What you need to know about an MBA degree

If you want to make it big in the business world like Walmart CEO Carl Douglas McMillion, you should consider pursuing a Master of Business Administration - or as it is most commonly known, an MBA.

An MBA is perhaps one of the most prestigious qualifications in the world. However, gaining entry into the right college or institution can be difficult as there is significant competition.

Many factors will determine whether you are accepted onto an MBA programme, such as your entrance exam score and the specialisation you wish to choose. Careful consideration of all these factors can make your decision-making process easier.

Question 1: Why should I pursue an MBA?

Each person has their own reasons for studying an MBA. Here are some benefits that might encourage you to go for this course yourself:

• An MBA can help advance your career: If you have at least three years of work experience, an MBA could be the next step for your career. Based on your interests, it can help you advance to higher-paying roles in your current profession or provide you with the expertise needed to switch careers.
• The degree can offer networking opportunities: Many consider doing an MBA to be an opportunity to meet new people or make important business contacts for their future career. An MBA provides people with many chances to network, such as at alumni meets or corporate conferences. 
• You can have a global career: If you aspire to work abroad or have an international career, an MBA can be your ticket to a global work life. Many institutions like GISMA Business School offer MBAs awarded by internationally acclaimed business schools, such as Grenoble Ecole de Management, that can enhance your chances of working internationally.
• An MBA increases your chances of securing higher salary packages: An MBA is a great way to land a well-paying corporate job. In fact, the post-MBA salary increase is one of the primary reasons people choose to pursue the qualification.

Question 2: Is doing an MBA worth the money I will spend?

It is true that MBA programmes can be expensive and require a lot of time and effort from you. Hence, pursuing an MBA should be an investment that you should opt for, only if you are certain about it. However, an MBA can be a ticket to a well-paid job and more often than not, the students get their money’s worth in just a few years. According to payscale.com, the average mid-career salary for MBA graduates in 2018 was $ 99,587, irrespective of any specialisations.

Question 3: Am I eligible to study for an MBA?

Since an MBA is a postgraduate degree, you will need at least one undergraduate degree. The major of your undergraduate degree is not typically important, although many prefer candidates with an undergraduate degree in finance or business.

If you are an international student who aspires to study in Germany, you can check the VISA requirements here.

Question 4: Is there an entrance exam for an MBA?

Most MBA programmes require you to pass common entrance exams, such as the GMAT, with a good score to be eligible for the programme. You should research the entrance examinations, their features and benefits and which institutions accept their scores.

Question 5: How much does it cost to study an MBA?

Most MBA programmes are usually costlier than other postgraduate degrees. This can be because MBAs are considered to be premium degrees and it is a common conception that pursuing an MBA can land you a well-paying job in the business domain. However, you can find many affordable options that fit your budget. Look out for institutions like GISMA that offer partial scholarships and flexible payment options to make it easier on your pocket. Make sure you check out the websites, refer to online portals catering to MBA questions and talk to the education counsellors to find out which programme suit your budget.

Question 6: Can I get a scholarship for my MBA?

Many institutions also offer scholarship options to local and international students to help them fund their MBA programmes. Find out if your preferred institution has any scholarship schemes and if you are eligible for them. For more information on scholarships, you can either contact the admission office or refer to the MBA FAQs, if they are present on their websites.

Question 7: What should I pick as my specialisation during the programme?

Choosing the best institution for an MBA is not enough—you need to decide upon a specialisation such as an MBA in IT, finance, marketing, or human resource management. While picking a major might feel overwhelming, you should focus on what your strengths, your interests and aspirations are so you can make the right choice. You can also choose to continue the major of your undergraduate degree.

Question 8: Is it worth spending a lot of money for my MBA?

The programme continues to be one of the most popular management degrees, and thousands across the globe aspire to be an MBA graduate. An MBA can provide a deeper insight into the industry of your choice and prepare you for a well-paying management career.

It is also a myth that pursuing an MBA will consume your social life. In fact, studying an MBA at GISMA can introduce you to interesting people and useful professional contacts. If you are an international student in Germany, you may additionally be able to take up part-time employment, working up to 20 hours a week or 120 full days in a year while studying.

Question 9: What kind of jobs can I get as an MBA graduate?

Most MBA careers are financially rewarding and provide exciting work lives. Here are a few professions in the business world that you can access with an MBA:

• Sales managers- average salary of € 69,679 per year (according to Glassdoor.com)
• Marketing manager- average salary of € 55,731 per year (according to Payscale.com)
• Investment fund manager- average salary of € 83,917 per year (according to Glassdoor.com)
• Chief executive officer- varied salary

A good MBA programme can help you build an impressive professional skill-set and provide industry-specific expertise that will allow you to shine in a corporate career. If you are looking to pursue an MBA, you should consider this at GISMA Business School in Potsdam, Germany. This programme provides students with the skillset and tools to progress with their career.