Thinking about undertaking further study but not quite sure whether you should take the plunge?
Torrens University Vice Chancellor Justin Beilby shares his advice on how an MBA can potentially benefit you in the long term.
1. Higher salary
Money isn’t everything, but it definitely doesn’t hurt to have a qualification that will likely bump you up into a higher pay bracket. “If you were to do some research into salaries of individuals who have an MBA compared to individuals with other degrees, in most circumstances you would find that there is a significant difference,” says Justin Beilby, Vice Chancellor of Torrens University Australia. “An MBA tends to give graduates credibility – employers look upon MBA graduates as experts in their field.” So while investing in an MBA may be costly, chances are it will pay off for you in the long term.
2. Better career opportunities
Upskilling by undertaking an MBA will open the door to a number of new opportunities, Professor Beilby notes. “An MBA program provides a more diverse field for graduates to develop in. Unlike undergraduate degrees which are often highly specialised, an MBA will cover a wide range of areas, and graduates of an MBA program have, due to their qualification, higher chances of obtaining a high-level management position.” Another bonus: career opportunities overseas. “An MBA is a degree that is highly recognisable all over the globe. The MBA we offer at Torrens University, for example, is highly regarded internationally due to our affiliation with the Laureate International Universities network. Our graduates tend to find that this qualification makes it much easier to find employment not just here in Australia, but also overseas,” says Professor Beilby.
3. New skills and knowledge
For students who have a background in a specific discipline, the MBA will give them the chance to diversify their skills and develop knowledge in a number of different business areas. Most MBA degrees include subjects in strategic management, economics, human resources, marketing and financial management amongst others. “The MBA is designed to further develop your cognitive, technical and creative skills. Ultimately, graduates will develop strong business acumen which will help them to lead people, teams and businesses and enhance their career prospects in the long term,” Professor Beilby said.
Most providers nowadays offer flexible learning options so you can continue working while you upskill. “At TUA, as with most other reputable education providers here in Australia, our MBA students have the option to study full time or part time, at a range of different campuses across Australia and even online. This is great as it allows students to go at their own pace and manage their work/life balance with an education mode that best suits their needs,” Professor Beilby states.
5. Access to networking opportunities
Studying for an MBA is a great way to meet people from the business world. “You’ll find that many of your classmates will end up being future industry leaders. These people are already likely to be high achievers so get to know them and stay in touch after graduation – you never know when you might cross paths again,” Professor Beilby says. You’ll also be regularly exposed to current business leaders, including your teachers, guest lecturers and people at industry events. “You’ll have many opportunities to gain insights and advice from senior executives who already have the careers that you are working towards. The knowledge they can impart to you is invaluable.” Professor Beilby says.