An MBA requires no introduction as one of the world's most sought-after postgraduate degrees. From diversity in specialisations to lucrative job opportunities, there are countless reasons why it is a favourite postgraduate program for professionals across a range of industries. In Australia alone, more than 20,000 individuals, on average, study an MBA every year.
The chance to secure a handsome starting salary is the primary motivation for professionals to study an MBA. Here we answer common questions relating to MBA starting salaries in Australia.
Why are MBA Graduates Offered a Good Salary?
Recruiters across industries look for Master of Business Administration graduates. Employers, too, prefer MBA graduates over non-MBA holders and are willing to offer higher salaries.
The reasons include:
Trained leadership is a rare find- A 2018 industry survey lists poor management as the top reason employees quit their jobs. Undeniably, trained management skills are an asset to building long-term working relationships. A Master of Business program teaches candidates to be functional leaders from day one.
The power of critical thinking- An MBA degree prepares you at all levels, mostly honing your critical thinking abilities. As an MBA graduate, one is always a step ahead to identify and seek new business opportunities. For any forward-thinking company, such skills can be a deal-maker.
Effective communication is always a plus- When it comes to productivity and team engagement, communication is crucial in resolving conflicts. An MBA program trains candidates to develop their communication skills, which in turn helps them deal better with customers and clients.
Expertise in Problem-Solving- MBA graduates are well-versed in analysing complex business issues and devising strategic solutions. Their problem-solving skills are honed through case studies, simulations, and real-world projects during their MBA programs. Companies value employees who can navigate challenges effectively, making MBA graduates a prized asset in problem-solving scenarios.
Global Perspective and Networking- Many MBA programs emphasise international business and global perspectives. Graduates gain insights into diverse cultures, markets, and business practices, making them adaptable to a globalised economy. Additionally, MBA programs provide extensive networking opportunities, allowing students to connect with experienced professionals, alums, and potential employers. These global perspectives and strong professional networks are invaluable assets in today's interconnected business world, making MBA graduates attractive to employers willing to pay higher salaries for their broader outlook and connections.
Does an MBA give you a hike in Australia?
The 2021 annual Financial Times Global MBA Rankings compared salaries globally. Reportedly, MBA graduates worldwide enjoyed an average salary increase of over 100% compared to their pre-MBA pay.
Earlier in 2016, it was reported that Australian MBA candidates experienced a massive increase in their payout, ranging between 55 and 75 per cent within just three years of graduating.
Why is an MBA a necessity for a working professional?
While a lucrative salary remains the greatest temptation, there are other compelling reasons to opt for an MBA.
For instance, enrolling in an MBA uniquely expands your personal and professional network. During your study, you meet people at different levels of their careers. While some become friends, others can be gatekeepers to diverse and rewarding career options. There are also opportunities to join forces with an MBA buddy and become successful entrepreneurs going forward. The relationships you make during this time will benefit you for a lifetime.
In a different scenario, many working professionals are tied to their employer via a professional contract. This may prevent them from enrolling in an MBA program during their tenure. Nevertheless, you can always approach your employers to make them understand the value of an MBA degree. Explain how it can hone your soft skills like research and analysis, verbal and written communication, problem-solving abilities, and lateral thinking. You can also work out a deal by signing a contract where you return to work for several years after completing your MBA.
Enrolling in an online MBA program in Australia allows you to continue in your current job and pursue your dreams of a professional post-graduate degree. An online MBA program in Australia is flexible and highly recommended to progress your career.
Closing Thoughts
Undeniably, an MBA program is imperative to one's professional development. However, there are times when professionals cannot enrol in traditional, offline models. In such cases, an online MBA promises great flexibility as one can learn at their own pace without having to sacrifice their current career.
Are you looking to pursue your MBA in Australia?
Would you consider enrolling on an online MBA program?
Drop us a line in the comments below, and let us know your thoughts.
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