The first step to determining if you are ready to commence studying is to first understand what your motivator is. Your reasons to study an MBA should shape the qualification, length and will ultimately dictate how much you get out of the Masters.
Is studying your MBA the next logical step in your career?
What stage of your career are you in?
Are you just starting out in your career? Do you have years of management experience? Do you know that obtaining an MBA is the thing that will boost your standing against competitors in the job marketplace? If you are able to find your dream job on Linkedin, you can find out how you stand in relation to other applicants or current employees using LinkedIn Premium (30-day free trial).
You may find that having an MBA at your current career stage may not be required. This doesn’t mean you shouldn’t be studying your MBA, just that you may benefit from more management experience first.
Establishing Your Career Stage
There are many providers that allow students to start their Masters of Business Administration without work experience. These students typically have just completed a Bachelors degree at the same provider and want to have all the tools needed to enter the workforce.
Advanced Career Stage
The other side of door involves managers with over a decade of experience. You may find that there are MBA providers that cater specifically to your needs. You could investigate Executive MBAs, or even find that you might have enough experience to exempt you from studying units. Studying your MBA now will lead to a range of immediate work applicable skills. These can include career advancement, an understanding of how other business functions work or tools to leverage stakeholder support.
Developing an awareness of how different business functions work together is key to success. Not only do these skills come in handy, but the exposure to a cohort of experienced professionals can work as a sandbox for your ideas. If you are in the midst of your entrepreneur journey, studying your MBA might just be the thing to take it to the next level.
Can you afford to take time off work?
A full-time MBA can take anywhere up to two years. Taking yourself out of the workforce for this period of time may not be an option for you. Typically full-time programs are on-campus. Some providers offer accelerated MBA programs that only take 12 months to complete. Executive MBAs generally offer multiple, smaller, intense study periods where you may complete a unit in two weeks.
A part-time MBA could be more manageable. If you need to juggle work, family and study commitments, the flexibility offered by part-time study could be what you are looking for. Whether classes are at night, on weekends or online, you should be able to find a provider that will work for you.
Can you afford the MBA tuition fees?
An MBA might be one of the most expensive educational choices you will make for yourself. Domestic students gain the benefit of applying for FEE-HELP, scholarships or simply paying per unit on a payment plan. Find out more about typical MBA fees and options that are available to you, including using your experience to subsidise your MBA.
Are you ready?
With MBA fees increasing year on year, the longer you wait, the more expensive it is likely to cost you. The number of employees with MBA degrees are increasing and Australian graduates have the highest reported salaries globally¹. If you are ready to start your MBA, review our list of MBA providers in Australia.