Business school is a frequently used term for describing obtaining a Master of Business Administration, or, more colloquially, an MBA.
The MBA has been around since Harvard Business School established the first MBA program in 1908. Many believe it to be the gold standard of business education for aspiring CEOs. However, nothing in the corporate world has changed since the MBA was formed. Is business school still worthwhile after more than a century?
A functional generalist degree, an MBA exposes you to all elements of business. Rather than delving extensively into any one function, it is intended to develop cross-functional leadership abilities that will assist you in managing a firm strategically and holistically.
There are many diverse possibilities for business schools that will educate these essential abilities. Traditional, full-time MBA programs are becoming more scarce, while online MBA programs have grown in popularity, such as internationalessca. Professionals finishing in-person MBA degrees decreased by 36.4 percent between 2012 and 2019, while fully-online MBA completions increased by 27.2 percent.
Let’s take a look at how business schools are training leaders for today’s business issues.
Is an MBA still useful today?
Overall, because of the focus on interpersonal skills, MBAs remain a sought-after certification. Because human capital is the single most significant intangible component that may make or destroy a firm, these abilities are priceless today and in the future.
Even in a changing economic climate, business school remains an excellent choice for many business professionals.
4 Excellent Reasons to Attend Business School
While improving short- and long-term compensation is often cited as a main reason for attending management school, it is not the sole advantage of earning an MBA. Let’s take a look at the overall advantages of attending business school:
With an MBA, you can break through a career barrier and advance to senior management and executive roles. By attending business school, you will be able to advance in your job, whether via promotions or greater pay. In 2019, for example, the average advertised income for employment in business, management, and financial operations with a bachelor’s degree is $73.1K and $100.2K with an MBA.
Increase your credibility and marketability: An MBA will not only give you greater confidence in your ideas and solutions, but it will also improve the views of your employers, coworkers, and industry peers of you. When applying for employment, consulting gigs, writing and publishing possibilities, or speaking opportunities, adding an MBA certificate to your résumé might imply additional options or preference.
Expand Your Network: From instructors to other students and industry mentors, the ability to create contacts in the business sector may be very beneficial to acquiring new skills and developing your career.
Develop Cross-Functional Leadership Capabilities: An MBA will provide you with the insights and abilities you need to understand how each function inside an organization—from human resources to marketing to finance—can perform well. You will learn managerial skills, strategic frameworks, and crucial problem-solving talents to confront obstacles and increase organizational efficiency.
You will also obtain the following perks if you attend an online business school:
Apply Learnings and Skills Right Away: You don’t have to wait two years to apply what you’ve learned in your MBA degree to real-world problems. You may maintain your professional momentum while boosting your potential by earning your MBA from an online business school.
Reduce Opportunity Cost: If you acquire your MBA online, you can retain your full-time job, which means it will take you less time to repay your investment. It may also make paying for your MBA school more doable. Your company may potentially provide tuition reimbursement or have tuition reduction agreements with colleges that offer an online MBA.
What is Required to Succeed in Business School?
The value of business school is measured not only by the outputs, but also by the expenses. Knowing what it takes to acquire your degree allows you to determine if the advantages exceed the expenditures. You may also use these expenditures to gauge your commitment to earning an MBA.
Time and Energy: Attending business school online should be seen as a part-time job. If you go full-time, you must be willing to devote your whole time to business school, putting your professional job on hold. In any case, you must be totally committed to earning your MBA, which necessitates dedicating time and mental capacity to attend class, complete assignments, and take advantage of networking opportunities.
Money: There are both inexpensive and costly alternatives for business school, ranging from tens of thousands of dollars to degrees that cost more than $200,000. Ascertain that you understand how you will support your education (savings, tuition reimbursement, loans) and that you will be able to repay any debt within the appropriate period. Consider how much of your future income you are prepared to devote to repaying whatever debt you may incur.
Personal Sacrifices: Whether you pursue your degree in person or online, you will have to prioritize your education above other interests, hobbies, and personal responsibilities at times. An online business school that uses a balanced learning structure with about the same amount of hours necessary each week might make it easy to arrange your calendar in advance.