Why MBA and Management Degrees are Still Relevant in 2024

Questions often arise about the relevance of an MBA or management degree in 2024. Yet, these programs continue to hold significant value. Globally over 6.1 crore students are believed to have obtained a master degree, and approximately 24% of them were in management.

Companies are more inclined towards these individuals who have masters in management. But is MBA still relevant in 2024? In this blog we will answer that question and take you through the relevance, importance and benefits of MBA.

Importance of MBA and Management Degrees in Modern Careers

Recent surveys show that 56% of companies around the globe planned to increase base salaries for MBA hires. An MBA is a massive advantage in a competitive job market. Companies want specialists who not only know how to program but also have good leadership and a substantial strategic outlook to show growth and prepare for industry changes.

Importance:

Enhanced Leadership Skills: MBA programs promote leadership development, equipping graduates with the skills to manage teams, lead projects, and drive organizational goals. This experience and knowledge helps individuals to grow as a leader.

Strategic Thinking and Problem-Solving: Management education prepares a professional in critiquing the situation as complex as possible, analyzing it and formulating an effective strategy. Companies value the ability for MBA graduates to make informed decisions within today’s data driven environment: they are capable of using data and insights.

Networking Opportunities: Try an MBA program and you will gain access to a huge network of fellow peers, alumni and industry professionals to connect to, to open doors to new opportunities, mentorship, and industry insight. Connecting with other investments is beyond useful for career advancement and staying ahead of sector trends.

Specialized Knowledge and Versatility: MBA graduates have the option to specialize in areas such as finance, marketing and operations, and earn expertise across the field without being drowned in the sea of business function knowledge. They are versatile and can play a part for a large range of roles and sectors.

Global Perspective and Cultural Awareness: Global business trends and cultural training are included in many MBA programs, which means graduates can become worldly business people who work in a variety of surrounding and global markets when they graduate.

MBA and Management degrees serve as a career boost, positioning graduates for management roles across industries, from finance to consulting in technology and healthcare.

Also Don’t miss out our blog on How Management Courses Can Transform Your Leadership Skills to build the foundation for successful leadership.

Key Skills and Knowledge Gained from an MBA/Management Degree

Modern MBA curriculums are designed in a way that students learn critical skills that meet the demands of today’s industry. Some of the key areas include:

1. Leadership Development

An MBA program emphasizes personal development, teaching students how to lead teams effectively and inspire others. Through real-world case studies, projects with teams, and exercises for leadership, team management, and customer management. Preparing them for high-stakes leadership roles in future.

2. Digital Skills and Data Analysis

As data-driven decision making has become more and more important, online MBA courses are including digital, and in particular data analytics, skills, enabling graduates to be able to interpret data and form part of the strategy of the business.

3. Specialization Opportunities

Many online MBA courses offer students the choice to opt for specialization in fields like finance, marketing, entrepreneurship, or logistics and supply chain management. These specializations allow students to learn and focus on specific areas and build their expertise in those areas with career goals which aligns with specializations.

4. Lifelong Learning Framework

Learning equips you with the mindset of related constant adaptability within an MBA. Graduates are taught how to stay on top of industry changes and emerging trends, while gaining the resilience to judge and lead a new career in uncertain times which are increasingly part of an ever-evolutionary job market.

5. Sustainability and Ethical Business Practices

With growing emphasis on social responsibility, MBA programs incorporate topics like sustainability, environmental responsibilities, and corporate ethics. These lessons enable students to make ethically aligned decisions and understand the impact of businesses on the environment and society.

6. Cross-Functional Business Awareness

MBA is not limited to finance or operations but is spread across all functional areas, they train for holistic decision making and leadership roles. These cross-functional exposures help students understand how various business works, enabling them to make a well informed decision and take on leadership roles and responsibilities.

7. Global Perspective and Cultural Awareness

MBA students gain exposure to international practices and diverse cultural perspectives through global case studies, internships and exchange programs. The quality of the organization is invaluable to professionals seeking to work in multicultural organizations or lead across different teams in more international work environments.

Join our free courses and grow your management skills confidently.

Why Employers Value MBA and Management Graduates

MBA graduates bring refined skills in leadership, strategic management and problem-solving, which are of high value to employers. Industry data indicates that MBA holders have a 50% higher employment rate than non-MBA holders, and a large number of employers tend to provide higher compensation packages.

A primary reason for MBAs being in demand is their ability to approach complex business problems with a structured mindset and suggest solutions that contribute to overall business growth.

