Women have come a long way in the modern workforce, but management and leadership represent two of the most inspiring success stories. While the glass ceiling is by no means broken just yet, we are beginning to see the cracks. Now is not the time to grow complacent, however.
Instead, we must ensure that women gain the representation and respect they deserve as valued members of the business community. The right training and networking opportunities can make a world of difference. Therein lies the value of the MBA for aspiring female leaders. We have compiled a guide that details not only the benefits of women in leadership but also the opportunities to chip away at the glass ceiling through the power of the MBA.
How Does an MBA Promote Women in Business?
Any solution that gives women a broader skill set and better access to critical resources is essential, especially when navigating the challenging and stubbornly male-dominated world of business. An MBA is unique in that it encourages women to leverage their strengths, while also developing targeted leadership skills and technical acumen. This blend of abilities allows graduates to drive innovations and achieve impressive results.
Beyond its obvious value from a skill development perspective, an MBA can help open doors because it is so widely recognized and respected. An MBA says a lot about what graduates have undergone to improve themselves so they can make their mark in the business world. Recruiters have long told the Graduate Management Admission Council (GMAC) that they specifically seek out MBA graduates. This degree (and its associated networking opportunities) can give ambitious women a leg up.
What Is Driving the Need for Women in Leadership?
Many people are aware of the need for diversity in leadership but struggle to define why, exactly, it is so important. There is an ethical basis to this demand, of course, as people from all backgrounds deserve opportunities to share their perspectives and influence their organizations.
From a purely pragmatic perspective, research reveals that diverse leadership produces better results. This is true when many forms of diversity are pursued, but years of data-backed insights suggest that organizations of all types are more profitable when the C-suite contains a greater share of women.
Many factors contribute to this increased profitability, but experts believe that soft skills that were once commonly overlooked may be what allow women in leadership to thrive. Many industry insiders cite a need for increased empathy and cross-cultural awareness — qualities that many female leaders bring to the table.
10 Benefits of Pursuing an MBA for Female Leaders
We’ve provided a basic overview of the value of the MBA for women leaders, but there is a lot that goes into the decision to pursue this highly coveted degree. Advantages worth considering include:
1. Leadership Skill Development
Accomplished leaders are capable of delegating and inspiring their teams. They have a clear vision and the passion and grit to bring it to life. While there are many ways to develop these skills, they go a lot further when complemented by a thorough understanding of organizational behavior.
A solid theoretical framework can help aspiring leaders put core concepts and emerging abilities into action. MBA programs make this possible through real-world application opportunities which, unfortunately, are otherwise not afforded to women in the workplace nearly as often as they should be.
2. Business Knowledge and Expertise
MBA programs equip students with many critical tools and strategies, which they can then draw on to deliver impressive results. Students quickly become comfortable with financial management, quantitative decision analysis, and managerial accounting. Many programs also include opportunities to pursue concentrations, which deliver expertise in areas relevant to specific professional aspirations. Finance or healthcare administration, for example, are areas that could benefit from an influx of women leaders.
3. Skill Diversification
Few programs blend soft and hard skills more effectively than the MBA. This mix of skills is crucial, for leaders who lack in either area will struggle to make the most of their abilities. While it’s absolutely not justified, women are often perceived as lacking in technical or hard skills; an MBA can help overcome this by verifying that these skills have been attained. Beyond that, female MBA graduates emerge with an elite and highly comprehensive skill set that will benefit them for years to come.
4. Networking Opportunities
Many aspiring women leaders have discovered firsthand that there is still a great deal of truth to the cliche “it’s not what you know, but who you know.” Building connections is important, and ideally, networking opportunities will allow future leaders to seek inspiration and insight from others who have already blazed a path forward. Every MBA course represents an opportunity to build connections, with study groups and student organizations further strengthening those bonds.
5. Access to Resources
MBA programs provide students access to a wealth of resources that can help them build their careers. Libraries contain databases and archives full of valuable information, alumni networks are great networking resources, and many MBA programs include real-world simulations and even internship opportunities that allow MBA students to put what they’ve learned into practice. Aspiring business professionals who have not participated in an MBA program will have a much more difficult time accessing such valuable tools.
6. Credibility
There’s more to an MBA than a mere piece of paper, but what that paper represents matters. This is one of the most memorable credentials and it is bound to make would-be employers take note. As we’ve mentioned, the GMAC continually verifies that employers prefer to hire MBA graduates.
To some extent, recruiters’ documented attachment to the MBA stems from the simple credibility that this degree conveys. Such a degree of respect is important not only for landing that dream job but also for tackling new roles and responsibilities with the confidence that only a highly credible degree can provide.
