Is an MBA Worth it in Australia?

One of the reasons you might be considering getting a Master of Business Administration is that you want to step up into a senior leadership role and take your career to the next level.

But, deciding to pursue your business education and gain an MBA is a big decision. As well as making a financial investment, you’ll need to commit the time and energy to get the most out of your studies.

So if you’re questioning “is an MBA worth it?”, you’re already on the right track.

As well as learning valuable management and leadership skills, an MBA can teach you how to question everything – in a good way. That’s the experience of Andrew Siu, a recent MBA Global graduate from JCU Online.

“An MBA removed my fear of challenging the status quo and made it one of my strengths,” Andrew says. “In fact, an MBA makes you question everything because this is how we grow and how we curate initiatives that are good for profit, people and our planet.”

When considering an MBA degree, Andrew felt that one question, in particular, needed to be asked. He thought that answering this question would help prospective MBA students decide if it's worth pursuing postgraduate studies in this field.

“I feel an important question that needs to be addressed is: Is an MBA worth it? You only need to do a quick internet search, and you’ll get a plethora of mixed opinions. If you ask me, my answer would be absolutely yes.”

“An MBA will empower you with valuable skills across a multitude of business areas that you can apply in both your professional and personal life.”

So, to help you decide if an MBA will help you and your career path, let’s take a deeper look at exactly what an MBA has to offer. But first, we’ll explore whether an MBA is a prerequisite for success.

Do you really need an MBA to be successful?

First of all, it’s necessary to define what ‘success’ means for you. For some, it’s being able to ‘make your mark’ on the world. For others, it’s career advancement and gaining a position of real influence. And for others still, it’s earning an income that supports your lifestyle while expanding career opportunities.

An MBA can help you achieve all of those versions of success. But, what you should know before starting an MBA is that you don’t need one to be successful. For example, Jeff Bezos and Bill Gates both achieved ‘success’ without having MBA qualifications. But, having an MBA can certainly help get you where you want to be in your career faster.

For example, a recent global survey of corporate recruiters found the majority agreed that ^[1]:

• Leaders in their organisation tend to have graduate business school education.
• Business school graduates tend to have a fast track to upper-level positions in their organisations.

These survey results were published by the Graduate Management Admission Council (GMAC). A global, non-profit association of more than 200 leading graduate business schools.

Benefits of an MBA

Let’s take a look at some of the benefits of getting an MBA, from potential salary increases to enhancing your professional network.

Increase your salary

While studying an MBA involves making a financial investment, it can lead to significant graduate salary increases.

According to the QS TopMBA.com Return on Investment Report 2018, the average global 10-year ROI of a full-time MBA is $US390,751. In addition, the report states that MBA graduates in the Asia Pacific Region experienced a salary uplift of 57 per cent post-graduation^[2].

What’s more, recent GMAC survey results revealed that:

• The majority of corporate recruiters agree that employees with a graduate business school education tend to earn more than others ^[1].
• Eighty per cent of graduate business school students agreed that the overall value of a business degree is worth the cost ^[3].

Sharpen your competitive advantage

Some have criticised MBA programs for not adapting to modern workplace needs, such as the rapid pace of change and the impacts of new technology. But the truth is, the demand for MBA graduates is only predicted to increase.

According to the 2021 GMAC Corporate Recruiters Survey results, 91 per cent of the responding recruiters reported plans to hire recent MBA graduates ^[1]. Clearly, employers value the business leadership skills you learn during an MBA.

For JCU Online MBA Global graduate Andrew Siu, learning leadership skills during his MBA studies was also an enriching personal experience.

“The skills taught in an MBA made me a better leader. It taught me patience, evoked self-reflection and also assisted in my personal life too by allowing me to better understand other people.”

Grow your confidence

Learning how to make impactful, strategic business decisions during MBA can also help build confidence.

Initially, Andrew decided to study an MBA Global to sharpen his business skills. But, as he quickly discovered, the skills he was learning gave him a newfound sense of confidence.

“I feel more empowered to be able to curate effective data-driven strategies to drive business innovation that aligns with organisational objectives.”

Strengthen your professional network

One vital element that makes it worth doing an MBA is the opportunity to make valuable connections with like-minded, driven business professionals.

The connections you’ll develop with classmates, academics and industry leaders can help create future job opportunities and even business venture possibilities.

You’ll be able to extend your sphere of influence while gaining new perspectives and insights from people working across many different industries.

With an MBA, you’ll be in good company

In 2019, 54 per cent of Fortune 100 CEOs held a graduate degree, and 59% of those graduate degrees were MBAs ^[4]. If you decide to complete an MBA, you’ll follow in the footsteps of many strong, innovative leaders.

Here are a few examples of inspiring business leaders who also decided to get MBAs:

• Indra Nooyi graduated from the Indian Institute of Management in 1976. Her impressive career from there led her to be the first female CEO of PepsiCo.
She pushed to add healthy foods to PepsiCo’s product line and developed the ‘Good For You’ range that now includes brands such as Naked Juices.
Nooyi also founded the ‘Performance With Purpose’ campaign. This initiative leads innovations in alternatives to plastics and conservation techniques to protect water supplies near PepsiCo factories ^[5].
• MBA graduate Sheryl Sandberg took Facebook from net losses to turning a profit of over $20 billion.
She’s also paving the way for the next generation of strong female leaders. Her book Lean In addresses the lack of women in leadership positions, while her Ban Bossy awareness campaign sponsorship highlights how the word ‘bossy’ harms young girls ^[6].
• Kym Pfitzner is the CEO of the Australian Red Cross. He credits the skills he learned through his MBA with showing him the importance of people, culture and full alignment with your primary customers.
“Academic learning was joining the dots of my work experience… and now I’m at the helm of an amazing organisation.”^[7]

Why JCU Online’s MBA Global could be worthwhile for you

As you can see, there are many benefits that you could enjoy by getting an MBA. But, ultimately, an MBA may only be worthwhile to you if it aligns with your specific circumstances and career goals.

Are you interested in more data-specific subjects than a traditional MBA? Want to learn how to think outside the market you’re in? If you answered yes, JCU Online’s MBA Global could be the perfect course for you.

The JCU Online MBA Global teaches you to effectively identify and apply data-driven insights. You will contextualise those insights with contemporary global thinking, finding new ways to successfully address local and global challenges.

It’s an MBA designed to build your data management and analytical skills. You’ll gain greater insights into the data, creating more effective strategies while using refined leadership and management skills to implement.

And the best part is, the MBA Global is 100 per cent online and part-time. This means you can fast-track your career with flexible study you can balance around your life. Study one subject at a time and complete your degree in as little as two years part-time.

See the bigger picture with JCU Online’s MBA Global

Seeing the bigger picture and finding a greater range of opportunities in the data allows you to apply those insights to workable strategies. This gives you a genuine competitive advantage in a rapidly-evolving world.

Decided that an MBA is worth it? Get started with JCU Online and speak with an Enrolment Advisor on 1300 535 919.