How Great Learning Management Programs Stay Relevant in 2024

Great Learning offers several programs that align with the current needs of the market, with their curriculum being updated as per the industry-relevant skills equipping students with the skills to meet the industry expectations.

1. Post-Graduate Program in Management

The Post Graduate Program in Strategic Digital Marketing by Great Learning is one of the most comprehensive courses available for aspiring digital marketers. This online MBA course equips you with both foundational and advanced digital marketing skills, making you a well-rounded professional in the field

Program Highlights:

6 months live online program
300+ hours of overall learning
15+ real-world industry relevant projects which includes:
A customer loyalty program for Dominos to drive online repeat orders.
A digital marketing plan for a Men’s Grooming Brand
Customer Targeting Strategy for an E-commerce Website
Hands-on learning on marketing tools such as Google AdWords, Facebook, LinkedIn, SEMrush and 46 more.
Network with Industry leaders through our offline immersion program
Access to career services which includes Job boards, Hiring events, Resume Building & Mock Interview workshops
Live Personalized Mentorship in small groups.
20+ professors, 1500+ industry mentors and 3 award winning faculties.
Certificate from Great Lakes Executive Learning which has 1st rank in Analytics Education, 4th in top standalone institution and private B-schools, 5th in Non-IIM/IIT Institute.

2. Executive MBA

The Executive Master of Business Administration program which is in collaboration with PES University, is for those candidates who are excited and willing to make their career in the field of management, with industry-aligned curriculum you gain skills and knowledge from the best faculty.

Program Highlights:

2.5 years Weekend Classroom program at PES University.
Comprehensive curriculum designed by industry experts.
Weekend classroom learning for working professionals.
3300+ Hiring Companies
A prestigious Executive MBA Degree from PES University, Which is #1 University in Karnataka, UGC approved degree program, and PES is the second most preferred destination next to IIMB for B-School aspirants.
Hands-on exposure through industry-relevant projects.
Dedicated program manager to solve your queries.
Career mentorship, with interview Preparation workshops to crack your dream job.
Aptitude Skill training and development.
Resume Building and access to job boards for better outreach and networking opportunities.

3. Masters in Business Administration

This program is for those who want to pursue MBA in the USA, with hybrid learning at Walsh College. This program gives you the opportunity to grab your dream job with a 95% placement rate. With the best curriculum which covers all the latest topics and hands-on learning.

Program Highlights:

Globally recognized hybrid mode of learning(first year online, second year on-campus in the US).
Practical Learning Exposure to assess and improve your business skills using technological innovations.
Learn from World-Class faculty.
225+ hours of learning content and 10+ languages and tools covered.
STEM MBA degree from Walsh College, which is tier one ranking for MBA.
Work in America with up to 3 years post-study work visa.
Get exposure to diverse cultures, enhancing your global perspective.
Get Alumni status from Walsh College and Great Lakes Executive learning.
Capstone projects at the end of Year 1 and Year 2.
Quick Application with No GRE/GMAT or TOEFL requirement.

Great Learning has been delivering the best education for years, with programs and courses from great universities and top faculty, you get to learn the best skills and make the most out of the programs. To start with your learning journey you can check out management courses by Great Learning.

Must Read- Top Management Courses to Boost Your Career in 2024

Conclusion

MBA or management degree in 2024 will still be among the most demanded qualifications you can get, enabling you with skills that the modern economy will need. With industry aligned curriculum, flexible learning formats, and focus on real time application, management programs like the ones offered by Great Learning are ensuring that the relevance of MBA graduates continues to grow in future.

FAQs

Q. What is the difference between an MBA and other management degrees?

A. While an MBA degree focuses on broad management and leadership skills with options to choose the specialization, the other management degrees may have a narrower focus, scope which focuses on foundational business concepts.

Q. Are there specific MBA programs for working professionals?

A. Yes, there are Executive MBA (EMBA) programs and part time MBA programmes for working people. The programs are flexible and allow people to learn while working.

Q. What are the main skills an MBA provides that make it valuable?

A. It’s about advanced leadership, strategic decision making, data analysis, digital literacy, and cross functional business understanding. Today, MBA programs have included skills relevant to sustainability and ethical practices and making graduates fit to the current business principles.

Q. Is an MBA worth the investment for mid-career professionals?

A. Yes, an MBA can be a great investment, if you are in the middle of your career and looking to make the leap to a senior role. The program offers the whole skill set that strengthens the expertise on leadership and management that could bring your career to forward rate.