For a long time, an MBA was seen as a ticket to an administrative role or management. A master in business administration program today has a broad curriculum, though far more schools offer the ability to specialize while still teaching the soft skills companies need in managers. A large number of MBAs and variety of degrees now offered has led to many questioning the relevance of an MBA. Here are a few reasons why MBAs are still relevant in 2018.
Soft Skills Matter More Than Ever
Blue chip companies are in need of soft skills more than ever, such as leadership, global awareness, empathy, and how to deal with people among others. Many people are aware of the value of these soft skills, which is why MBA students come from a wide variety of industries.
These skills are also invaluable whether you want to become a team leader, manager, or entrepreneur. In fact, many entrepreneurs are earning an MBA before striking out on their own or as they try to grow their business because of how important these soft skills are to their success.
The Degree Is Necessary for a Number of Careers
Marketing has become a data-driven profession, as experts study markets, market segments, customer surveys, and marketing channels. This is why an increasing number of MBAs are hired specifically for marketing efforts from big businesses to startups. Customer service has grown from merely fixing broken products to a complex operation that seeks to improve brand loyalty, increase customer conversions, and turn customers into word of mouth marketers for the organization. MBAs are often tapped to run customer service operations. MBAs are needed in financial management and financial planning and are regularly hired for that role.
Schools like Norwich University offer concentrations like organizational management, supply chain management,and logistics, and project management. Or, you can earn their classic Norwich University MBA.
Startups Are Hiring MBAs
Startups are hiring MBAs in droves for marketing, a scientific field in its own right with market segmentation, A/B testing,and market analysis. MBAs are often asked to network with influencers and create business partnerships. MBAs are critical for startups growing from a handful of innovators that can work together based on mutual understanding to a fully functional organization.
Making this transition requires documenting best practices, developing processes in the first place, establishing formal communication channels, and setting up an organizational structure that can grow over time.
MBAs are trained in personnel management and are well suited to managing human resources and expanding the team while the founders focus on the technical development. The financial expertise MBAs bring to the table is critical. Many startups fail because they don’t manage their cash well. Sometimes they don’t know how to monetize their product, while others spend money in ways that don’t improve the organization’s cash flow or improve company profits.
An MBA is a gateway to a number of specialized careers and it prepares you to move into leadership and management roles at all levels. You’re able to step into a variety of roles in almost any industry, and you’re able to work for businesses from small startups to multinational corporations.