If you have experience in business management or administration, then the MBA may be something that you are already familiar with. This business degree is well respected around the world and highly sought-after by employers looking to hire business professionals. Having an MBA on your CV can be an ideal way to make sure that you stand out from the crowd when it comes to applying for business management positions. It demonstrates to your potential future employers that you have a diverse business skill-set and a solid understanding of the main pillars of business.
But is getting an MBA the right choice for your career? This is often one of the most expensive postgraduate degree options to consider and it involves a huge investment of your time and efforts. Getting an MBA can undoubtedly help to propel your career forward, but it may not always be the best choice for some people. Here are some of the main things to consider if you are thinking about improving your career prospects with an MBA.
Your Current Employment
If you are currently working for an employer and are hoping that getting an MBA is going to help you get promoted and climb the career ladder in your current workplace, then it’s worth having a conversation with your employer. This can be very useful if you are planning to continue working full-time while getting an online MBA from Aston University, for example. An online MBA can be an ideal way to make sure that you get more flexibility while studying. However, your employer may be able to help you out even further with flexible work arrangements or assistance with tuition, for example. You will also be able to have an honest discussion with your employer regarding whether or not they think the MBA is going to be the best option for you, or if you could get to where you want to be with different qualifications.
Your Future Career Goals
It’s important to consider the type of career that you have in mind once you have graduated with an MBA. Getting an MBA can help you get into a wide range of career paths including business management, entrepreneurship, marketing management, environmental management, finance, HR, and more. Determining what you want to do with your future career will not only help you figure out if the MBA is going to be the best qualification for you to invest in, but it can also make it easier for you to decide which MBA concentration is going to be the most useful for getting you into your chosen future role.
Alternatives
While getting an MBA can be a great way to boost your career, it’s wise to consider if there are any alternatives available that might be more suitable for you. This is especially true when you consider that there are short courses and professional certifications that may work just as well for getting you into your chosen career role at a fraction of the price and with less of the work that comes with getting an MBA full-time. Do your research beforehand and thoroughly weigh up the pros and cons of each option that you have before deciding if an MBA is your best way forward or whether there is a cheaper and less intense alternative that might work just as well for you.
Financial Considerations
An MBA can be one of the most expensive qualifications that you will ever get depending on where you go to study it. In the UK, you can get a postgraduate student loan to help with the cost of getting your MBA as long as you do not have any other master’s qualifications and are up to date with any previous student loan repayments. Whether or not you want to get any further student loans is up to you; it is worth bearing in mind that just like the undergraduate student loan in the UK you will not be required to start making repayments to your loan until you are earning over a certain salary. However, you will need to consider that once you earn a certain amount, you’ll have to repay both your undergraduate and postgraduate loans. You may also want to consider the option of covering the cost of your MBA from your personal finances or taking out a personal loan to cover the tuition fees. Some employers will also offer assistance that can cover some or all of your tuition fee if you getting an MBA will also benefit them.
Your Personal Circumstances
It is also important to be honest with yourself about how much time you have, your current commitments, how much you are taking on, and if it’s going to be feasible for you. If you work full-time and have a family, for example, then you will need to be prepared for all the extra time and energy that getting an MBA is going to take, alongside everything else in your life. If this is the case, then you might want to look into course options that allow you to get your MBA part-time – while they will usually take around double the time compared to a full-time MBA, it can be an option to make time management easier. Online MBA courses are another increasingly popular option for students who want the flexibility to plan their studies around their life rather than the other way around. You can find flexible, self-led online MBA courses where you are in charge of how, where, and when you study which can make getting your degree at the same time as managing your other commitments easier to deal with.
If you work in business and want to climb the career ladder, getting an MBA might seem like a natural next step in your career progression. However, before you make a final decision, it is worth taking a few different factors into consideration to make sure that getting an MBA right now is the most beneficial choice for you.