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Is an MBA degree relevant in 2023?

We are living in an era where college drop outs head multi-million dollar corporations – which raises a question: is higher education programs like an MBA degree relevant these days? If you take this question to an internet search, you will find online forms pandits and gurus fiercely arguing about how irrelevant an MBA program is. It’s unfortunate that many of them silently blind themselves to the simple math of probability and exceptional cases. There may be some corporate leaders without an MBA or any higher education for that matter, but they are just an exceptional class. According to a recent study,  around 69% of CEOs in the United States of America are MBA grads.Yes, an MBA degree is still relevant. We got more reasons in this blog post.

Case Studies & Insights

Effective MBA curriculums around the world got a similarity – they are mostly based on analysing various business cases and forming insights as case studies. Doing so will give invaluable insights to a business professional.  Think about this, would you drive a car without proper theory and practical sessions from an experienced tutor? Most people won’t.  But it is also true that there are people who were self-learners, but it is a fact that most people need some guidance. Similarly, a master’s in business administration gives a person well-needed insights into the do’s and don’t of business based on previous successes and failures of others, so that they can be as successful as possible when they head a business.

Networking Opportunities

Birds of the same feather folk together, this proverb is true in case of lots of cases. When you join an MBA program, you are getting an exclusive opportunity to interact and get to know more about people who share similar visions and got a proactive outlook for business and management.
In case you are joining an MBA program for working professionals, you will get a unique opportunity to connect with professionals within your industry and others enhancing your ability to grow in the fast-paced business habitat.  Your classmate may be your next partner or client or an essential service provider.

New perspectives

This benefit is a derived benefit which comes complimentary with the above-mentioned two. When you learn concepts based on real-life examples as case studies and interact with people from various shores of life, then you will be seeded with multiple perspectives on a single situation.  Leaders with multiple perspectives about a situation can judge, and gauge the possible outcomes of a decision from various viewpoints, resulting in better decision-making and problem resolutions. 

Leadership and Management Skills

MBA programs prioritize nurturing leadership and management skills, earned through hands-on experiences, workshops, and coursework. These skills encompass effective communication, collaborative teamwork, conflict resolution, astute decision-making, and strategic planning. Such proficiencies are pivotal for those aiming to lead within organizations.
These skills perfectly align with the demands of modern leadership and business scenarios.  MBA programs serve as training grounds for adept leaders, equipping them to handle dynamic industry landscapes and inspiring innovation. An MBA is designed to make graduates emerge not only as capable managers but also as visionary leaders ready to steer businesses toward success.

Credibility and Prestige

Attaining an MBA degree from an institution of good repute substantially increases one’s standing in the business realm. The reputation of the institution serves as a testament to the quality of education received. Candidates holding an MBA are frequently considered by employers as possessing a solid academic base and a dedication to continuous personal and professional development, especially if you did an MBA alongside your full-time job.
Moreover, the prestige associated with an MBA can act as a key to unlocking opportunities for advancement. The credential’s recognition can pave the way to elevated positions within organizations, facilitating career progression and positioning MBA grads as valuable assets to their respective industries.

Problem-Solving Skills

In the world of business, challenges and change are constants. MBA programs serve as a unique training ground, preparing students to solve complex challenges, collect required information, and create possible solutions. Since MBA programs are commonly developed based on a case-based learning method, MBA programs foster the enhancement of critical thinking and problem-solving abilities that are indispensable for manoeuvring through ever-evolving business terrains.
The emphasis on practical, case-driven learning helps graduates to build a toolbox of skills tailored to address real-world complexities. By mastering these skills, individuals emerge with the adeptness to confront challenges head-on, adapting swiftly to shifts in the business landscape and ultimately contributing to the success and longevity of the organizations they serve.

To conclude, we can confidently say an MBA degree is relevant in 2023. The above-mentioned are only the top 6 reasons to consider an MBA in 2023, but there are more reasons which shift based on person to person and requirements. If you are considering doing an MBA, our academic team can help you further. Please use the button below for scheduling a free consultation.

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