Are you recently graduated or have been working for a few years and are considering whether pursuing an MBA can boost your career? You are not alone in this dilemma. With each passing year, the number of students appearing for CAT has been increasing; A total of 2.93 lakh students appeared for CAT in 2024. Demand for MBA grads is at an all-time high. As per Crist Kolder’s 2024 Volatility Report, 51% of CFOs in Fortune 500 and S&P 500 companies hold MBA degrees.
However, the timing of an MBA is crucial to maximise learning experiences and post-MBA career trajectory. Let’s look at some of the factors you should consider before taking the plunge into an MBA degree.
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Alignment with career objectives
If you are a fresh graduate and are slowly realising that the field you graduated in isn’t something you are as passionate about as you were in the beginning, an MBA would be the best certification to help you get back on track. MBA programs across the world regularly admit students from a myriad of different backgrounds. It isn’t limited to people with a business or commerce background. An MBA allows you to explore different fields and make a career switch, which will be better suited to help you achieve your career goals. Apart from a traditional corporate job, many students now also leverage an MBA to pursue their entrepreneurial ventures, content creation, government services, mentoring, research, and social ventures.
Upskilling to better roles and pay
For working professionals with 2-3 years of experience, an MBA is the most sought-after certification to help them climb the corporate ladder to managerial positions. You interact with industry leaders and alumni, learning through their personal experiences of bringing innovation to the industry. You network with peers from diverse backgrounds and build a life-long sense of community. You get an opportunity to exchange your ideas with like-minded folks, receive mentoring, or even your first funding for your entrepreneurial venture. An MBA helps one develop leadership and networking skills that make recruiters feel more confident in hiring you. As per the GMAC 2024 Corporate Recruiters survey, about two-thirds of recruiters believe business degrees are more effective for employee success than micro-credentials.
Current Market Conditions
Current market conditions also play an important role in helping you decide if now is a good time to go for an MBA or not. When the economy is weak and job market conditions are tough, pursuing an MBA to upskill yourself is smart. Once your degree is completed, you will be equipped with a wider range of skills in a recovering economy and will be able to better market yourself to recruiters. Companies would also be in a state to hire candidates looking to fill positions that they had earlier been forced to eliminate. Having a specialised degree then gives you an advantage over other candidates and helps you maximise this situation to your benefit.
Exploring job opportunities in a new country
If you are someone who wants to work in a different country, pursuing an MBA is a great way to help you achieve that goal. Doing an MBA abroad allows you to build a network of global industry leaders, professionals, and alumni. You can harness these interactions and obtain internships with local companies. The chances of converting an internship into a full-time offer are greater than finding a job abroad while staying in your home country. Secondly, the experience of living in a different country, with separate cultural norms, helps you develop independence, adaptability, and interpersonal skills, which are also considered valuable traits by companies apart from having adequate business acumen.
Pursuing a higher degree, like an MBA, is an important career decision. You should thoroughly evaluate your career goals, the value addition to your current professional role, and present economic conditions before making a decision. Taking advice from a mentor or a senior at work is also insightful before taking a step forward. An MBA has a plethora of benefits; however, timing an MBA right as per your personal readiness and ambitions will open up the most opportunities for you.
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