You may have heard this advice: “Dress for the job you want, not the job you have.”
The decision to earn an MBA degree is an investment that provides measurable career benefits plus universally recognized evidence of your professional achievement.
What is an MBA?
The Master in Business Administration (MBA or M.B.A.) teaches you how to apply scientific approaches to managing your own business or a business unit within an organization.
The MBA is a highly regarded credential for the instruction it provides in entrepreneurship, as well as the many professional disciplines and career paths that open upon completion of an MBA program.
When you earn an MBA, you acquire the professional rigor, insight, and skills needed to make important business decisions successfully.
What types of courses do MBA students take?
Making sure that your course work is relevant to you needs is important when answering, “Should I get an MBA?“. Most MBA degree programs include classes in:
- Organizational Leadership
- Accounting and Finance
- Economics & Quantitative Analysis
- Management Information Systems
- Marketing & Legal Affairs
Because the MBA degree is an advanced degree, there is a much stronger emphasis on written communication. Case studies and research-based reports teach students how to solve business problems through analysis, application, and assessment.
What is the earning potential of an MBA degree?
The average income for a recent MBA graduate is $56,000 — higher than many other professions.
With an MBA, you can to earn about $400,000 more over your lifetime than with your bachelor’s degree alone.
The earning potential of an MBA is one of the main reasons why an MBA degree is the most sought after degree for many working professionals.
Is it worth getting an MBA?
To answer the question “Should I get an MBA“, you have to look at one of the major factors… the cost of the MBA tuition.
Generally speaking, the more prestigious the program, the higher the cost of tuition.
Most public and private institutions will charge the same cost per credit whether you attend class in person or online. The method of instruction has no bearing on price.
Does this mean you should cancel your aspirations if you cannot afford to get into a top-tier MBA program? Not at all.
Another factor to consider is what do you intend to do with your MBA. In other words, what kinds of credentials are needed for the job you want in the future?
If your future job requires specialization through a concentration (e.g. marketing, accounting, economics, etc.) to gain entrance into a particular field, then you should choose a MBA program that offers your preferred specialty.
Does this mean you should only pursue an MBA degree with a specialized concentration? Again, not at all.
The value of an MBA lies in its ability to train you to manage successfully under diverse circumstances and within many types of professions. This knowledge is as invaluable as the experiences and connections you will make while you work towards your degree.
Not all management positions require an MBA degree, but the person who earns an MBA degree will enjoy an enhanced position and salary commensurate to the value they bring to their chosen company and profession.
Considering the speed by which change occurs in most industries, and the adaptability required by managers and leaders to succeed in an ever-changing world, an MBA degree may be the surest credential any person can possess to ensure their professional and personal prosperity.