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The current job market is quite competitive with employers looking to hire the best talent. A degree is no longer a guarantee that you will even get an interview call. To stay ahead of the competition, job seekers are either returning to school or leveraging online programs to earn an MBA. Although tuition costs at top business schools can top $95,000 per year, the hope of career advancement more than outweighs this drawback. Many MBA candidates also consider alternatives such as an online MBA from schools. Here are some of the top benefits of an MBA.
A Catalyst for a Salary Increase
Most employees want to earn more money and an MBA is a sure ticket to the rarefied field of top earners. According to US News and World Report, people who graduated with an MBA earn an average annual salary of $109,000 while their counterparts who graduated a year earlier make, on average, $15,000 more. The article also points out that salaries vary not only based on where graduates earn their degrees, but also their chosen field.
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11/24/2024 07:58 pm GMT
As mentioned above, the starting salaries vary from one industry to another. For example, MBA graduates working in the consulting field could potentially earn as much as $140,000 while those working in government could potentially earn as little as $75,000. Other industries where the starting salary is well above the $120,000 mark include financial services and technology.
Increased Chances of Getting a Job after Graduation
An MBA increases the chances of getting a job immediately after graduation, The aforementioned article found that MBA graduates started working within a short time after graduation. In an article from Statista.com the percentage of companies that hired MBAs ranged from 86% – 92% in 2020. This is expected to drop in 2021 a bit due to COVID-19.
Better Networking Opportunities
On the one hand, the majority of students pursuing degree courses are young with no working experience. On the other hand, most students taking MBA classes have some bit of working experience under their belts. This makes it easy for the students to expand their network of professionals with similar example, you can gain invaluable information from someone working in quantitative trading and use the information to expand your knowledge about finance.
Career Advancement
Another great benefit of earning an MBA is the opportunity to advance your career. To start with, by joining an MBA program, you will not only acquire new skills but also enhance some of your old skills. As such, you will be able to handle new and bigger responsibilities because you would be able to use your new skills to improve productivity at the workplace. In most cases, a promotion comes with perks such as a salary increase, performance bonuses, and stock options. People who do not have an MBA can only dream about such rewards.
Gateway to Entrepreneurship
Entrepreneurship has become a badge of honor in the United States. The fastest route to bootstrapping the next big startup is by enrolling in an MBA program. According to Forbes Magazine, some of the successful companies started by MBAs include Zynga, Yelp, Bump, GrubHub, Warby Parker, Trulia, and Birchbox.
An MBA is more than a certificate from a business school. It can help you networking opportunities, reduce the likelihood of becoming another sad unemployment statistic after graduation, and help whet your entrepreneurship appetite. Up to 93% of students surveyed said that an MBA made it easy for them to find the right employers.
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