An MBA (Master of Business Administration) can be a big and important step in your career. If you are a professional wishing to advance higher in a management role or if you are a student looking to acquire specialized skills to take you far in business, an MBA can be an excellent path to embark on. With an array of specialisms ranging from marketing, finance, strategy, consulting, and general management, MBA degrees are highly skilled and prestigious as they prepare you to become a strong leader in the world of business.
If you’re interested in an MBA, we explore some of the benefits of pursuing this degree pathway.
1. High Salary Potential
An MBA degree commands job security and generous salaries, making them highly desirable educational pathways if you’re pursuing a career in business. An MBA can be so lucrative, in fact, that you can expect to earn roughly $20,000 more per year than a regular business bachelor’s degree.
Average starting salaries in the US for an MBA are estimated at around $79,000 per year, and the highest MBA salary recorded in 2019 was $181,927. Therefore, an MBA is a good option for those looking to significantly boost their earning potential.
2. Specialized Skill Development
An MBA teaches you key business practices which include areas such as accounting, management, finances, and marketing. You’ll learn about industry and business trends, management styles and techniques, as well as how to successfully work with teams. Among these skills, an MBA will also teach you how to start and run a company. This includes a list of competencies such as:
- People and leadership skills
- How to hire and retain talent
- How to manage difficult situations
- How to develop and promote your products and services
- How to network and create partnerships
- How to gather industry info and read and create reports
- How to manage business finances successfully
Therefore, the benefit of earning an MBA is the set of specialized skills that you will acquire to run, manage, or start a company.
3. Improved Career Opportunities
An MBA opens doors to opportunities that supersede those of a bachelor’s degree. Students are introduced to a range of core areas such as human resource, economics, finance, statistics, and technology and information systems, which qualifies graduates for a number of specialized roles in both the public and private sector. Employers are also more likely to hire people with an MBA degree too.
For instance, a recent study by the Graduate Management Admission Council (GMAC) found that 77% of US employers plan to hire MBA graduates between 2019 and 2020. This statistic was even higher for fortune 500 companies who indicated that 90% of them had intentions to take on MBA graduates.
Another way in which an MBA opens opportunities is through advancement. Many people who embark on an MBA already have extensive professional experience under their belt and are therefore looking to expand their skills to advance their careers. Having an MBA greatly improves your chances of climbing the management ladder with greater responsibility.
4. Opportunities for Networking
MBA students are introduced to a wide network of people that include professors, fellow students, keynote speakers, recruiters, and businesspeople who have excellent experience or who run companies of their own. This exposure can open new opportunities and allow you to improve your business skills.
MBA students also have access to a vast alumni network during their studies. Not only does this increase your exposure, but these alumni can broaden your perspective on the business world in different areas.
5. Ability to Be Your Own Boss
One of the biggest benefits of doing an MBA is how well it equips you to be your own boss and start a business. During your degree, you’ll learn about business management, communication strategies, finances, planning, and marketing — all of which can go a long way to starting you on a path of entrepreneurship. The exposure to a variety of business owners and professors will also help as you will be able to learn about their real-life experience and any pitfalls of starting a company.
Also, learning new problem-solving and leadership skills can enable you to deal well with change and learn how to scale your business. What you learn on an MBA degree can improve your ability to weather the ups and downs of the business world.
Many people who embark on an MBA are already working in a professional field, so the flexibility of an MBA makes it ideal for those who want to pursue their study on a part-time basis. This allows you to work at a pace that suits you, and it also means that you can apply what you learn to your current job.
For even more flexibility, schools like Suffolk University offer comprehensive and interactive online MBA degrees, which means you can study remotely. Click here for more information.
7. Increased Credibility
Having an MBA under your belt shows that you are an expert in your field. It also shows that you have mastery over a set of specific business skills that can take you far in your industry. If you are looking to advance your career or start a business, an MBA will give you that added credibility when you are promoting your services or skills.
8. Personal Development
An MBA provides the chance to reinvent yourself and pick up a set of very specialized skills. The experience can also broaden your horizons, improve communication and problem-solving skills, as well as provide a new outlook on life and the business world. Importantly, too, an MBA is an investment in yourself. It is a chance for you to better yourself and elevate your career. Therefore, an MBA can help you refocus and improve your personal development, helping you become a stronger individual as you progress your career.
Pursuing an MBA may be costly and challenging, but it is an exciting endeavor that can lead to new opportunities. Acquiring a high salary, boosting your skillset, and becoming well-equipped to start your own business are just a few of the top reasons for taking on this degree pathway. Good luck as you explore your options!