Earning an MBA is not exactly what you would call easy. There are tough entry requirements that have to be met, the program is expensive, and the work involved in earning one is very demanding, taking a great deal of your time and challenging your mental capabilities. Given these factors, it leads many into wondering if earning an MBA is worth it.
In this article, I will discuss topics that define just how advantageous earning such a degree can be. In the end, you will have a better understanding of what opportunities will become available once you have completed your MBA. Here are some of the facts surrounding an MBA that will help to shed some light on whether or not such a degree is worth the money.
5 Reasons Why You Should Get an MBA
1. Learning Advanced Skills
While you may think that all of the years you have already spent in pursuit of your degree have already provided you with all of the knowledge necessary to make you competitive, which it does, further advancing your education will make you that much more competitive in today’s job market already flooded with potential employees that possess a degree of some level. Usually, a Bachelor’s and MBA demonstrates that you are ready for positions of greater responsibility. Additionally, it shows that you are willing to do what it takes to continuously improve on your professional skills.
2. Improved Business Network
Pursuing an MBA presents you with excellent opportunities to expand your professional network. Since most MBA programs involve some type of internship, you will have to opportunity to work with potential employers. These types of programs are also ideal for interacting with like-minded professionals, instructors, and faculty members. Additionally, you also have the opportunity to network with alumni through your education. During your career, this professional network will end up paying dividends towards your career advancement.
One of the most obvious benefits to obtaining an MBA is the potential for increased salary. When compared to an individual that has earned a regular masters, an MBA graduate has a higher average salary. In private-sector companies, the average salary for MBA graduates is around $120,000. In non-profit and government organizations, the average is about $70,000. Either average you consider is nearly twice as much as a typical degree holder can expect to receive in the same sectors.
4. Career Opportunities
Graduates of an MBA have a better chance of landing and keeping a coveted high-level management position. A study revealed that nearly 70% of all graduates are either board directors or members of senior management. While these positions do have higher responsibilities and a greater workload, they bring in higher salaries.
5. A Well-Rounded Perspective of the Business World
Along with the higher salary, greater responsibility, expanded network, and better opportunities, earning an MBA provides you with a better perspective of the business world. You will have a better understanding of the professional environment, something only obtained by spending a great amount of time in this type of environment. This will not only be an asset to you in your career progression, it will also be an asset to a potential employer looking for such skill sets and knowledge.
With all of these factors taken into consideration, the benefits of having an MBA far outway the cost and work involved with obtaining one. Besides, the increased salary will more than pay for the program within a couple of years. So, the real question we should be asking ourselves is why we haven’t started working on obtaining ours.