The Masters in Business Administration degree is well known among entrepreneurs. Anyone with even a passing interest in entrepreneurship has heard of the MBA. If you watch Shark Tank, you will have heard of the MBA. But while many people understand that the MBA represents a kind of gold standard for business competence, it is also controversial in some quarters.
There are many people who feel that the MBA represents an outmoded way of thinking, arguing that business acumen is something that comes naturally to some people and that trying to develop it artificially gives rise to the issue of technically competent but ultimately ineffective middle-management across the economy. To the new generation of entrepreneurs who are beginning to come of age, the idea of having to earn a degree in order to be in ‘the club’ is outdated and elitist.
However, while there is some credence to the millennial mindset, and the concerns about to what extent good business sense can be taught are valid, the MBA still serves a valuable purpose and has real value. It’s fair to say that some people will be fine without the MBA, it is by no means a requirement in the modern business landscape. However, if you want to enter into a business at the management level, an MBA is all but required.
What is an MBA?
The MBA course is designed to equip students with the skills that they need to handle the majority of challenges that business leaders face on a day to day basis. MBA students will get a grounding in a diverse range of subjects, statistics, economics, communications and, of course, management and entrepreneurship. Learning these subjects will enable students to make both snap decisions and long-term decisions when managing a business.
Students studying for an MBA today can approach it in a number of ways. For a start, there are both part-time and full-time MBA courses available, which enable students to fit their studies around other commitments in life. Coupled with the ability to study either online or offline, the MBA has never been a more accessible qualification.
For example, many single mums, and young parents, in general, are eager to study for an MBA. It is a great first step for anyone who is eager to either start their own business or apply for a management position in an existing company. While it is possible for parents of young children to study at university today, many parents are finding that studying part-time and or online enables them to spend as much time as possible with their newborns while also having time to complete their studies.
Who is an MBA For?
Many people misunderstand the value of the MBA. It is not a degree that can open any door, but it is extremely valuable for anyone who wants to enter into a management or leadership role in a business, whether it’s a business that they start on their own initiative or one that they join.
Furthermore, not all MBAs are created equal. An MBA from Harvard Business School is obviously going to carry more weight than an MBA from a lesser-known university, but you don’t need an Ivy League degree to make an MBA worth your time. For example, an online MBA in Boston from Suffolk University is an MBA that will carry plenty of weight when the time comes to apply for a job. While a benefit of online universities is the ability to study from anywhere, and many top universities now offer online versions of their most popular courses.
Beyond the MBA
With so many universities now offering MBA courses, there are a lot of graduates out there with an MBA. This has both good and bad effects on the market. First of all, it does devalue the MBA slightly. This is an unavoidable problem that exists widely across academia, especially in highly-educated countries. It is, therefore, important that MBA students look for ways to distinguish themselves early.
Earlier, we touched on one of the perceived weaknesses of the MBA - that the ability to pass an MBA course doesn’t necessarily equate to being a good businessperson. With so many MBA graduates out there, businesses are increasingly looking beyond the MBA. Sure, having the MBA on your resume increases your chances of making it into the final selection. But if you can set yourself apart from the other candidates with an MBA, you will be of greater value than candidates who have an MBA but little else to set themselves apart from any other graduate.
Needless to say, any real-world work experience you can acquire will be valuable when transitioning from student to entrepreneur. The stronger your resume is, the more valuable you will be to potential employers. Don’t think of the MBA as being a master key that will open any door. Instead, think of it as certification, it shows that you have the necessary knowledge and understanding of business to be a successful leader.
Anyone who aspires to be a business leader or manager can benefit from studying an MBA. This is a degree that teaches a variety of skills, all of which are essential for any entrepreneur to thrive. Not only do MBA students gain an understanding of the practicalities of managing a business day today, but they will also learn about economics, statistics, and other subjects that are important for understanding the wider market.
As you study an MBA, you should look for any opportunities to further augment your resume. Internships, work experience placements, anything you can do that sets you apart from other students who have the same academic qualifications as you. If you are in a position to do volunteer work, this is a great way of both gaining experience and demonstrating your commitment to your career.
If you think that an MBA is the right option for you, have a look today for an online university offering a course that suits your need. You can always apply to a traditional university, of course; many leading universities offer both options.