This article covers:

• Factors that influence earning potential
• Work experience
• Job market dynamics
• Fields for MBA graduates
• Salary range for MBA jobs
• Stepping stone

No quality Master of Business Administration (MBA) degree comes cheap. It can cost more than R250,000 to bag this qualification – quite a big financial investment for a relatively short postgraduate programme – but it can be well worth the returns in terms of the doors it can open for you. That’s just one of the reasons MBA salaries are so high.

Factors that influence earning potential

The bottom line is that it takes hard work to build the career of your dreams and for it to be rewarding. Merely having an MBA isn’t a lucky ticket to prosperity; as a qualification, it’s a great asset, but it must be coupled with hard work if you want to get to the top.

Work experience 

Like with any job, the greater the number of years spent in a career generally leads to a better salary. The more experience you acquire, the more you will be able to make when you have an MBA qualification.

Job market dynamics

Every country has a unique job market, and remuneration in that market is influenced by different factors, including labour and economic dynamics. The job market is highly competitive, with scores of people who hold different types of qualifications and kinds of experience all competing for coveted posts.

Fields for MBA graduates

Some sectors are, of course, more lucrative than others. Earnings may, for example, be higher in finance and IT. If your MBA is specialised in a particular field or if you venture into a specific sector, this will also have a bearing on your salary range.

This may be something to consider researching if you’re driven primarily by money. MBA graduates who have specialised and have in-demand skills can expect to get paid more than average.

Salary range for MBA holders

However, not all jobs are created equal. Some pay well and some do not, depending on the functions of the job, the industry, and the individual attributes of an employee, such as professional experience, skills, and education.

MBA salaries are high and with good reason: MBA graduates tend to have a competitive edge in the job market, particularly when they come from schools that teach practical, relevant management subjects that teach you in all aspects necessary to be able to hold your own in the boardroom. This helps put you at the front of the front line and attract the interest of potential employers ahead of candidates who do not hold the qualification.

According to international compensation consultancy PayScale, one of the highest salaries for MBA graduates is that of a commercial director, which ranges from R2-million to R4-million per year. Granted, the role, which  involves growth strategy development, also requires years of experience.

A director of risk management or risk control, who is responsible for oversight of all aspects of safety and security in an organisation, can earn between R772,000 and R2-million a year.

And if you have an MBA and work in a senior role in finance as, say, a finance director, you can earn between R608,000 and R2-million a year.

MBA HOLDERS’ SALARIES REPORTED BY PAYSCALE

* Range estimated | Source: PayScale

When you look at a job ad, one of the key things you scrutinise is how much the employer is offering to pay; this might determine whether you apply for the job. Knowing your worth when it comes to negotiation time is as important in order to get what you deserve, as well as what doing the job is worth.

Stepping stone 

Earning a good salary following years of hard work in your career and in your studies can help you to accomplish your dreams, such as travel, buying your dream car or home, and enrolling your children in top private schools, among other things. An MBA is one of the most prestigious degrees anywhere in the world – and it’s a solid stepping stone on the way to the top.

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A Master of Business Administration (MBA) is considered one of the most sought-after business management degrees – particularly if it is from a school that provides global exposure to the business world, because it is expected to equip students with the skills to solve real-time business situations.

Many business schools globally offer programmes that can be studied full-time, part-time, and online, as well as specialised executive MBA programmes.

THIS ARTICLE COVERS:

• What is an MBA?
• Why do an MBA?
• Types of MBA programmes
• How to succeed in your MBA degree

What is an MBA?

Master of Business Administration programmes are usually designed to develop the leadership and functional skills required to run an organisation, be it a business, a governmental department or organ of state, a nonprofit, or your own start-up. While these qualifications are generalist by nature, giving candidates a broad understanding of all major aspects of business, you will be able to specialise in areas of particular interest – mergers and acquisitions, for example, or human resources or logistics.

The best business schools require prospective candidates to have a certain amount of managerial experience in order to qualify for admission. This is important for several reasons – to ensure that you have a basis on which to scaffold your learning, so that you can contribute to class discussions on an equal footing, and to become a contributing member of the peer networks formed in business school.

Why do an MBA?

Besides helping you get to grips with how to solve wicked business issues, your MBA will connect you to a diverse group of professionals that will in time evolve into a global network of alumni.

The most common reasons people opt for an MBA degree include:

• Improved career prospects and earning potential;
• Enhanced finance skills;
• International exposure;
• Improved awareness of global market opportunities;
• Understanding additional functional areas and industries;
• Superior managerial and interpersonal skills;
• To climb the corporate ladder.

Better time management and communication skills are additional benefits that frequently flow from this qualification.

Types of MBA programmes

The MBA programmes offered by various institutions run over different periods, award different credits, and present a variety of subjects, so you should be able to find one that works for your schedule, interests, and time commitments. Here’s what you might expect:

The one-year MBA 

This programme:

• Is designed for candidates with clear career goals;
• Intensive, fast-paced;
• Equips students with general business skills;
• Sacrifices depth of content to speed; and
• Helps accelerate a current career path.

