MBA graduates commonly earn higher salaries than their colleagues with undergraduate degrees, but this isn’t the only benefit of MBA programs.
Check out the benefits of an MBA and the career advantages that can come along with it.
4 Benefits of an MBA
1. Salary. If you’re interested in a salary increase, an MBA is one way to do it. MBA graduates typically see 40 to 50% increases in their salaries compared to those without the advanced degree. Although salary is dependent on the selected career path, graduates are satisfied with the overall ROI.
2. Employability. An MBA provides you with added credentials that senior leaders may see as an indication that you are committed to expanding your professional development and are dedicated to working hard toward career advancement. In the case of large organizations, an MBA can provide clout for the decision makers who may not know you personally, but who are in charge of promotions and advanced hiring. Furthermore, there are some careers that require an MBA, at minimum, such as corporate finance, investment banking, and management consulting.
3. Networking. The people you meet, whether in the classroom, during projects, or in online discussion groups, become part of your professional network. These are the same leaders you may see on boards, as colleagues in your industry, and as friends who can help you navigate your career.
4. Leadership development and advanced skills. One of the advantages of an advanced degree is that it provides you with additional skills such as in-depth research, data analysis, and management skills that can help you approach business problems with new sophistication.
5 Career Options to Consider
As with any education program, a master’s degree is as valuable as the work you put into it. What you do with your MBA (and during your MBA program) will often drive value and return. As you think about whether or not an MBA program is right for you, think about the types of careers that most often benefit from an MBA. Here are five options that leverage the MBA.
1. Analyst. Analysts can be found in a variety of industries. Higher-level analyst jobs such as operations research analysts, those with specializations in production and operations management, or those with experience in market or financial analysis typically require advanced degrees such as an MBA.
2. Consulting. Consulting can be broad, but generally speaking, consultants provide direct information to CEOs and C-level personnel when it comes to the future of business and way to boost the bottom line. The research and analytical skills developed in an MBA program are valuable to those with consulting careers.
3. Entrepreneur. A decade ago, MBA graduates flocked to traditional positions in established companies. These days, MBA graduates are taking business into their own hands—and the number of MBA graduates who start their own companies after business school is growing each year. If you are interested in starting your own business, consider an MBA as a way to develop business savvy for the long-haul.
4. Financial planning. Professionals interested in or already working in the finance field benefit from MBA programs because they offer additional specialization. For instance, financial managers specializing in corporate finance or money management for individuals can benefit from an MBA. This degree option also provides business background and expertise that undergraduate degrees do not, giving graduates the opportunity to learn more about owning or managing a financial planning business.
5. Interpreter or translator. Listed as the top “Hot Jobs for MBA Grads” by U.S. News & World Report, interpreters and translators with MBAs can be found working in the globalization of business in technical areas such as IT or finance.
One of the biggest benefits of pursuing an online MBA is that it provides flexibility—students are able to work toward their degree on their time, on their schedule. This is a great benefit for students looking to advance their careers while pursuing their current jobs.
This learning style may also benefit students’ final grade outcomes. Peter Shea, former head of the online education system for the State University of New York, noted evidence that supports that online learning outcomes (test scores) are “better than that of face-to-face instruction.” Shea’s suggestion is supported by a Department of Education report that showed students in online programs (concentrated in college and adult-education programs) performed better on tests than those who participated in traditional, face-to-face learning environments.
Think outside the box when it comes to an MBA. As you work through your degree program, consider how it will provide value to the career you’ve already started or for a career path that you’ve yet to take.