Prospects Postgrad UK 2007/2008 - (Page 102) 102 BUSINESS AND MANAGEMENT/MBA www.prospects.ac.uk/PostgradUK SPONSORED BY THE VALUE OF AN MBA WEIGHING UP THE BENEFITS OF BECOMING A MASTER IN BUSINESS ADMINISTRATION. The MBA is always marketed as a long-term investment for a graduate’s future career and although the cost can initially deter, MBA graduates are still achieving substantial financial gains and career opportunities. reflect working life in the UK. MORE CAREER OPTIONS MBAs remain enthusiastic about the continuing value of their qualification. The majority of respondents, 66%, say that the INCREASED EARNING POTENTIAL recent business models. At present the trend The Association of MBAs has conducted appears for MBA graduates to move to smaller MBA opened doors for them and 82% feel the MBA increased their confidence and several salary surveys over recent years, with or medium size enterprises in the years assertiveness in the workplace. Over 17% of the latest survey showing an average salary following their graduation especially as their respondents wish to run their own businesses amongst accredited MBA graduates of careers develop. These roles tend to be more £65,600. The Association has conducted a general management or corporate strategy roles and the fact that a further 22% are already doing so indicates that the entrepreneurial side further survey to investigate how these figures in senior professional positions. Three to five have changed and it appears that the trend is years following graduation, 59% of respondents of the MBA is being emphasised at business still positive. The average pay rise immediately reported reaching senior management positions schools. Further changes in MBA courses include an emphasis on corporate social following graduation for an accredited graduate and above. responsibility and business ethics, the ‘softer was 18%. This figure increased to 53% three to Leadership is the major issue for business skills’ of people management and human five years after graduation, with 11% of education at present, as this ability is seen as resources, as well as a continuing focus on IT respondents earning over £100,000 p.a. crucial for success by increasing numbers of and organisational change. This flexibility and Graduates on the highest salaries tend to be employers. With 74% of employers providing responsiveness to changes in the business those who’ve completed a two-year full-time some form of financial support to their MBA world gives the MBA its unique general focus MBA, suggesting earning power is also linked student employees it is important for the and wide analytical scope. to method of study. However, all graduates necessary skills to be taught and acquired on studying an MBA are reported to have the course. Respondents indicated a high level CONTINUED VALUE increased their earnings on completion of the of current senior positions with 43% in senior Despite a difficult employment market and degree. managerial roles, 16% main directors or global recession, the MBA degree is holding Variable incomes have risen rapidly too, with partners and 10% board directors. This high its value. Not only are more students studying all graduates reporting bonuses and other percentage of leaders is within a broad range of for the degree but they are doing so in forms of remuneration. This indicates strong, business areas and indicates the strength of increasingly diverse ways. The UK full-time immediate value of the degree to any potential career advancement that an MBA offers. market remains buoyant but with increasing student, however, this should not overshadow numbers of students choosing part-time, HARD WORK INVOLVED the long-term benefits of this qualification executive (or modular) and distance learning Financial and career rewards may be high but such as utilising a sound knowledge of general at what cost in terms of lifestyle? Over 81% of options. Schools report increases in these management and increasing the range of roles respondents reported a working week in excess courses from the mid 1990s onwards and the available to MBA graduates. trend for continuing full-time work while of 45 hours. However only 7% admitted WHY CHOOSE AN MBA? working over 65 hours. Perhaps unsurprisingly, studying for an MBA looks set to continue in the UK. With the financial and career Career enhancement or the option of a the high earners tend to work the longest advantages of the MBA it would appear that complete career change is often mentioned by hours, with 62% of those earning over further business school presence will continue MBA students as being the major reason to £100,000 working over 55 hours a week. A in the boardroom and that employers will study for the degree. The MBA is seen as third of respondents reported feeling under continue to value the degree. being the ideal vehicle for change due to its stress at work and over half wished to spend CARL TAMS, MEMBERSHIP SERVICES MANAGER, general management skills and application to more time with friends and family. This may ASSOCIATION OF MBAS http://www.prospects.ac.uk/PostgradUK
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