You probably know many of the benefits of getting an MBA: leadership development, mastery of business concepts, a more formidable professional network, more employment opportunities, and, oh yes, potentially better pay. However, given the time and expense involved in acquiring such a degree, is earning an MBA worth the cost? Well, let’s see what such a sheepskin can do for you.
The advantages of acquiring a Master of Business Administration are manifold, as we’ve said. It’s worth noting, though, that not all these advantages come to fruition simultaneously. Many take years to develop. So, make sure you’re pursuing the degree for the right reasons, which may include a prospective six-figure salary, especially if you attend a top school.
What is an MBA?
A Master of Business Administration is a graduate degree designed to develop and enhance the skills necessary for careers in business and management. Some would-be entrepreneurs also pursue such a degree and launch startups. However, such a degree can also be helpful for managerial roles in other areas, including the public sector and government.
Why Should One Get an MBA?
To Prepare for a New World. As you may know, many companies and fields require an MBA. Let’s get that out of the way. So, you’ll have to reassess your career trajectory if you don’t wish to get one. But that’s not what we’re discussing today.
These days, particularly with the business world upended due to COVID-19, organizations are looking to gain the right talent to bolster their competitive edge. So, that’s an opportunity to enhance your skills and abilities to be considered for such openings. Getting an MBA may be critical to gaining the experience needed to compete in today’s job market.
To Change Fields or Careers. Business school avails you of people from many disparate backgrounds, industries, and sectors. So, if you’re seeking to explore new functions or industries, this school can be the place to gain insights.
An MBA is one that what you learn can be applied to most industries. Still, it’s recommended that you first do your research and perhaps get some experience to assist you in sorting out the areas in which you’re interested. Now, business school is not for dabbling. However, once you’re enrolled, you can select the courses and goings-on that you believe will help you.
Admittedly, gaining an MBA is not cheap; it’s an investment. The good news is that if you must take out private loans to fund your education, you can always do a student loan refinance down the road. If you’re wondering what refinancing is, it’s getting a new loan to cover existing loans at a cheaper rate. It’s a popular move with no real downside.
To Advance Your Career. Many people who pursue an MBA hope to accelerate their professional development, and one incentive is pay. For last year’s MBA graduating class, the average student’s starting salary was 20 grand a year more than students with just an undergrad business degree.
Whether an MBA is worth the cost is genuinely up to you. You know the advantages, but make sure you’re in it for the right reasons, given the time and expense involved. You won’t automatically get a higher-paying job, and maybe your motivation is that you’re currently bored or that your parents are willing to absorb tuition costs. But if your aims align with what’s described above, such a degree may be just the ticket.