A survey by the Graduate Management Admission Council (GMAC) ascertained that MBA degree holders are twice as likely to get a job compared to other master’s degree holders. Similarly, MBA master’s degree holders have higher chances of getting a pay rise of up to 90%. Figures, facts, and statistics don’t lie, but before applying for an MBA program, you want to understand the value of an MBA. Keep reading to get an idea of how and why an MBA sets you apart from other master’s degree holders in the job market.
Reasons for Getting an MBA
An MBA master's degree curriculum equips the learner with fundamental analytical, functional, and ethical skills. An MBA holder has hard leadership and business management skills. They have access to more and better-paying job opportunities and are connected to a stronger professional network. However, most people considering an MBA want to be convinced it’s a worthwhile investment. An MBA can help you with the following:
- Career flexibility and influence - An MBA offers higher employment rates. Pursue an MBA to increase your job security and job prospects. Look into this program when hoping to get salary increases and leadership positions at work.
- New skills and experience - MBA programs provide courses covering leadership, strategizing, and organizational behavior. Pursuing a master’s in MBA equips you with soft skills in leadership, communication, and interpersonal relationships.
- Solid professional network - MBA program coursework relies on group work, so students familiarize themselves with unique points of view, business practices, and cultures. That creates solid and long-lasting professional and personal relationships.
Is an MBA Worth It?
An MBA future readies your career by equipping you with the right skill sets and mindset. You’re fully equipped with team management skills and the intellectual capacity to properly develop strategic goals, influence stakeholders, and move a company’s operations toward the set goals. Businesses are continually searching for employees with good collaboration and communication skills to push their companies to their desired growth. Therefore, getting an MBA degree gives you a competitive edge over candidates with other degrees.
Holding an MBA degree opens up your intelligence and creative years to explore new functions and industries. At the business school, you’re exposed to an extensive network of alumni, peers, case studies, and class projects that explore multiple sectors and industries. One notable quality of an MBA degree is that it introduces you to the resources and skills you need to transition into a new industry with ease and to the leadership skills you’ll need to manage businesses no matter the size.
A starting MBA graduate’s salary averages $20,000 per year. Interestingly, MBA graduates from the highest-rated MBA programs often land well-paying positions that quickly push them into bigger pay.
What Is the Value of an MBA?
No one-size-fits-all formula or technology has been developed to give an accurate MBA degree return on investment. The program’s courses bring many other benefits besides helping your career and opening doors for higher earnings. You get to meet and interact with faculty and classmates from different backgrounds, giving you a broader view of the job market and career opportunities.
A recent recruiters’ survey by GMAC Corporate confirmed that MBA degree holders would earn over $45,000 more compared to undergraduates of other programs. In addition, the predicted media salary of MBA graduates is projected at $95,000. By contrast, the annual median earnings of degree holders in other fields is around $50,000.
If you are reluctant to enroll in an MBA postgraduate program because you're not convinced you’ll earn a return on your investment, you now have the information on what you need to know. You can now confidently enroll in an MBA program without worrying about whether it's beneficial to your career aspirations.
Fort Hays State University