Why MBA is necessary in todays life?

Answer 1

Success in life means many things to many people. It depends on how you are defining success in life. Personally, you do not have to have an MBA to succeed in life. The MBA would be beneficial in terms of career, however, life is not solely based on ones career. In addition, many individuals have had great success in business with no formal education at all. It depends on the individual and his/her overall goals and objectives.

Answer 2

The MBA is not an end in itself, but a means to an end. It is a degree designed to give you the ability to develop your career to its fullest potential, at an accelerated pace. What will you get out of an MBA? Aside from a powerful life experience, the MBA degree should supply three main value propositions: Skills, Networks, and Brand. Skills These include the "hard skills" of economics, finance, marketing, operations, management, and accounting, as well as the "soft skills " of leadership, teamwork, ethics, and communication that are so critical for effective management. MBA students acquire these skills inside and outside the classroom. Since MBA programs attract people from very diverse industries and cultures, a program should be able to leverage these differences and translate them into learning opportunities. Networks An MBA degree program offers access to a network of MBA students, alumni, faculty, and business and community leaders. This network can be very useful when beginning a job search, developing a career path, building business relationships in your current career, or pursuing expertise outside your current field. For example, entrepreneurs need access to capital, business partners, vendors, and clients. Arts-related businesses need access to funding and strategic management in order to position themselves to be relevant in the marketplace. Global businesses need access to local business cultures as they expand their enterprises to new territories. Brand The MBA degree is a recognized brand that signifies management and leadership training. The particular school and type of MBA program you attend also have brand associations that can help open doors based on the school's reputation. The strength of a school's brand is based on the program's history, its ability to provide students with technical skills and opportunities for personal growth, and the reach of its alumni and industry network. A powerful brand can give you the flexibility to make changes throughout your career. Source: Directly taken from, http://www.wharton.upenn.edu/mba/admissions/decision/why.cfm

Answer 3

It depends on your overall career goals and objectives. While not necessary, it can be very beneficial for most careers. Read the following as to why some individuals pursue the MBA.

The following was written by Wharton College Pennsylvania. This should help.

Why an MBA

The MBA is not an end in itself, but a means to an end. It is a degree designed to give you the ability to develop your career to its fullest potential, at an accelerated pace. What will you get out of an MBA? Aside from a powerful life experience, the MBA degree should supply three main value propositions: Skills, Networks, and Brand.

Skills

These include the "hard skills" of economics, finance, marketing, operations, management, and accounting, as well as the "soft skills " of leadership, teamwork, ethics, and communication that are so critical for effective management. MBA students acquire these skills inside and outside the classroom. Since MBA programs attract people from very diverse industries and cultures, a program should be able to leverage these differences and translate them into learning opportunities.

Networks

An MBA degree program offers access to a network of MBA students, alumni, faculty, and business and community leaders. This network can be very useful when beginning a job search, developing a career path, building business relationships in your current career, or pursuing expertise outside your current field. For example, entrepreneurs need access to capital, business partners, vendors, and clients. Arts-related businesses need access to funding and strategic management in order to position themselves to be relevant in the marketplace. Global businesses need access to local business cultures as they expand their enterprises to new territories.

Brand

The MBA degree is a recognized brand that signifies management and leadership training. The particular school and type of MBA program you attend also have brand associations that can help open doors based on the school's reputation. The strength of a school's brand is based on the program's history, its ability to provide students with technical skills and opportunities for personal growth, and the reach of its alumni and industry network. A powerful brand can give you the flexibility to make changes throughout your career.