The MBA degree has been a popular choice for business professionals for years, it is not only recognised by many in the workforce but also provides great foundational business frameworks for you to build upon. But with the rise of new technology and innovation such as automation, artificial intelligence and the rise of online business, is this degree still relevant?
This article will look into this question, provide an overview of what the MBA degree will give you in 2023 and explore different aspects of this qualification. Hopefully, you will come away with knowledge of how the current climate will impact businesses and your career prospects moving forward.
The Current Job Market and Need for MBA Degrees
When examining the relevance of degrees in this day and age, we need to look at the market and climate compared to the state of markets in the past. The good thing is that the online MBA in Australia, or anywhere else for that matter, provides a flexible base of knowledge that can be versatile and used in many situations. This means that graduates don’t need to worry so much about the current climate since these foundational teachings can be applied to anything.
In fact, with the rapid pace of technological advancement and globalisation, there is a growing need for professionals who can strategise, communicate, network and solve problems in the real world. The MBA provides an ideal platform for developing these skills, and when you’ve graduated, there will certainly be useful applications for these skills, whether it be as an employee or through your own ventures.
Potential Benefits of Getting an MBA in 2023
As we get deeper into 2023, we realise that the economic climate can be quite uncertain, and those who are looking to stay afloat will need stronger business fundamentals that the Master of Business Administration can provide. Let’s look at the benefits of this useful degree.
Increased Ability to Earn
During tough economic times, those who have useful skills that are needed are the ones who will prosper, while those with easily replaceable skills may find it hard to make more money. The knowledge you can build through an MBA degree is especially helpful during recessions because businesses are looking for those who can help them increase the bottom line, and when you make more money for businesses, you will naturally earn more money.
Expanded Professional Network
You know what they say, your network is your net worth, and those who study the MBA drastically increase their chances of developing the right circle around them. In 2023, the internet has made people more connected than ever, but in-person connections and networks can be difficult to develop. This is where the MBA stands out, you’ll be able to find connections not available anywhere else, whether that be industry titans or other professionals looking for peers who can join them on their journey.
True entrepreneurial skills and knowledge can be very rare these days; everyone wants to jump into the space and become the next Elon Musk without doing the fundamentals first, and that’s where the MBA shines. It can help you get those first steps into entrepreneurship by getting a solid foundation through subjects such as marketing, finance, law and human resources. These skills are difficult to develop by yourself, and in 2023, those starting businesses can dramatically improve their progress with this knowledge.
Another way that the MBA shins is the ability for global exposure through internships, seminars, and interactions with professionals across the globe. The teachings of the MBA degree rely heavily on the current state of affairs since business is always changing. This means that no matter if you’re studying in 2023 or 2030, the degree will always be relevant to the current climate and connect you to industries on a global scale – which is a major advantage.
Alternative Ways to Gain Business Knowledge
Now that we’ve gone through some of the ways that the MBA can help budding professionals, let’s not discount the other ways that we can learn and gain business knowledge in today’s fast-paced world.
The internet has gone through a massive transformation over the years, and one developing industry is the online education industry. If you’re looking for business resources, there has never been a time when so much knowledge is freely available, as well as vast online courses on any subject you can imagine. This is an advantage but also can be a curse, as it can be hard to find credible resources and cater for the information cohesively. If you want to gain business knowledge this way is certainly possible but you will need to ensure you have good sources.
Another way you can gain knowledge is through practical experience, this is one of the best ways to learn, as you will try and make mistakes. This further ingrains the teachings but can take quite a while, and you’re at risk of making some big beginner mistakes, especially if you have absolutely no guidance. Most of the best entrepreneurs have tried projects multiple times before something remained successful, but getting that fundamental knowledge first might be better as a combination.
The MBA and Your Overall Career Trajectory
Now that we’ve gone through some of the advantages and other ways that the MBA can help let’s look at an overall picture of what completion of the MBA looks like during the entire span of your career. It is no secret that the knowledge provided is going to assist in your job prospects so it’s great that this is there because it gives students the upper hand on the negotiating table for interviews and opportunities. The knowledge and skills you gain while studying for an MBA can’t really be learned anywhere and is difficult to find online. Having this knowledge that can be applied to many niches is unique and the combination of having a verifiable degree and solid knowledge is a powerful combination that can take you places as you grow your career.
The MBA is certainly relevant for 2023 and possibly beyond, it is one of the most versatile degrees and changes with the times since business is always dynamic. You can develop your skills for your own endeavours and also have that piece of paper if you want to make moves with a new career path. Overall it’s a degree relevant for any stage of your life, and if you’re on the fence, it’s worth checking out.