take on new challenges, look into getting your MBA today.
