Sometimes decisions are taken just because it happens to be the trend or the “in thing.” Of course, there is nothing wrong with this, but it is always better to have clarity on “why MBA” and the career benefits that one will derive from the same.
Let us examine at least a quarter of a century compelling factors:
Entry Barriers- Some decades back, having an MBA qualification was an added step to success at the corporate growth level. Now, many branded and blue-chip organizations have made it a policy to hire only MBAs even at the entry levels. They are tagged as management trainees. In various departments, it is these management trainees who move up the ladder.
Removing Growth Barriers – Having a management degree is an added weapon that helps when being considered for promotion and higher positions in the corporate structure. The lack of an MBA degree can lead to deserving people being overlooked simply because it is an organizational policy. In 2017, nearly 7% of MBA students secured immediate placements.
Limitation of Generic Jobs – Having a non-professional graduate degree often becomes a constraint when someone starts entering the workforce. It is not necessary that all have a specialization like – Engineering, Doctor, Chartered accountant, or others. A plain vanilla graduation degree will only give generic jobs, and such jobs always have ready substitutes. There is no demand for generic profiles, and there is always a glut of supply.
Jack of all Trades & Master of all – The chartered accountant, even at the top level, limits his or her skill to accounts and audit. The mechanical engineer can supervise production as per standards but cannot assure capacity production if there is a slump in demand. The management profession can assess the external market conditions and at the same time detect a ballooning of cost in the internal department of the company. They can suggest remedial measures.
At the Top Hierarchy is MBA – The corporate culture is changing. There was a time when the Chief Financial Officer used to get the top boss job. If it was a manufacturing company, then the production head due to his technical expertise used to get the coveted position of the CEO. But today, the trend is to put the MBA manager in the top slot because of their ability of bird’s eye view. Due to this discernible view, they are entrusted with the role of steering the ship in the right direction.
Personality Development – It is not just about subject knowledge. It is the development of soft skills. An MBA helps in overall personality growth (source). The course helps to have better presentation and interpersonal relationship skills by fine-tuning the communication. This communication ability is enhanced from the vigorous training and group discussions imparted as part of the curriculum. There is an overhauling of the personality, which otherwise would have taken, painstakingly long years.
Confidence Building – Personality development leads to a high level of confidence. Having high confidence is the gateway to career success. The present-day corporate scenario demands self-esteem and the ability to instill confidence in others. These include internal colleagues, superiors as well as external customers, partners, etc. For them to have confidence, first, self-confidence should be inculcated. This is where having an MBA helps.
Team Building – It is one of the most important qualities for job success and career growth. Leading a team and motivating them to deliver the result, is the core component of any organizational growth. It is the team that ultimately succeeds, and for the team to reach its goal, the best in each member should come out. This happens only through a good leader. A good MBA program develops the leader in the individual. It is not uncommon to hear legendary stories of Harvard, IIM, and Wharton MBA pass outs who have built a small business to giant organizations.
Entrepreneur Abilities – There is many a scene in the current era of digital start-ups, who are fired up with the zeal of setting up their organizations. This becomes much easy if there are experience and background in working in the corporate sector. Additionally, an MBA degree helps in acquiring the technical and theoretical knowledge of subjects like Marketing, Human Resources, Operations, Project management, and channel management.
Helps in Running the Family Business – With the advent of digital technology, apps, and automation like Artificial Intelligence (AI), Internet of Things (IoT), the family business is no longer restricted to specific pockets. It requires exposure and knowledge along with strategic thinking. Business families are nudging their scions to go for MBA and then run the family business.
Subject Specialization – As the economy of any nation expands, more and more sectors are added to it. The growth of a particular sector is a corollary to the expansion of another sector. An MBA course imparts skills as per contemporary needs. It specializes in subjects like – Marketing, Finance, HR, Operations and Systems Management, Forensics and Corporate Fraud, Business Analytics etc. This creates specialized management professionals who are employed for specific verticals. https://vpsm.dypatil.edu/ for more info
