With most programs requiring at least two years of rigorous coursework, extracurriculars, collaboration, and internships, pursuing an MBA requires a significant time and energy commitment. The months of exam preparation many students go through to get admitted to their program of choice, and the cost of returning to school are factors that set them back.
The good news? According to a poll of 3,600 graduates done by the Graduate Management Admission Council, 87% of business school alums reported a favorable return on investment for their graduate management degree. The study also revealed that 94% of alumni believe their postgraduate business education was good, exceptional, or outstanding in terms of value.
The benefits listed below should help you further persuade yourself of the value of an MBA.
1. Salary Increase
With an MBA, your earning potential and job alternatives can considerably expand. An MBA is commonly specified as a prerequisite for higher-level jobs in vacant business positions, and these leadership positions frequently come with desirable pay.
Recognizing the difference an MBA can make to your career chances in this rising industry is important, given that the U.S. Bureau of Labor Statistics predicts the creation of 476,200 business and finance jobs over the next ten years.
Although earning an MBA requires a significant time and financial commitment, research suggests that the return on investment for graduates could be as significant as $20,000 per year in terms of increased pay and benefits.
In general, MBA holders made around $115,000 a year on average in 2019, which is more than twice what graduates with just a Bachelor of Business Administration degree made. You can enroll in an online MBA program if you’re seeking a more flexible and affordable degree. Since students are still employed while enrolled in an online MBA program, they don’t miss up on their income and can use some of it to pay back some of their tuition. There are no charges or relocation requirements on this score. There are time and money savings because there is no additional commuting.
2. Wide Business Knowledge
If you want to build a solid foundation of business knowledge, an MBA will be a wise investment. Corporate finance, strategy, advertising, organizational behavior, and accounting are all common topics in the Master of Business Administration program. After completing their MBA program, students have a solid awareness of the roles and relationships between the various business functions.
3. Possibilities For Specialization
Depending on your interests and professional objectives, you may also be able to specialize in a particular field of business with an MBA, such as finance, human resources, or corporate social responsibility (CSR). The majority of business schools have very practical curricula, with MBA programs focusing on group projects and real-world case studies, giving you real-world expertise.
4. Boost Your Professional Progress
Knowing your professional objectives might also help you decide if pursuing an MBA is the best course for you. Jobs for MBA grads are available in a variety of industries and positions. Consulting, finance, and technology are some of the top industries for MBA graduates, with jobs in a variety of fields like strategy, management consulting, marketing, H.R., and data analytics. They also establish successful careers in less typical fields like entrepreneurship and charitable work.
5. A Long-Term Network
An MBA can be a fantastic option for you if creating a varied network is one of your top priorities. Most MBA schools draw applicants from a variety of professional and ethnic backgrounds.
Program directors strive to bring a variety of viewpoints into the classroom since the MBA curriculum places a lot of emphasis on the class discussion so that everyone may benefit. MBA programs are well-equipped to connect you with future employers through business school careers services, in addition to building relationships with your peers during group projects and class discussions. Additionally, you’ll have access to a network of other business school alums who may assist you and benefit from your assistance.
6. Job Security
The labor market is more volatile than it has ever been, leaving many feeling unsettled and afraid of being left behind. A more marketable skill set and increased job stability are just two of the many advantages of an MBA, both of which may add to your sense of calm. You will be a useful part of any team thanks to the abilities you acquire in an MBA program. Your business credentials follow you even if you leave your employment, increasing the likelihood that you’ll get back to work more quickly.
7. Transferrable Skills
Employers frequently notice a consistent set of transferable abilities that graduates develop via their higher education experience because of the demanding curriculum typical of many MBA programs. The top competencies sought after in MBA graduates, according to GMAC, are:
An MBA degree can demonstrate your readiness to thrive in higher-level business roles by certifying that you have these desirable talents.
8. New Career Paths
Changing directions and going down a new job path might occasionally feel like an impossibility, especially if you have been employed in the same field for a long time. You might find that developing new abilities is just what you need to get started on your career change. Even if your experience is unusual for the positions you are seeking, an MBA will provide you with the knowledge and abilities you need to make yourself a more competitive applicant.
9. Relationship Building
Additionally valuable are the connections you can make while doing your MBA. Alumni said that their programs had improved their circumstances in 72 percent of cases.
Many MBA admissions offices aim to fill incoming courses with a varied spectrum of applicants who can provide a variety of business viewpoints. Many programs pair discussion-based classes with group projects to take advantage of this co-learning opportunity.
In general, your professional ambitions, personal aspirations, and stage of your career will determine whether an MBA is a worthwhile investment. This kind of business degree could be a great fit for you if you’re a professional with some experience who wants to switch industries or functions, broaden your professional network, or just accelerate your advancement in the business world.