According to the Graduate Management Admission Council 2020 Application Trends Survey, nearly 70% of US MBA applicants enrolled for full-time one-year MBA programmes.

The two-year MBA 

These programmes are:

• Designed to build the strategic management and leadership capacity of mid-level to senior business professionals;
• Equip students with general business skills;
• Permit students to specialise through electives;
• Though intense and fast-paced, allow greater exploration of each topic;
• Generally offer classes after hours and on weekends, so can fit in with your work schedule;
• Require students to investigate and solve a business problem in order to earn their degree; and
• The transformational nature of this programme can provide you with new career opportunities.

This is the most common type of MBA programme offered. It can be completed by studying full time, part time or online.

How to succeed in your MBA degree:

Whichever way you plan to study for your MBA, there are things to consider. These tips will help you get the best out of your programme.

Set your goals and make them happen

During the MBA programme you will learn new concepts and theories. This new knowledge should help you identify potential risks and opportunities you are likely to face throughout your career. Make a note of your goals and go through them daily to focus better. Conscious, daily work on your goals daily will help you reach your full potential.

Never compare your goals with your peers’

A significant criterion of the MBA is that it is designed as a melting pot for students from different disciplines and aspirations. Exposure to these differences and a willingness to learn from them will contribute to your success … but it also means that success and growth will look different and mean different things for every student. Always measure your success by your standards, not by benchmarking them against those of your peers.

Prepare a long-term career plan

You are likely to come across exciting job opportunities during your MBA studies. Invest time in identifying your career aspirations. This will help you focus on what you need to achieve to get there, as well as to assess the opportunities on offer.

Always be ready to take risks

Never be afraid to step outside your comfort zone during your business studies. Your classroom offers a safe space for experimentation, so push yourself to make the most out of your MBA experience. Join different clubs and participate to get to know more students. This will expose you to new ideas and ways of thinking.

Learn to manage your time

The only way to survive the bombardment of business school stimuli is learning to manage your time. It’s also a crucial life skill.

Find out more about Regenesys Business School’s Master of Business Administration here.

The post What is a Master of Business Administration programme? appeared first on Regenesys Business School.

These usually revolve around overseeing and supervising the business operations of an organisation, ensuring that every aspect runs effectively, efficiently and profitably.

THIS ARTICLE DISCUSSES:

• The nature of an MBA degree
• Earning according to your expertise
• How long is an MBA degree and is it worth the effort?
• Gear up for maximum reward

The nature of an MBA degree

An MBA is a postgraduate qualification – an advanced programme within the field of business. It takes a little less time to complete than an undergraduate bachelor’s degree of three years, but is pitched at a higher level – 9 on the National Qualifications Framework (NQF) – and awarded in recognition of mastery of a the field of study.

To be accepted onto an MBA programme you typically need to have at least completed a three-year bachelor’s degree (NQF level 7), but more usually also to have completed honours or a postgraduate programme at NQF level 8.

Normally, a postgraduate qualification is pursued after obtaining a bachelor’s degree, but under special circumstances, such as having vast experience in a particular field, you may be able to apply to jump directly from a bachelor’s degree to a masters. Work experience is essential for admission to most quality MBA degrees.

Earn according to your expertise

An MBA degree is great for acquiring advanced knowledge and honing specific skills. Being able to specialise in a particular discipline permits you to venture into certain industries or fields and earn well given your level of expertise.

Whereas an undergraduate degree provides broad knowledge of various subjects, equipping you with basic skills for employability in a wide range of fields and setting you up to explore a wider field of academic interest, a postgraduate degree provides more complex knowledge. Some MBA programmes allow you to specialise in specific areas of business, such as finance or technology, for instance. This, in turn, can give you the edge to land a job as a chief financial officer or head of IT and infrastructure.

How long is an MBA degree and is it worth the effort?

Masters degrees can be coursework- or research-based, and usually require you to produce a thesis, which involves a great deal of research.

So how long does it take to study for an MBA degree? Well, it depends on whether you choose to do full-time or part-time study. Full time you can complete one in 11 months, but it is more usual to complete an MBA in two years.

With the additional two years spent studying for an MBA on top of three years for a bachelor’s degree and another year for honours, you may be wondering whether that’s really worth it. The answer is that it is. This kind of qualification can give a good boost to your career and help you obtain high-value jobs.

Gear up for maximum reward

To get into an MBA programme, you need an NQF Level 8 qualification, and to submit your CV, along with a motivation letter. Usually you also need to complete an admission test to ensure you will be able to cope with the academic work, and then interview with an academic at your chosen institution. The Regenesys MBA can help you master the art of business, gearing you to shape strategy holistically for maximum reward. In your two years of study, your management, business, and entrepreneurship skills will be put to the challenge and honed, preparing you to become a pioneer in the business world.

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