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Combining an MBA and a law degree may give an individual some advantages, most especially in the workplace. Coupled with some working experiences, a person with a double degree in MBA and in law can command a higher position in a company, along with a higher salary. Workplace advantage may not be a certainty, but the double-degree program can give benefits that are more non-tangible to the avid learner.
One advantage of getting an MBA, which stands for Master of Business Administration, and a law degree is gaining more knowledge. Some students achieve their goal of getting a double degree to accomplish a bigger goal: long-term financial security. Many companies place value on people who have diverse skills. Learning about the two fields of study can give an individual more competency and skills once out of the university. Some law firms or companies would even raise the salaries of those who have the double degree.
Credibility is also one advantage of graduating with both an MBA and a law degree. Lawyers whose primary clients are businessmen and women will benefit from “learning the ropes” of the business world. Knowing the subject from the inside out will make lawyers seem more credible to their clients, who may then refer their business partners and friends for legal services. In the same way, entrepreneurs who have extensive knowledge of the law can gain the respect of their peers, because they are assured that certain legal decisions are made with much rational thought.
Sometimes, this credibility can stretch farther than gaining respect and getting more clients. In some cases, professionals with an MBA and a law degree find it easier to tap into financial resources, such as bank loans and shareholders’ investments. When it comes to investing and lending financial capital, entrepreneurs choose those who are less at risk of failing, and entrepreneurs with a law degree can be better candidates for investments.
In terms of the duration of schooling years, getting an MBA and a law degree can take only four to five years. This is the average duration in which a student finishes studying in one degree. A student can also save on financial costs, since the length of time is not that long.
Getting both an MBA and a law degree has been a growing trend because of the opportunities it can bring. Many universities around the world are offering double degree programs, with specialized courses that involve both degrees. Some universities even offer online double degree programs for foreign students.