In today’s fast-moving world, obtaining a Master’s degree is a necessity. It helps you to advance in your profession, widen your horizons (subject matter expertise), help manage your time effectively, boost your organizational skills, and learn to adhere to strict guidelines and deadlines. One of the most well-known and chosen courses by young graduates with 3-4 years of work experience is, MBA – Masters in Business Administration. MBA is a renowned field of study that helps one to accelerate his/her business skills, by artistically integrating theoretical skills with practical skills.
Given the global business environment these days, one needs to get an insight into certain business functional areas like Finance, Marketing, Accounting, and Management to be able to tactfully deal with such complexities. Let’s discuss the reasons and factors that have contributed to applicants havings second thoughts about MBA and thinking more about its alternative side-
Often an applicant is too excited about admission and studying MBA, but the cost of the program makes the whole process dicey and ends up in reconsideration. To detail, the average cost of an MBA program is about GBP 30K to 70K, excluding other expenses – accommodation, textbooks, basic amenities, etc.
Studying MBA involves deliberate consistency, determination, and sincerity. It’s a course that spans a maximum of two years, and a minimum of one year. As a working professional enrolling in the program, it is an extremely difficult process to segregate time for both. It also affects one’s personal life which can be equally challenging.
Mandatory Work Experience
Studying MBA after gaining a good amount of work experience is beneficial for you in the long run, as you would already be knowing certain analytical skills; can understand the case and practical concepts in a much clearer way than anyone who has an ordinary mental approach to such topics. Also, for any foreign university/college, having an experience of at least 4-5 years is compulsory before you start MBA – so if you don’t have that and wish to pursue a master’s in any business-related field, MS/MSc/MiM are great options.
A specialized Master’s program is a great alternative if you intend to gain an in-depth; rich, and detailed understanding of domains, like marketing, account, or finance. And it has several benefits too: career advancement, you get to choose your mode of studying & the duration of the course, and you get to focus on a specific area, etc.- these factors make the whole process of pursuing a master’s degree much easier, interesting, and meaningful to you.
MSc in Finance – This degree aims to give an edge to highly skilled financial undergraduates; to develop a knack for working financially in the workplace, and to make oneself adapt thoroughly to the financial sector. Post-graduation, the average salary is usually more than $ 93K annually.
MSc in Entrepreneurship – For a budding businessman who is keen to start a venture, has unique start-up ideas, or even want to expand an existing business, then this is one of the best courses to pursue. This program will enhance your innovative side and polish your entrepreneurial skills. The average salary of a fresh graduate is typically more than $ 92K/annum.
MSc in Marketing – This course is devoted to helping you delve into areas like ‘demand & supply, make you more equipped with the market trends, understand the tactics and strategies of specifically targeted customers, and adhere to their expectations from a seller. The average salary of a Marketing graduate is Euro 38K.
MSc in International Business – This course helps one to try to get a hold on Global Economy, International Marketing, International Finance, International Human Resource Management, and the basic working of International Trade, which confines itself to exports and imports. The salary could vary depending on the industry. A good $ 60K can be regarded as the average salary of a fresh graduate.
Masters in Management (MiM) – It’s a post-graduate degree that will help you be familiar with areas like Finance, Marketing, Consulting, and Entrepreneurship at quite a young age, if you want to. Irrespective of your work experience, you can enrol in this course and do well. Major benefits of this course are: in most universities you get a GMAT waiver, it is budget-friendly, you will get plenty of international exposure & recognition, it is a very well management-oriented program, it boosts your professional career and opens gates for better job opportunities. The salary constitutes a fair amount of Euro 45K-50K.
According to the GMAC, application rises of up to 58% were reported by MiM programs that are based in Europe. Thus, there are a variety of MBA alternatives, which can be easily acquired without even having prior experience with an MBA. The degree mentioned above could be your go-to choice if you wish to embark on new challenges in life, provide amazing aspects to be considered, and further enhance your strategical, logical, & coherent skillset.