Is it worth doing an MBA in 2020?

The biggest question today is – is it worth doing an MBA in 2020?

The lifestyle has been rapidly changing in the last decade. What people used to do and think, how they used to work and live, all gradually became obsolete. We found ourselves in a baffling situation where adaptation to the extremely competitive environment became a survival factor. Not an exception is a job market, which is drastically transforming its core required skills and values. According to OECD (June 2019), by 2030, the estimated number of degree holders will reach 300 million, growing from only 176 million in 2013.

The significant growth of literate people puts a substantial portion of the burden on current and future students. Therefore, in the early 2000s acquiring a bachelor’s degree was not sufficient enough to guarantee a prosperous career, and by 2010s, being a master’s degree holder is a minimum requirement for a well-paid job. This can easily explain the popularity of postgraduate programs around the world.

Considering the latest trend in education, more than 50 % of graduates go for business majors, and that, in turn, gives reasons for them to choose an MBA.

MBA is a highly opted option in the educational world. The Master of Business Administration is one of the most popular programs students are going for if they are willing to be engaged in organizational tasks.

So, coming to the most important question- Is it worth doing an MBA?

First of all, upgrading yourself and your professional skills is always a great idea to prevail as an active player in the fiercely competitive job market. According to education researcher Mansoor Iqbal (2016), there are five main areas in which MBA programs improve student performance:

1. Interpersonal skills: soft skills have always been in the top employers’ wish list. Being able to inspire others to work harmoniously, whether they are friends, colleagues, or clients is the only way to start networking and not impede your career growth.
2. Strategic thinking: Strategic Thinking is the foundation of the MBA and the primary intended outcome of the program. Moving an MBA student from a functional role to a more general role would allow them to see where their organization is, where it should be, and, most importantly, understand what steps must be taken to reach the destination.
3. Entrepreneurial skills: an important ability that allows a degree holder to see the gap in the market and know when/whether it is worth filling. It also incorporates creativity and technical understanding.
4. Communication skills: it goes unsaid that having an ability to convey information in a correct way to eliminate the risk of misapprehension, which is crucial in any workplace. The MBA also helps to adopt the skill through interaction with different groups of people and learn to work as one.
5. Leadership Skills: an ongoing topic for debates “who is a leader and what skills he/she should possess.” Referring back to QS Top MBA (2016), leaders should be able to inspire people who work with them, make them feel valued, and provide a sense of direction, which the MBA helps to foster.

Talking about other benefits of joining an MBA at the university, we should mention the increase in earnings. If we look at numbers, MBA Ranking Preview 2018 showed an increase in salaries three years after completing an MBA. Between the years of 2008- 2014, the growth was insufficient, 4 % only. However, from 2014 to 2017, the rise reached 12 %, and it continues growing up till now. The highest year-to-year increase observed in the healthcare and industrial sectors. Therefore, opting for an MBA with a particular concentration in healthcare can be a smart choice.

So, make up your mind, and good luck!

Author Credits: Dalila, Program Manager, Capital College

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