There is a growing trend among engineering graduates to pursue an MBA degree after completing their undergraduate studies. This trend is driven by the fact that MBA graduates are performing exceptionally well in the industry.
There are many benefits to obtaining an MBA after completing an engineering degree. The MBA program is specifically designed to provide students with a balance of business and management skills essential for success in their chosen field. Here are the top 4 benefits of obtaining an MBA after completing an engineering degree:
Career Advancement
Career advancement is one of the main reasons why engineers go for an MBA degree. Engineers may have a strong technical background but need more business knowledge and skills to advance to higher-level management positions in their current field or transition into other industries. An MBA program can provide engineers with the business knowledge and skills needed to take on roles such as project manager, product manager, or business development manager.
According to a survey conducted by GMAC (Graduate Management Admission Council), which researches business education and the MBA market, engineers represented the second-largest professional background of MBA graduates, behind only business and economics majors.
Furthermore, the survey also found that the most common job function of MBA graduates with an engineering background was management and strategy, followed by consulting and product/project management.
A study by the Graduate Management Admission Council (GMAC) found that MBA graduates with engineering backgrounds earn an average salary of $127,000, higher than the average for all MBA graduates, which is $114,000. Additionally, the study found that engineers with an MBA have an average salary of $170,000 in the technology sector, $150,000 in consulting and $135,000 in finance.
It's important to note that career advancement is not the only reason engineers go for an MBA degree; other reasons, such as entrepreneurship, networking opportunities and financial gain, are also important factors to consider. However, an MBA degree can provide engineers with the knowledge and skills needed to advance their careers, open up new opportunities and increase earning potential.
Entrepreneurship
Entrepreneurship is another common reason why engineers go for an MBA degree. Engineers may have a strong technical background but need more business knowledge and skills to start businesses or become entrepreneurs. An MBA program can provide engineers with the business knowledge and skills needed to start and run a successful business.
An MBA can teach engineers about business strategy, marketing, finance, and management, which are all crucial skills for running a successful business. Additionally, an MBA can provide engineers with the knowledge and skills needed to raise capital, create a business plan, and develop a marketing strategy.
An MBA program also allows networking with like-minded individuals, including successful entrepreneurs and venture capitalists, which can be a valuable resource when starting a business.
According to a study by the Kauffman Foundation, engineers are more likely to become entrepreneurs than graduates of any other field. Additionally, engineers with an MBA degree are more likely to start a company in the technology sector, which has a higher success rate than any other industry.
It's important to note that while an MBA can be beneficial for engineers who want to become entrepreneurs, it's not a guarantee for success. Other paths to entrepreneurship could be considered, such as starting a business while working, bootstrapping, and incubators and accelerator programs.
Networking Opportunities
Networking opportunities are another common reason why engineers go for an MBA degree. Engineers may have a strong technical background but need more professional networks and connections to advance their careers or start a business. An MBA program can allow engineers to expand their professional network and connect with business leaders and other professionals in their industry.
An MBA program brings together a diverse group of individuals from various backgrounds and industries, creating an opportunity for engineers to build relationships with peers, alumni, and faculty members.
These connections can be valuable for career advancement and seeking out job opportunities and mentorship. Additionally, MBA programs often organise networking events and conferences where students can connect with industry leaders and recruiters.
An MBA degree can open new doors for engineers, not only in their current industry but also in other sectors and regions. Engineers with an MBA degree can leverage the alumni network of the business school they graduated from to connect with professionals in different fields and locations.
Networking is an important aspect of career advancement and business success. An MBA program can allow engineers to build a strong professional network and make valuable connections.
Financial Gain
Financial gain is another common reason why engineers go for an MBA degree. Engineers may have a strong technical background but may seek to increase their earning potential and advance their careers in a field with higher earning potential. An MBA can open up new opportunities for career growth and a higher salary in management positions.
According to a study by the Graduate Management Admission Council (GMAC), engineers with an MBA degree earn an average salary of $127,000, higher than the average for all MBA graduates, which is $114,000. Additionally, the study found that engineers with an MBA have an average salary of $170,000 in the technology sector, $150,000 in consulting, and $135,000 in finance.
An MBA degree can provide engineers with the knowledge and skills needed to advance their careers, open up new opportunities, and increase earning potential. Engineers with an MBA degree can leverage their technical background and business knowledge to take on higher-level management positions, which often come with higher salaries and better benefits.
It's important to note that financial gain should not be the only reason engineers go for an MBA degree. Factors such as career advancement, entrepreneurship, networking opportunities and personal development should also be considered. However, an MBA degree can provide engineers with the knowledge and skills needed to increase their earning potential and advance their careers.
FAQ’S
Q. What are the benefits of an MBA after engineering?
Some benefits of an MBA after engineering include career advancement, entrepreneurship, networking opportunities, financial gain, knowledge and skills to advance in management positions, a better understanding of the industry's business side, opening up new opportunities in different industries, and increased earning potential.
Q. How does an MBA benefit engineers specifically?
An MBA can provide engineers with the business knowledge and skills needed to advance to higher-level management positions in their current field or to transition into other industries. Additionally, an MBA can provide engineers with the knowledge and skills needed to start their businesses or become entrepreneurs, expand their professional network and make valuable connections.
Q. What are the advantages of an MBA over a Master's in Engineering Management?
An MBA provides a broader education in business and management, while a Master's in Engineering Management focuses more specifically on managing engineering projects and operations. An MBA can open up more career opportunities in different industries, while a Master's in Engineering Management may be more appropriate for those looking to advance in engineering management roles.
Q. How long does it take to complete an MBA after engineering?
It usually takes 2 years to complete an MBA program, but it can vary depending on the institution and program.
Q. What are the prerequisites for an MBA after engineering?
The prerequisites for an MBA program typically include a bachelor's degree in any field, although some schools may prefer applicants with a bachelor's degree in engineering or a related field. Additionally, most MBA programs require applicants to take the GMAT
