2019 has us wondering about the MBA and its golden reputation. Will the effort and expense still take your career to new heights?
If you’re already enrolled in an MBA, or just about to enrol, you may resume breathing – the answer is yes, it is still worthwhile. Phew.
To quickly summarise, an MBA is a business toolkit that covers everything from accounting, financial analysis, statistics, economics, organisational behaviour, marketing and sales. Once completed, you’ll ideally have everything you need to manage a successful business.
MBAs are still ‘in’
While MBAs took a popularity hit in 2009 due to The Great Financial Crisis, the demand for MBA graduates has been back on the rise since 2014 (OUA internal research, via Department of Education and Training). Today, they’re still highly sought after, particularly as the workforce calls for more generalist skills than ever before.
As Australia positions itself as a key player in the international business scene, businesses want employees who have a world-class education and an Asia Pacific focus.
“Australian MBA graduates are in high demand because Australia is one of the best places – if not THE best place – to get an MBA that is grounded in the challenges and opportunities in the Asia Pacific region,” says Brandon Blackburn-Dwyer, Founder of Grasshopper Strategies – an agency focused on small business growth.
The General Management Admission Council released a study in 2018 which showed 90% of companies in the Asia Pacific region were planning to hire MBAs graduates. That is a 10-15 per cent increase over the last few years.
What’s my ROI?
So the demand is there, but what kind of return on investment (ROI) is reasonable to expect for the time, energy and money spent? Brandon says that when it comes to ROI, we should be asking ourselves – what’s the cost of not doing an MBA, or at least further study?
“Opting for a practical master’s degree in your field will give you a competitive edge as well, but it may mean people see you as field or practice-area specific. This is risky in an economy that changes annually, and where practice areas are dismantled or built from scratch every few years.”
The current workforce is more formally educated than any other time in history, so if you plan to land a business leadership position and keep it, it may be worthwhile having a broad spectrum of skills, expertise and experience an MBA can provide.
You don’t need to spend big
“Buying a ‘big name degree’ can help you get noticed by the big financial houses or huge companies,” says Brandon. “But if that’s not your aim, then most other companies simply want to know you did the education somewhere respectable. For most people, spending less will result in a better return on investment, and allow them more financial flexibility down the road.”
And like everything else in life, you should choose an MBA program based on your interests and learning needs. MBAs are becoming more specialised, are offering more focus areas, and hands-on experiences than ever before.
“Find programs – regardless of the name of the school – that match your interests,” says Brandon. “If you’re interested in your topic area, you will do better in school, impress more people, and network your way in the type of work that actually interests you.”
Studying an MBA will do more than just prepare you for a leadership role in business. It will give you the resources, skills, expertise and corporate connections you need to adapt and thrive in your career today, and in 20 years from now.
Study your MBA online via OUA
An MBA can take you anywhere, into any industry – making it an incredibly popular postgraduate degree across the board. It’s quite fair to say, you can’t go wrong with an MBA, and OUA is proud to offer a number of them from leading unis across Australia.
- Executive MBA – RMIT University
- Master of Business Administration (MBA) – Curtin University
- Master of Business Administration – Australian Catholic University
- Master of Business Administration (International) – University of Tasmania
- Master of Business Administration – University of South Australia
- Master of Business Administration (Finance) – University of South Australia
- Master of Business Administration (Human Resource Management) – University of South Australia
- Master of Business Administration (Marketing) – University of South Australia
- Master of Business Administration – Flinders University
- Master of Business Administration (Finance) – Flinders University
- Master of Business Administration (Health) – Flinders University
Be sure to check out the MBA webpage for in-depth detail about choice, cost, and accreditation, as well as FAQs.