If you work in marketing, then you know that the business side of the industry is just as important as the creative side when it comes to getting ahead. A master's degree in business administration can help you take that next step in your marketing career.
Want better pay? A more fulfilling marketing job? A new direction? An MBA can put you on the path toward each of these—and much more. Here's how.
1. It could give you the finance knowledge you need to be a manager ...
Today's marketing executives need to be confident in their knowledge of finance. They're often the ones managing budgets, project funds, and department allocations. To advance to high-level positions in the marketing industry, you'll need a greater understanding of finance and budgeting. An MBA can provide that.
During your MBA program, you'll receive training in micro- and macroeconomics, general accounting, and financial management. These skills, plus the hands-on finance experience you'll receive, will help you land that dream position as a marketing director or executive.
2. ... Or it could instill the leadership skills you need to be a director.
Marketing directors, vice presidents, and other high-level executives must be good leaders. They're responsible for executing the vision of the company, department, and client, and they must direct and develop teams of junior employees. Good leadership and management skills are essential, and an MBA program can help you build them.
Inc. says that strong leaders inspire others, solve problems, and build relationships. An MBA program will help you develop the executive and leadership skills that are in demand in the marketing industry, which will ultimately get you to your next promotion.
3. It will keep you relevant in an increasingly data-driven field.
The marketing world is constantly changing. If you want to advance your career, you have to stay on top of data analysis techniques and approaches. Marketing departments are expected to build sound, data-backed initiatives to drive clearly defined Key Performance Indicators (KPIs). Data aggregation and analysis have therefore become core competencies for marketing professionals, particularly at the leadership level.
A good MBA program will provide a strong foundation for working with data — even if you consider math a "four letter word." The key is to help you understand which statistical techniques to use in any given situation, and then point you to the tools that can handle the heavy lifting on the math. That way, you can focus your time and effort on coming up with creative ideas based on what the data is telling you, rather than getting bogged down in all of the calculations. Even a basic understanding of data-driven decision making can make you more valuable to your current employer—and to future employers.
4. It will help you make more money.
Increasing your career options often means that your earning potential shoots up, too. Earning an MBA could help you double your salary within three years of post-graduation employment, according to the Financial Times. By giving you a competitive advantage over other candidates and colleagues, an MBA can be an indispensable resource when negotiating your salary.
The business of marketing.
If you're looking to stay competitive in the job market and make the most of your marketing career, pursuing an MBA is the way to go. By teaching you the fundamentals not only of marketing but of business, economics, management, and leadership, an MBA can significantly enhance your career.