Top 10 Reasons to Get an MBA
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- It's becoming increasingly difficult to enter the workforce with only a bachelor's degree.
- Most business school alumni agree that their MBA degrees were worth pursuing.
- MBA degrees offer a substantial amount of career flexibility.
- MBA degrees open the doors to more advancement opportunities.
If you're deciding on whether or not you should get a master of business administration (MBA), you're not alone. Every year, thousands of college students and working professionals around the world struggle with the same decision. An MBA is a significant investment and is not a decision to be taken lightly.
Is it worthwhile to get an MBA? If you're seeking a high-paying job with opportunities for advancement in a competitive field of business, then the answer is almost always yes. Each year, it becomes more difficult to enter the workforce with only a bachelor's degree, especially in fields, such as marketing, economics, manufacturing, finance, and business management.
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An MBA degree offers several advantages for learners seeking to enter the business world. Getting an MBA doesn't guarantee success, but it makes the path to success much less arduous. The vast majority of business school alumni agree that their graduate management education was personally, professionally, and financially rewarding.
Here are the top 10 reasons why pursuing an MBA can be a good investment into your future.
One of the major benefits of an MBA degree is the substantial amount of flexibility and versatility it offers in terms of career options. An MBA helps you develop the skills and knowledge needed to launch your own startup or become a C-suite executive at an established company. The skills you learn are transferable to many industries.
Most MBA programs offer a variety of specializations and concentrations to choose from depending on your interests and career goals. These specializations can include accounting, economics, entrepreneurship, finance, healthcare management, marketing, international business, operations management, and statistics.
Another benefit of an MBA degree is that it can open doors to more career advancement opportunities. MBA graduates generally possess the leadership, management and problem-solving skills that businesses look for when recruiting for upper management positions.
In a recent survey by the Graduate Management Admission Council (GMAC), the vast majority of graduate business school alumni indicated that their MBA education offered opportunities for quicker career advancement.
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Personal and Professional Skill Development
Among the biggest reasons why students pursue MBA degrees is to develop the personal and professional management skills needed to excel in today's global economy. MBA programs teach students advanced practical skills in their particular field, turning graduates into global business leaders.
MBA students learn what it takes to be good leaders by developing soft skills, such as communication, critical thinking, networking, organization, and teamwork. They learn how to inspire and motivate people in any situation.
Higher Earning Potential
Another big reason why students decide to get an MBA is the higher earning potential that the degree offers. The average starting salary for MBA graduates is around $20,000 per year higher than professionals with only an undergraduate business degree.
According to GMAC, the median starting salary that U.S. employers offered new MBA hires in 2019 was $115,000, substantially more than the median starting salary for bachelor's degree-holders.
Greater Job Security
Another advantage that an MBA offers over a bachelor's degree is increased job security. The unemployment rate tends to be lower for master's degree-holders than bachelor's degree-holders. In tougher economic times, businesses are more likely to keep employees with the broader skill set gained through an MBA.
More Job Opportunities
Earning an MBA opens the doors to more job opportunities. Many top global companies only hire MBA graduates for entry-level positions. These businesses want to hire professionals who can already handle complex problem-solving and critical thinking.
An MBA also provides the opportunity for graduates to explore other career paths and industries that they may not have previously considered. The skills developed while earning an MBA apply to most business environments.
An often overlooked benefit of graduating from an MBA program is the amount of business connections you make while enrolled. While pursuing an MBA, you can build long-term relationships with students and faculty, make connections with local business leaders, and become part of a much larger network of fellow alumni.
Many MBA students are surprised to see just how many of their business school's alumni are in top management positions at companies all over the globe. These connections can prove invaluable when applying for work.
Online and Part-Time Study
Most accredited business schools offer online and part-time MBA programs, allowing students more flexibility to work or manage their households full time while pursuing their MBA. The average age of incoming MBA students is around 28 years old. Many of these incoming students are working professionals.
Global Recognition and Credibility
An MBA degree is highly regarded and valued throughout the world. An MBA demonstrates advanced business and leadership skills that are applicable in a variety of industries. The degree makes an immediate statement about who you are and what type of skills you may possess. That's why an MBA is among the most sought after degrees in the world.
Enhanced Communication Skills
If you look at any job posting for a management position, you'll realize that companies are looking for candidates with good communication skills. Effective communication is one of the most common skills among top business leaders around the world.
MBA programs teach students how to be effective communicators by working on group-based projects, engaging in public speaking, learning how to present ideas, drafting plans and proposals, and writing essays.
Frequently Asked Questions About MBAs
What skills does an MBA give you?
An MBA provides students with the skills needed to excel as business leaders in today's global economy. Depending on their specialization, students may learn advanced practical skills in areas like finance, marketing, and economics. They also develop important soft skills, such as leadership, critical thinking, communication, and collaboration.
What jobs can I get with an MBA?
An MBA opens the door to a variety of job opportunities in many industries. MBA graduates can find jobs in marketing management, operations management, financial management, accounting, product management, and engineering. They can also pursue careers in data analysis, consulting, entrepreneurship, human resources, and investment banking.
What is an MBA good for?
An MBA is an investment in your future. An MBA degree can lead to more job opportunities, higher career earnings, recognition as a professional business leader, and increased job security. The degree also provides a sense of accomplishment that you will carry with you for the rest of your life.
What qualities should an MBA student have?
Pursuing an MBA degree is a big commitment. Students who get the most out of their degree are motivated, disciplined, proactive, and passionate about taking this important career step.
Krystal Covington, MBA
Krystal Covington, MBA, is a business growth strategist with 15 years of experience in marketing and public relations. Her company, Go Lead Consulting, provides clients foundational tools to build new client and customer relationships.
Krystal founded Women of Denver, one of the largest privately held membership organizations in Denver, Colorado. Her program helps women increase their business acumen, sharpen leadership skills, and connect with other high-achieving women. Krystal received her MBA from Western Governors University in 2012.
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