Today’s job market is extremely competitive, especially in marketing. And when newcomers do everything in their power to make their way in, it can be challenging.
Still, many don’t realize the impact an MBA degree can have on their career. MBAs have various benefits that pertain to their skills. Not only does it make them better marketers, but it can help them thrive as leaders.
In the marketing profession, you already have some of the core qualifications that make an MBA program suitable for you. Let’s take a closer look at why every marketer should consider getting their MBA.
1. Gain a Well-Rounded Understanding of Business
While you can take various modules that concentrate on marketing, an MBA’s main focus is business. When completing your degree, you’ll get a diverse look into all business facets.
For example, students will delve into internal operations and the external environment of business.
Considering that the inter-relationship between I.T., Operations and Marketing has significantly strengthened over the years, marketers need to know relevant business strategies.
For instance, companies that use Big Data have helped strengthen that relationship. Different departments must communicate consumer insights from the data, enabling further integration between marketing and various departments.
Possessing in-depth business intelligence can be highly valuable for marketers. They understand the business greatly and can create marketing campaigns that meet the needs of a company.
2. You Learn to Think Independently
You might think the managerial skills you learn aren’t relevant to marketing with an MBA. However, graduates will equip themselves with leadership skills beyond those who wish to hold an executive position.
Source: www.statista.com
These days, employers require candidates to possess creative thinking. In fact, statistics show that 52% of companies hire MBA graduates because of innovative thinking.
With out-of-the-box thinking, you can meet the challenges of satisfying customers’ needs and growth goals.
An MBA allows students to adopt critical thinking and various ways of achieving work. Having this encourages them to go above the specific solutions to a problem. They get to find more imaginative means to make ends meet, whether improving a marketing campaign or collaborating as a team.
Therefore, an MBA will help you develop your problem-solving, decision-making, communication and strategic thinking skills. In addition, you’ll find yourself competent in analyzing and interpreting difficult situations.
With these skills in mind, marketers can take advantage of their goals related to brand awareness, lead generation, sales and more.
3. Better Equipped to Handle Evolving Marketing Landscape
It’s no secret that marketing is an ever-changing field. Marketers know how dynamic the landscape can be because of the emerging trends and technologies that surface daily.
MBA students become well-versed in the drastic and rapid changes of the global markets upon graduation. Therefore, flexibility, creativity and adaptability are the skills that push marketers to achieve business success.
After all, marketing is the backbone of a company’s functionality. Therefore, the connection between your marketing capabilities and an MBA is profoundly strong. And having this degree can be incredibly useful in your career.
4. Increased Career Prospects
Between your knowledge in marketing and leadership, you become nearly unstoppable. That’s because you’ll be competent for more advanced positions.
These days, it’s not enough to have a Bachelor’s degree. A growing number of high-level marketing roles require you to have an MBA or relevant master’s degree.
Source: www.statista.com
In fact, 41% of companies intend to hire marketers with an MBA in the U.S.
Therefore, an MBA can open you up to various opportunities, including market research analyst, promotions manager and sales manager.
Additionally, a higher-level position gives you the security of higher pay. According to the U.S. Bureau of Labor Statistics, the current median annual salary is $153,440 for marketing managers.
5. Diverse Business Opportunities
An MBA with a concentration in marketing offers you an unmatched variety of opportunities. Since every business needs marketers to achieve goals, you can work across various industries, including but not limited to:
- Healthcare
- Finance
- Technology
- Real Estate
- Law
- Education
- Retail
- Restaurant
- Entertainment
An MBA in marketing equips you with transferable skills for varied business environments. In turn, you can apply different marketing concepts to the fluctuations of various businesses.
Who Is Suitable for an MBA in Marketing?
MBA Marketing programs are designed for professionals with at least three to five years of experience who desire to accelerate their careers in marketing. While some students already work in marketing, some programs also welcome professionals looking to transfer from another function.
Source: www.statista.com
According to Statista, 29% of those who apply for an MBA prefer to specialize in marketing.
An MBA is a degree in general management. Therefore, you’re guaranteed to develop management skills while studying various other business topics.
What Does an MBA Marketing Syllabus Look Like?
An MBA specializing in marketing allows you to study various topics, especially in business. For example, you’ll research finance, operations, strategy and organizational behavior.
Alongside business learning, you’re also likely to encounter the marketing topics below, including:
- Digital Marketing
- Social media marketing
- Brand management
- Behavioral marketing science
- Customer data analytics
- Market research and analytics
- B2B Marketing
- Consumer behavior
- Luxury marketing
MBA marketing also exposes students to practical learning environments like internships, field trips and real-world marketing projects. Additionally, students can meet marketing recruiters on campus to find internship opportunities and learn more about the field.
These connections give students invaluable connections, benefiting them throughout their marketing careers. They’ll have the chance to build relationships and count on these connections wherever they go.
What are the Costs Involved With an MBA?
On average, the tuition fee can cost around $50,000 to $60,000 each year to obtain an MBA degree. However, the costs can vary depending on where you study. For example, some programs may cost over $200,000 if you attend a top-ranking university.
If you enter an MBA program overseas, you can expect to pay less. In Europe, the tuition fees can cost as low as $43,000 if you study at Vlerick Business School full-time.
While the average costs can be high, avoid letting that deter you. MBAs in marketing offer lucrative salaries. Therefore, you’re much more likely to see a good financial return on your investment.
However, financial rewards shouldn’t be the only reason to study. Your degree provides various benefits and opportunities that will serve you well as your career progresses.
What Are the Admission Requirements for an MBA?
To earn a spot in an MBA program, you’ll have to meet the typical requirements below:
- Three to five years of work experience
- Any bachelor’s degree
- GMAT exam score
In addition, you’ll have to submit a personal statement regarding what you want out of your program — along with a resume, undergraduate transcripts and answers to essay questions provided by the admissions.
If the school thinks you would be a good fit, you’ll receive an invitation to interview in person or via video call.
Advance Your Career With an MBA Degree
If you have a marketing career, you understand how important it is to business success. An MBA gives you the skills you need to achieve those goals in business. As a result, you’ll become a business-savvy marketing expert that numerous companies will want to hire.
About the Author: Eleanor Hecks is editor-in-chief at Designerly Magazine. She was the creative director at a digital marketing agency before becoming a full-time freelance designer. Eleanor lives in Philadelphia with her husband and pup, Bear.