An increasing number of students are opting to pursue a master's degree in business administration after graduation. A typical MBA program will last for around two years and teaches students various aspects of business practice, Walden University explained. The source also noted that students are typically required to specialize in a certain area of business administration, such as accounting or marketing. 

While an MBA isn't necessarily essential to kick-start a career in business, many MBA graduates have found that the advanced degree has helped them consolidate their knowledge and opened up their career prospects in a number of ways.

So if you are considering pursuing the degree, take a look at the following list of five reasons to get an MBA:

1. It can help you advance your career
While it's true that you can build a successful career with a four-year bachelor's degree, an increasing number of employers are looking to hire candidates with advanced degrees, especially for higher-up positions. Strayer University noted that according to a report from the Graduate Management Admissions Council, up to 80 percent of employers were looking to recruit candidates with MBAs in 2014, and in today's competitive marketplace, that figure will surely increase. 

2. You'll expand your knowledge
Employers value candidates with diverse knowledge and the ability to think outside of the box. An MBA can help you expand your business knowledge across a wide range of areas. With a deeper knowledge of various aspects of business administration, you'll likely find it easier to move between different jobs and even change your career.

3. It teaches leadership and management
According to Harvard Business Review, a vast number of MBA programs now teach their students practical management and leadership skills. Such knowledge will be revered by employers looking to fill high-level positions in the C-Suite. 

4. Expands your pool of connections
In the world of business, who you know is everything. Networking and communicating with old peers is often key to advancement. Therefore, if you opt to devote two years of study to an MBA, you'll be able to cultivate a professional network among your classmates and professors, Harvard Business Review asserted.

5. Hones your communication skills
Studying for an MBA can help you refine your communication skills – both written and verbal. This is important because effective communication is imperative for success in the business world, whether it's writing emails, proposals, delivering presentations or negotiating deals.