MBA courses are experiencing a surge in popularity at present – and for good reason. Increasingly, employers are seeking candidates with an MBA; and in some industries, it’s more highly regarded than a Bachelor’s or even a Master’s degree.
Here’s a few reasons why you should consider studying for an MBA, and the types of companies that are actively looking for MBA-qualified individuals to join their team.
Why an MBA?
For hundreds of years, the UK has been regarded as one of the great centres for learning. With numerous prestigious establishments, standards of British teaching are traditionally exceptional – which guarantees an excellent education for students.
Here’s a few other ways in which a British qualification can help you get the career you want in life.
1. Earning potential
It’s a well-known fact that having an MBA improves your earning potential. In fact, the phenomenon is so well-documented, that there’s even a name for it – the ‘MBA bump’! Research from the Association of MBAs found that the average MBA salary in the UK is now £82,000. The national average is £26,500 – it’s a big difference!
2. Specific industry knowledge
An MBA is a challenging course, and is designed to develop problem-solving skills within the business sphere. It focuses on real-life scenarios and up-to-date techniques, designed to give you in-depth understanding of the world of business, and the external factors that influence it. Employers like to see this level of knowledge, and are more likely to hire you as a result.
3. Better chance of getting the job
With an MBA, you’ll not only have a better chance of getting the career you want, you’ll also be able to progress more quickly. It’s estimated that 70% of MBA graduates across the world are either board directors or senior managers – positions that are highly coveted due to their increased earning potential.
4. Networking opportunities
Your MBA provides you with the perfect opportunity to network. Right from the start, you’ll be encouraged to communicate with industry experts and fellow MBA students, and this often proves to be invaluable when you’re looking for the ideal job in the future.
What Jobs Require an MBA?
MBA graduates are increasingly in demand across the UK, and indeed, the world. This is particularly the case if you want to be promoted quickly, and don’t want the dreaded ‘glass ceiling’ holding you back! Here’s just a few roles that are increasingly looking for MBA grads to fill them.
If you’ve already got an accounting degree, but want to progress to a senior management position, an MBA is one of the best qualifications for helping you to achieve this. An MBA gives you valuable management skills – which are always highly sought after. For example, a Financial Controller earns on average £44,917 a year. A Finance Director can expect to earn around £69,669. And a Chief Financial Officer? They take home over £100,000 per annum.
It doesn’t matter where you want to work, a British degree will be beneficial in helping you get the job. In fact, The Telegraph found that, in 2011, 10% of all British graduates were working overseas! Of those who were searching for employment, 54% gained excellent roles outside the UK.
If you’ve already got a degree in Human Resources, extend your career chances by doing an MBA. This enables you to move beyond traditional HR roles and into more managerial positions. For example, an HR Manager normally earns around £34,766 a year. A Training and Development Manager may earn as much as £58,138.
A marketing degree enables you to progress quickly in this competitive industry. An additional MBA gives you the managerial skills you need to secure a senior position in a far shorter space of time. A Marketing Executive can expect to start at around £21,971 per annum. Marketing Managers tend to start at £30,264. But a Senior Marketing Manager earns, on average, £49,718. It’s a big difference.
Where Will Your MBA Take You?
Having an MBA opens up a lot of doors in the world of business. It’s an impressive qualification to have; one that provides you with the depth and breadth of knowledge required to flourish in a number of different industries. It also provides you with key management skills, which you’ll need if you want to progress quickly in your career.
This blog first appeared on the London School of Marketing blog.London School of Marketing delivers accredited marketing and business qualifications, and offers professional courses from recognised professional bodies such as CIM, EduQual and academic qualifications on Marketing, Business, Finance, Law and HRM from Anglia Ruskin University and The University of Northampton. Based in Central London, they are a QAA approved institution. The school also has offices in Sri Lanka, a network of Local Access Points (LAPs), and online programmes of learning.