MBA: A Smart Step for Any Industry?
Obtaining a Master of Business Administration requires hard work, but it has many benefits, including potential for greater job satisfaction and professional advancement. According to a survey by the Graduate Management Admission Council, 77 percent of those who earned their MBAs in 2012 viewed their degrees as essential for obtaining their first jobs after graduation. Furthermore, 72 percent are satisfied or very satisfied with their current jobs.
Yet many people assume that MBAs only offer true benefits for people looking to run a business or lead large sales organizations. Not so. In fact, having an interdisciplinary graduate degree can open up opportunities in many fields, including health care management, human resources management, accounting, marketing and information technology, to name a few.
Health Care Management
The health care industry is rapidly changing, due to both advancements in technology and impending changes in health care policy. Those working in the field of health care management must be able to quickly adapt to such changes in laws, regulations and technology. These workers also need to have strong management skills because they are responsible for planning, directing and coordinating medical and health services for organizations. Because of the need for these specialized skills, obtaining a master’s degree in business administration is helpful.
Human Resources Management
HR workers play a critical role in the success of an organization because a company can’t be successful without the employment of talented individuals. HR is responsible for attracting, training and retaining employees for an organization. The group also ensures that the business runs smoothly by directing administrative functions, including employee relations, regulatory compliance, payroll and benefits. Because the decisions HR makes ultimately impact an organization’s bottom line, it’s important for those in this role to be adept at business administration. That’s why companies seeking higher-level HR managers often require that they have professional experience, and a master’s degree, such as an MBA.
Today’s economic climate has spurred ongoing debates about reforming the nation’s current tax codes. As such reforms continue to be hot-button issues for Americans, accountants must stay engaged in the dialogue and on top of any impending changes.
Whether working for clients or within an organization, accounting professionals are responsible for examining financial statements to ensure they are accurate and comply with laws and regulations. The group also helps companies run efficiently, suggesting ways to reduce costs, enhance revenues and improve profits. Since such responsibilities require an understanding of current mandates, as well as business operations, employers may prefer to hire applicants who have a master's degree, either in accounting or in business administration with a concentration in accounting.
One reason marketers might consider earning an MBA is because of the collaborative nature of the industry. That’s because marketing managers work across departments to develop strategies that promote a company’s products or services, a role that includes elements of financial analysis. Marketing Management requires professional experience, and education. Jaime Lira, marketing manager at a law firm in Indianapolis, knows firsthand the impact that having an MBA has had on her ability to do her job effectively. “My MBA has helped me to be more successful in my role because marketers today need to have the educational background to understand how different activities impact the bottom line,” she says.
Technology is changing the way businesses operate, making them more efficient, connected and profitable. Because of the integrated nature of technology and business, companies need workers who can coordinate all computer-related activities with the organization’s goals in mind. Having an MBA and professional experience can help IT workers gain those skills needed to serve in an IT management role. According to an article in CIO magazine, an MBA can give a boost to an IT management career because it gives IT workers credibility with their business peers, teaches workers to think like businesspeople, and helps them communicate better with business colleagues, among other reasons.
An MBA: A Tool for Advancement
In today’s competitive workforce, having advanced and specialized training and skills can give you an edge in your career. An MBA can give you not only a solid background in business management but also the opportunity for advancement in a variety of fields when combined with professional experience, skills and hard work. It can even be a stepping stone for pursuing a doctoral or professional degree if your career takes you in that direction. So if you’re weighing whether or not to obtain an MBA, just think about the possibilities if you take that educational step.
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