There are several ways to measure the return on investment of an online or a face-to-face MBA.
One is to examine the income of an MBA graduate by comparing their salary when they were a prospective student to what they’re earning a few years after they graduate with an MBA or executive MBA (eMBA). Another way is to observe the graduate's career progression. Comparing their career opportunities prior to and after two or three years upon graduation, has their career progression accelerated?
We can also look at the skills and traits earned by completing an MBA program. These skills are usually developed via coursework and projects throughout the program. Employers highly favour MBA graduates with well-rounded skills.
So, what exactly are these skills offered by an MBA, and why are they so valuable to MBA graduates and employers?
The MBA skill set
Here, we go through some of the major skills, characteristics and traits acquired through an MBA degree:
MBAs offer deep leadership insight
Whether you're working within a major corporation, launching a start-up or improving society in a not-for-profit, success is infinitely more difficult without powerful leadership skills.
When teams are engaged in a leader’s vision and motivated to make it a reality, the power of the individual leader is multiplied exponentially.
MBA courses, whether on-campus or online, focus deeply on developing leadership skills. During coursework and group assignments, students can practice their personal leadership styles in a safe and supported environment.
MBA students develop powerful self-discipline
All MBA students require self-discipline to complete the program. Online learning MBAs are particularly valuable for the development of lifelong self-discipline and time management skills.
An MBA, by its very nature, develops individuals who are better able to manage numerous demands, perform with consistency and purpose in uncertain environments and provide an excellent example to their teams in terms of self-discipline and time management.
In fact, in the rapidly changing post-COVID-19 environment, leaders must have the self-discipline to push through unforeseen circumstances and never lose focus.
MBA graduates have strategic thinking skills
What is ‘strategic thinking’? By definition, strategic thinking is a thought process that applies with a specific goal in mind. It’s about planning for the future with a particular desired outcome as well as taking into account changes, challenges and opportunities that could arise along the way.
Strategic thinking is characterised by adaptation and creativity, measured risk-taking and contemplation, working smart rather than hard and constantly learning and changing.
Reputable schools put strategic thinking at the heart of everything they do, teaching their business degree students the skills needed to always think strategically. Employers are more likely to hire MBA graduates who demonstrate great strategic thinking to overcome real-world business problems.
MBA graduates are expert communicators
Without the ability to communicate ideas with absolute clarity, a leader simply cannot lead. All organisational processes rely on the communication of ideas, views, theories and statistics.
Complex business problems, whether faced by a small start-up, an organisational department or a multinational corporation, must be clearly expressed and understood by all before a solution can be engineered.
Perhaps most importantly, an organisation’s culture is developed through flawless communication of ethics, values and purpose.
This skill is typically developed and put into practice throughout an MBA degree, whether it’s an online MBA course or a face-to-face program.
Communication skills are honed as collaborative networking opportunities merge with coursework. This coursework brings students, teachers, academics and thought leaders from different organisations and backgrounds together to share experiences, offer advice and help each other understand their own personal communication styles.
Importantly, this also boosts students’ interpersonal skills, which is also essential in the field of leadership.
Those with an MBA are skilled business managers
Almost every MBA program covers major business aspects. The curriculum in these elite business degrees typically includes units such as finance and accounting, human resources, marketing, IT, ethics, entrepreneurship, business management, operations management, customer relationship management and more.
Some MBA programs offer specialisations that introduce a deeper understanding of specific business areas.
These units aim to equip MBA graduates with the vital skills to become well-rounded business managers who can lead a business through any type of change or environment. They can make informed judgements using relevant facts and statistics, as well as taking the needs of all business units and stakeholders into consideration, to chart a safe path around or through complex challenges.
MBAs instil risk management skills
The business environment had been shaken to its core and forever changed in the wake of COVID-19. The ability to identify, quantify and mitigate risk, and to utilise relevant information without being distracted by the noise, is vital.
Business has always had a strong connection to risk. Risk creates an environment in which profit can be made. It is ever-present, even for a not-for-profit organisation that has the simple goal of doing social good.
An MBA student is taught to recognise and take measured risks by developing a strategy that can help them capitalise on business opportunities.
MBAs give graduates the ability to look into the future
MBA degree programs are shaped to develop graduates who are experts at not only identifying and managing risk but also considering and planning for the future.
How does this work? It’s all about understanding the power of data.
The idea of ‘big data’ used to seem overwhelming. However, numerous tools exist today that allow real-time analysis of various relevant and interrelated sets of data. This means that rather than flying by the seat of their pants – particularly during a storm when there is little visibility – business leaders can still clearly see what’s going on.
This includes how customer needs and preferences are changing, how markets are evolving, how staff engagement levels are changing, how cost of production in various regions compare and more.
Previously, such real-time insights were impossible. Market research was always backwards-looking. Financial reporting has always been historical. Today, however, data makes it possible to see in the dark. Predictive analytics also offers a powerful view into the future.
MBA students are taught the value of data in online education classes and on-campus programs. They become familiar with tools that make real-time data analysis simple.
And so, in a fast-changing, increasingly competitive and constantly disruptive business environment, people who know how to read data are vital for organisations to survive and thrive.
MBAs offer graduates a powerful network
Where does a leader go when they’re not sure of the way forward? Who do they contact to discuss ideas?
Who might they reach out to when they need a new staff member or consultant with very specific knowledge and talents?
One of the most powerful tools in an MBA graduate’s toolkit is their network. This is equally true for online MBA programs as it is for on-campus MBA degrees.
Having come together, online or face-to-face, with current and future leaders from various industries, MBA graduates have an entirely new network of experts across industries and sectors. These MBA alumni typically become lifelong friends, staying in contact to share thoughts, discuss and analyse strategic plans and celebrate each other’s successes.
The MBA graduate network also plays a big role when it comes to job opportunities. Employers typically recognise the value of that network and are keen to bring it on board with the individual.
And so, from broad capabilities such as leadership, communication and people management, to knowledge around particular business units like human resources, finance, accounting and marketing, and finally to skills around specific business aspects such as data analysis and risk management and so much more, MBA programs offer students a variety of new skills, traits and knowledge. It’s no wonder that MBA graduates are in such demand.
Develop your skills with an MBA
An MBA degree can become a launchpad for success in your career. You can gain and develop the necessary skills to become a competent leader who can help an organisation fulfil its business goals and objectives. Take the first step and discover various MBA programs available in Australia today.