When it comes to advancing your career, one question that often looms large is whether pursuing a Master of Business Administration (MBA) is worth it. An MBA, or Master of Business Administration, is a postgraduate degree that can help you advance your career.
MBA programmes typically cover a wide range of topics, including accounting, finance, marketing, management, and strategy — and it can be a big investment. The decision to invest your time and resources into further education is definitely a significant one, and it's only natural to want to weigh the pros and cons carefully. So, what are the merits and drawbacks of obtaining an MBA?
How an MBA Can Be a Game-Changer
Let's start by addressing the fundamental question: Does an MBA degree truly enhance your life and career prospects? The answer, backed by compelling statistics, is a resounding yes.
According to the US Bureau of Labor, workers with graduate degrees, including an MBA, have the highest earnings and lowest unemployment rates. Besides, a corporate recruiter survey conducted by the Graduate Management Admission Council (GMAC), the median salary of MBA graduates is 77% more than those with a bachelor’s degree and 53% higher as compared to those hired directly from industry. Companies also tend to hire MBA graduates more, with 91% of companies hiring MBA holders in 2022.
It’s not all about financial gain. 9 out of 10 graduates (88%) say they have substantially gained more skills to help them do business better as a result of completing the MBA, and 81% agree that the skills they learned during their MBA have helped them be more mentally resilient.
These statistics paint a clear picture of how an MBA can be a game-changer in the professional realm.
The Cost of Getting an MBA in Malaysia
Before delving into the pros and cons of pursuing an MBA, it's worth mentioning the affordability of MBA degrees in Malaysia. Depending on the institution or university you choose, the tuition fees for the course can range anywhere from RM20,000 to RM40,000. Of course, this can be higher when other factors are considered.
Pros of Getting an MBA
Higher Salary
As mentioned earlier, one of the most significant advantages of obtaining an MBA is the potential for a higher salary. On average, MBA graduates earn substantially more than those with a bachelor’s degree.
Skills and Knowledge
An MBA programme equips you with a comprehensive skill set that includes, leadership, strategic thinking, problem-solving, and decision-making skills. These abilities are highly sought after by employers.
Increased Job Opportunities
MBA graduates have access to a broader range of job opportunities and a better career path, not only in terms of roles but also in industries. The versatility of an MBA is a valuable asset in a rapidly changing job market.
Networking Opportunities
An MBA programme can help you build a network of valuable contacts in the business world. This network can be helpful in finding a job, getting a promotion, meeting like-minded business leaders, or starting your own business.
Cons of Getting an MBA
Time Commitment
Pursuing an MBA is a time-intensive endeavour, typically taking one to two years of full-time study. This can be challenging for individuals with other commitments, such as work or family.
No Guaranteed Job Position
While an MBA can open doors, it doesn't guarantee a job position. Job placement still depends on various factors, including your skills, experience, and job market conditions.
Addressing the Drawbacks with an Online MBA Programme
Online MBA programmes, such as the Master of Business Administration (Online) offered at ELM Graduate School by HELP University, provide a solution to some of the cons associated with traditional MBA programmes. This MBA (Online) offers a flexible 12-module online structure that allows students to balance their studies with work and personal commitments.
Moreover, the programme is 100% online with self-paced learning. The programme's collaborative nature allows you to interact with people from a variety of cultural and professional backgrounds through integrated online discussions.
Yet, you can be assured of the online programme's standards, as it maintains the same quality as a conventional MBA — a direct mirror of the on-campus experience. You will still receive the same amount of practical, in-demand skills, valuable business insights, and guidance from an accomplished faculty and experienced market leaders, even if you choose to study online.
Boosting Your Career Chances
While an MBA does not guarantee a job, it significantly enhances your marketability and opens doors to more senior positions. A report states Asia and Fortune 500 companies have a more optimistic view of the abilities and advancement potential of business school graduates. This demonstrates the demand for MBA talent in the job market.
What You Will Learn from an Online MBA
An online MBA programme, such as the Master of Business Administration (Online) offered by ELM Graduate School by HELP University, goes beyond just academic knowledge. It cultivates leadership skills, critical thinking, and the ability to navigate business challenges by studying real-world case studies.
Students will be grounded in the fundamentals of general management, including the latest trends, theories, and best business practices in areas such as accounting, data analytics, leadership, and strategy.
At the end of the course, graduates will have developed the competence, confidence, and competitiveness they need for a business career.
Make the Right Choice For Your Career
With an MBA, you will significantly increase the chances of enhancing your career prospects, earning potential, and skill set.
Explore how an online MBA degree can expand your horizons today! Speak to our Education Counsellors here to learn more about Master of Business Administration (Online).