One of the top motivations for getting an MBA is to make a career change.
In fact, employers understand MBAs will most likely be looking to make a career change. MBA programs have been a common source of talent for companies for many years, including fresh and sometimes, non-conventional talent.
First, let’s define what a ‘career change’ means.
There are three primary dimensions of a career change: geography, industry, and function.
In general, changing one dimension has a higher probability than changing three dimensions. Many MBAs can change one or two dimensions, and even three-dimension changes happen occasionally.
So, is it better to pursue an MBA, or should I just apply to jobs in the new sector? It depends!
Employers are looking for transferrable skills and new skills acquired during the MBA program when evaluating career switchers. An MBA is a good way to pick up new skill sets to make you an attractive candidate. One of the more common scenarios is engineers that are looking to make a career switch. By picking up new skills in marketing, operations, finance, strategy and HR, an engineer can pursue a broader set of roles after completing the program.
This is just one example and the same applies to other categories of career switchers.
New Networks
In addition to new skills, an MBA will allow you to develop and extend your network. Networking is the most effective way to find a new job, especially for career switchers. Many times, HR is not open to career switchers, but by networking within the organization, you will be able to open doors. If someone in the organization recommends a candidate, HR will most likely include them in the recruitment process based on the recommendation.
During your MBA, you will meet classmates, alumni and employers. Your classmates will be a valuable resource for the rest of your career for finding new jobs, finding business partners and finding funding for start-ups.
Exposure
One final benefit of an MBA for career switchers is exposure.
Many times, students find their direction during the program. Through their classes, career services office or classmates, they discover a career path that they had not even considered previously.
The best way to present your career change plan to the admissions committee is preparation.
The committee understands that you many change your mind as you discover new opportunities. As part of the review, the committee is evaluating that the candidate has thought about their skills, motivators and interests; that they understand themselves. Also, the committee is evaluating that the candidate has thought about the job market and the skills required. The key is to demonstrate understanding of yourself and the market and also, to demonstrate realistic expectations. The admissions committee will appreciate honest, thoughtful and coherent answers to all parts of the application including career expectations.
What an Employee with an MBA Brings to the Table
So, why are MBA graduates so employable, and what do companies get out of hiring and investing in their MBA talent?
MBA graduates see the big picture
When we work for one organisation for some time, it’s not uncommon to lose sight of what else is happening in the business world. MBA students spend significant time analyzing businesses, developing a broad understanding of what others are doing, what has worked, and what has not worked. As a result, they graduate with an up-to-date understanding of the business world and the complex issues associated with it. Through the process of analyzing and solving these business issues, an MBA students’ ability to think strategically is challenged and refined.
MBA graduates think long-term
Employers are seeking employees that will assist in the long-term growth and sustainability of their businesses. Thanks to the comprehensive and integrated nature of the course content, students develop an understanding of how each business function (or department) operates, and how company decisions can affect each function. An MBA’s holistic understanding of a company will mean that he or she can contribute to achieving a sustainable position in today’s changing business environment.
MBA graduates possess valuable leadership qualities
The practice of leadership and the development of leadership qualities is something that MBA students engage with all throughout their degree – from start to finish. Studying with AIB, Leadership is the very first subject that students undertake, and this helps to lay the foundation for developing an understanding of how leadership integrates into all the future subjects they will study. Studying online, students are quickly able to apply these learnings to real-world business situations in their work, helping them to make an impact with the MBA as they continue to study.
Upon graduation, MBAs will have developed a holistic view of the business world, and as a result, they’ll be better equipped to lead through the broad lens of business, rather than just their department or area of expertise. This promotes a more cohesive, considered and collaborative workplace culture.
Due to the challenging nature of the MBA, students will also develop greater self-discipline and problem-solving skills, their communication skills will greatly improve, and they’ll experience a boost in confidence. These are just some of the qualities and development outcomes MBA students gain, all of which help to make them better leaders.
MBA graduates have diverse and highly qualified business networks
We don’t completely agree with the phrase “it’s not what you know, it’s who you know” but we believe it’s a blend of both. MBAs undertake the program with a cohort of other high-caliber students across a range of industries and roles. If they play their cards right and embrace networking opportunities, MBAs should graduate with a solid foundation of business contacts – both locally and overseas. This is of great value to any organization, as the employee can call on their contacts for opportunities, deals and valuable insights when needed. It could be for an opinion on how to approach a certain issue, or it might be to do particular business with that contact. Regardless of the use, it is important to have contacts outside of your organization in business for the benefit of the MBA graduate and their employer.
MBAs Make the Largest Salary Leaps
Relish, a career-finding platform specific for MBAs, aggregated more than 11,000 self-reported salary data points from MBA students and graduates before entering business school and after business school between 2009 and 2018. It found eye-popping salary differences. According to the data, MBAs overall saw a salary jump of $36,742 — a nearly 50% increase .
“The biggest upshot of this data for us was that an MBA remains a fantastic career investment across nearly all industries and functions . “For career-switchers, this data can help inform which new industries or functions to target — and which to avoid — but in general this data should be encouraging for anyone considering an MBA.
”Get Help from LeapQuest on Your MBA Applications!
LeapQuest will show you how to proactively address each potential ding and increase your chances of earning an acceptance letter. Adding dimension to your profile isn’t easy. There are no quick fixes to the dings we’ve discussed in the article above. Self-awareness is your secret weapon in the battle for a spot in the most competitive business schools. The better you understand who you are, what you’re motivated by, and what makes you unique, the easier it’s going to be to communicate those things in your application.
LeapQuest has developed a comprehensive program to help you to formulate an inspiring career vision, career goals, and career action plan. If you define your career goals in the way we recommend, you will be prepared to convince admissions officers that you have the capabilities, passion, and purpose to achieve something significant in the future.
We’ve put that all together to create a statistical algorithm that accomplishes the above task to the point of categorization. Of course, it’s not an automated process. There is a greater deal of human involvement to judge the non-objective aspects of your profile too – your clarity of career goals, your ability to connect the dots and make an overall good impression on the Admissions Officer.
P.S., Get started early on your 2021 applications! Start working now with your consultant on your career goals, school research/selection, professional and community involvement, and everything else you’ll need to put your best application forward this year!
