What is MBA?
MBA stands for Masters in Business Administration, and, as the name suggests, it is a master's degree in Business Management. But, it’s more than just any masters degree.
While an MBA is sometimes perceived as just an academic qualification like any other master’s degree, it spans much more. An MBA is a hallmark of quality, grit, and talent. Having an MBA degree under your belt separates you from the crowd and associates greater quality with you so long as the management institute where you earned your degree is well-reputed. While the onus of succeeding well in one’s professional life lies with the individual, an MBA from a top-tier institution will definitely act as a catalyst to a successful career path.
An MBA also means you have a T-shaped profile, i.e., you have a good understanding of the business in general and you have expertise in a particular domain. Having a T-shaped profile helps you climb in your career and grow laterally as well.
Why MBA?
MBA is designed for those looking to advance or transform their careers as well as those who want to gain a solid understanding of their domain of work. As students from various origins and locations learn alongside one another, it offers a diversified culture that makes the educational process more fascinating and engaging.
A rich peer learning experience is only one of the many reasons to do an MBA. There are numerous reasons why the best minds choose to do an MBA and some of the most important are as below:
Networking
“Your Network is your Net Worth”. In this constantly changing world, encouraging and magnificent comments of Late Dr. Bala V Balachandran, J L Kellogg Distinguished Professor of Accounting & Information Management (emeritus in service), Northwestern University and Founder, Chairman & Dean (emeritus) of Great Lakes Institute of Management, are highly relevant.
Although you can progress alone and reach great heights in life, it’s relatively impossible to do so without engaging with those around you. This is where networking with other individuals will provide you an advantage over others. An MBA enables you to develop a strong network with peers, alumni, professors, and visitors, allowing you to benefit from their knowledge and expertise.
Personal and Professional Growth
Big organizations favor hiring individuals with MBA degrees because they are more capable of handling the inevitable changes in industries, the economy, and people's business practices. MBA is not limited to a single sector or line of activity. For instance, an IT employee who wants to work in the business can obtain an MBA and land the position of his dream. A marketer can also gain a wide range of information about various business sectors to progress in his/her field.
Despite a slow global economy post-Covid, an MBA from the best business schools will offer growth in all specializations, inspiring individuals with aspirations to follow their dreams.
Various Fields to choose
If you're someone who wants to start your own business, an MBA could give you a path that could take you to the next level by giving you the knowledge and abilities to become business-savvy and pave the road for a viable business.
MBA offers different specialization options and is not only focused on one area (T-shaped profile). Types of MBA are:
- Marketing
- Operations
- Human Resource
- Finance
- Analytics
- Healthcare Management
- International Business
- Retail Management
- Entrepreneurship, etc.
Diverse Educational background
Students from a variety of educational backgrounds join the top business schools, which encourages cross-learning. Students gain a lot from their diverse peers' unique cultures as they engage with them. During an MBA program, students collaborate and learn with their classmates while taking part in case studies, working on group projects, and planning activities.
Awareness of a global market
All businesses have become global in the race to become part of the worldwide economy, expanding their markets beyond geographical boundaries. Hence, it becomes imperative to have a clear understanding and knowledge of world markets.
Top MBA colleges in the world promote networking with other students from across the world and idea exchange. Additionally, B-Schools offer student exchange programs that enable interaction with overseas students, the sharing of ideas, and learning from them while providing exposure to the global economy.
Lifelong Learning
Time management is a crucial aspect of our lives, and an MBA can help us develop these management abilities in both our professional and personal lives, making us someone that everyone values. Time management also increases productivity, sharpens our attention, and boosts our self-assurance. Learning during MBA not only helps in your career but also provides exposure that helps you throughout your life. It is a journey of learning, teaching, and valuing.
Career shift
While an MBA is known to develop you as a manager and make you ready for leadership roles, it is also a gateway to shifting your domains at a later stage in your life. Many experienced professionals shift their domains depending upon their interests and opportunities to stay relevant in the market or tackle stagnation in their roles. An MBA from a reputed college acts as a hallmark of expertise in their respective MBA specialization. After this, the future managers are ready to take on challenges and face the business environment with confidence.
MBA - A life long learning experience.
With an MBA, you can pave the way to becoming ready for your next big role and overcoming challenges head-on. It gives you the knowledge that will benefit both your personal and professional life and be carried forward throughout your life. No matter which specialization you do or which role you go to post your graduation, an MBA reflects not just on your resume but also on your personal life. It reflects in the way you receive and process information. It is not just a degree, it’s a lifestyle.
Subscribe now for regular updates!!
Written By
Mansi Mangla
PGDM Class of 2022-24
Great Lakes Institute of Management
