Have you decided to broaden your horizons by gaining extra qualifications? It’s important to find the right program for your goals. While an MBA might seem more impressive at first look, it is not always the best option and it certainly has its downsides. Pursuing a Diploma of Business Administration may be the best path in some cases.
You may be wondering: What’s the difference? A Diploma of Business Administration is mostly based on immediately applicable and practical skills. An MBA on the other hand has a broader theoretical aspect, focusing on diverse areas of management.
Completing a Diploma of Business Administration is cheaper than pursuing an MBA. Did you know that the average cost of pursuing an MBA in Australia is in the range of $60,000 to $120,000? The costs even rose by 7.82% in 2020 compared to 2019. A Diploma of Business Administration, by contrast, can be earned under $5,000. It is also shorter. It takes about two to four years to finish an MBA depending on whether you are studying fulltime or part-time. But it only takes about 12 months to earn a Diploma of Business Administration especially if you choose the online learning path.
Having a Diploma in Business Administration can do wonders in accelerating your career. Think of it as a direct pathway that gives you real-world knowledge and skills to do well in any administrative role. Some diploma graduates are able to advance quicker than the others in similar jobs—including those who are trapped in a long MBA program. In some cases, having an MBA may work against you because it can render you overqualified for certain positions that you want, leaving you stranded between being under experienced and overqualified.
A Diploma of Business Administration is more efficient because it does not require you to study areas that you already know or may not interest you. The program can be designed to be specific to everything you need for your business administration career. You can freely mix and match electives to your interests and goals.
Overall, an MBA requires a huge commitment of time and finances for a delayed return. Think about earning a Diploma of Business Administration instead. It’s a respected way to boost your qualifications and gain practical skills to open doors for your career.