The benefits of a Master of Business Administration (MBA) degree are well known in the workplace. And, for working professionals, accelerated online MBA programs like those offered by the University of South Carolina Aiken provide the flexibility and convenience needed to make earning an MBA a realistic goal. But the skills and knowledge gained from the graduate degree transfer to many aspects of personal life as well. Here are a few examples.
Financial Planning
Managing personal finances, whether setting family budgets or planning for retirement, is part of life. The financial knowledge and skills learned from an MBA program (assessing risk and understanding compound interest and financial analytics, for example) are applicable to both business and personal finance decisions. These are important components of financial literacy, an essential 21st-century skill set.
Time Management
Feeling short on time is a common experience in our increasingly busy lives — both at home and at work. While balancing work and graduate school, students learn how to set priorities and plan ahead for deadlines. Learning how to manage your time effectively can help you be more productive and happier at work. These skills can be applied to home life too, with equally beneficial results.
Communication
Interpersonal skills such as communication, often described as “soft skills,” are often cited as the most important factor that determines quality leadership. Perhaps more than ever before, the importance of effective communication and empathetic leadership during times of struggle and disruption was highlighted by complex circumstances caused by the COVID-19 pandemic.
GMAC’s 2022 Corporate Recruiters Survey found that strong communication skills topped the list of skills that give recruiters confidence in business school graduates. Similarly, interpersonal skills and learning, motivation and leadership skills were listed as the two most important knowledge and skill areas graduates need to be successful in current job openings.
So, it comes as no surprise that courses in communication have become a standard within MBA curricula. Effective communication, whether in writing or in person, has many applications outside of the office as well. Clearly articulating expectations for children and writing letters of recommendation are a just a few examples where clear, concise communication is beneficial.
A Network of Friends and Advisers
Making lifelong friends is also a key benefit of MBA programs. MBA students go through what can be challenging experiences together, balancing life, work and school. These shared experiences and the challenges and achievements that come with them can lead to developing strong friendships.
The friends you make in an online MBA program can also become important parts your professional network beyond school, providing you a sounding board and advice when you need it. Plus, the professionals you meet through your professors and your fellow students can similarly become friends and advisers, further expanding your professional and personal networks.
The skills and knowledge gained from an MBA program provide benefits for degree holders that go beyond the workplace. The graduate degree can enrich your personal life as well.
Learn more about the USC Aiken online Master of Business Administration programs.