7. Increased Earning Potential
There remains a concerning pay gap in all industries, but research indicates that additional education represents one of the best opportunities for overcoming this and making progress toward true gender equality. Starting salaries for MBA graduates far exceed those related to other degree programs and are especially impressive when compared to median pay for professionals with only a bachelor’s degree.
8. Expanded Career Opportunities
Regardless of earning potential, women benefit when they have access to a wide range of career opportunities. Even as they take on leadership positions, many prioritize flexibility and work-life balance — not just because they are often left to handle the “second shift” of childcare but also because they understand the value of rest and hobbies. Therein lies the appeal of consulting, entrepreneurship and other options that grant women the autonomy they crave.
The MBA-prompted expansion of opportunities also extends to many business specialties. As we’ve touched on, graduates who have sought concentrations in their niche of choice are better equipped to take on relevant career opportunities. Still, MBA programs (even with concentrations) produce many transferable skills, making it easy to move into other areas as needed or desired.
9. Access to Senior Management Roles
The glass ceiling remains a highly relevant concept. Women occupy many roles in middle management but often struggle to break into the C-suite. While an MBA does not provide any guarantees, it can offer a leg up based on many of the benefits we’ve already mentioned: networking, niche skills, and, of course, sheer credibility.
10. Advocacy and Representation
As more women take on high-level roles and achieve leadership status, more will be encouraged to follow in the footsteps of the most inspiring female leaders. The same is also true of the graduate programs that lead to business success in the first place. Seeing people from all walks of life get involved in rigorous courses can be encouraging, especially if a sizable portion of the MBA population consists of women. This, in turn, benefits everyone enrolled in diverse MBA programs, as more perspectives produce more well-rounded insights.
Top 5 Industries for Women in Leadership Positions
Name an industry and there is almost certainly an abundance of leadership positions that women with their MBAs would be well-equipped to take on. That being said, women tend to ascend the career ladder faster and report greater job satisfaction in certain fields or positions. Insight into the best niches can be found from the fascinating RelishCareers survey, which reveals the most in-demand industries and job opportunities for MBA graduates. We’ve highlighted the five top options below:
1. Consulting
Consulting is a natural fit for today’s most ambitious women, who crave not only influence as business leaders but also the flexibility needed to focus on other priorities, such as family and a social life. As consultants, women enjoy a significant degree of autonomy, with many setting their own schedules. Consulting is uniquely versatile, with opportunities present in every sector imaginable.
2. Technology
Technology is consistently an in-demand field among employers and employees alike. It is also a far-reaching sector, with disruptive technologies producing many new and exciting opportunities for women’s leadership. Some of today’s most recognizable female leaders occupy this space, including the likes of Susan Wojcicki and Safra Catz. Many women leaders can leverage their unique blend of skills as IT project managers or even as chief information officers.
3. Consumer Products
Accounting for well over half of the global economy’s trade volume, the consumer products sector holds far more power than many people realize. Women leaders in this sector are similarly powerful, and since women, in general, are responsible for over half of purchasing, it stands to reason that the industry would benefit from having more female voices in the upper echelons of the consumer products sector.
4. Financial Services
Women often play a key role in shaping the finance sector’s most important initiatives. Unfortunately, as experts from McKinsey & Company point out, this remains an area of weakness even as more women eagerly enter this sector. McKinsey & Company points to a “leaky pipeline for women,” adding that this problem is especially significant among women of color.
Now is the time to bring more women into the fray. After all, research presented by the International Monetary Fund (IMF) indicates that when women are heavily involved in providing and regulating financial services, greater stability and growth can be achieved throughout the banking sector.
5. Retail
Leadership opportunities abound within the retail sector, which may seem like a surprising addition to this list but is actually a great industry for gaining much-needed leadership experience. Many successful retail leaders begin their career trajectories in brick-and-mortar locations before moving on to executive roles. The voices of women are greatly valued in this sector, as female leaders can provide the direction needed to ensure that female customers’ needs are met.
Making the Decision: Is an MBA Worth It?
Now that you are familiar with MBA programs and their many benefits for women in business, it’s time to answer a critical question: Is an MBA worth it? The answer will be different for every person, but for aspiring female leaders, an MBA could be the ticket to greater influence and an impressive career trajectory.
Choosing the Right MBA Program
If you are committed to ascending the career ladder, the Master of Business Administration could provide a powerful start. At UTC, we offer many opportunities to pursue this respected degree while promoting the development of women as leaders. With concentrations in several relevant areas, we are determined to help you reach your most ambitious career goals. Multiple formats ensure that you can fit critical coursework into your busy schedule. Reach out today to learn more.
