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If you’re already working in the business world and comfortable in your job, you may wonder if there’s any value in going back to school for a Master of Business Administration degree. Going back to school could mean up to two years of studying late into the night while still doing your day job. It could mean losing out on two years of salary and potential promotions. There are student loans to pay back and lost time with your family. However, there are significant benefits to an MBA which counteract all of the negatives, making an MBA an investment in your future.
Increase Your Salary
One of the biggest draws of an MBA is the increased salary it affords. Website Poets & Quants argues that not all MBAs are created equal, but if you attend one of the top 50 schools in the nation, your pay will reflect that investment of time and energy. Over 35 years, graduates from those schools will earn a median of $5.7 million, nearly $2.3 million more than their counterparts in business who only have an undergraduate degree. Business executives like Richie Huang at Apple and David Geithner at Condé Nast have parlayed their MBAs from Northwestern into prestigious roles with high pay.If you're already working in the business world and comfortable in your job, you may wonder if there's any value in going back to school for a Master of Business Administration degree.Click To Tweet
Increase Work Flexibility
Beyond the reality of increased pay, an MBA provides you with greater flexibility in the job market. The speed with which technology changes means that jobs exist now that weren’t even a consideration if you graduated from college as recently as five years ago. Going back to school allows you to learn about these new roles and expand your skillset, so even if you don’t stay with your current company, your skills will be in demand in growing fields.
Thinking of doing an MBA? This book covers the what, when, how and why of studying an MBA.
It helps you answer these questions:
- Do you need a Master of Business Administration?
- Will it help you advance in business?
- Will it help you make more money?
- Is it worth the cost? If so, which program is right for you?
Don't make this life-altering decision alone.
For the most part, the skills you gain with an MBA are applicable to a wide variety of businesses. You’ll be able to pick the field that interests you, knowing you have what it takes to make any business thrive.
Expand Your Network
While nearly any MBA will pay off with better pay and more flexibility, choosing to attend a top school has an additional benefit, you’ll be attending class with other future business leaders in the top companies and industries around the world. You are creating relationships that can mean future business deals for your company. Beyond helping your company, these relationships can help you on your own career path. Networking lets you know about jobs that might interest you. Classmates can help push your resume to the top of the pile and grease the wheels if you’re stuck in HR limbo.
Rocket Into Leadership Positions
Finally, an MBA is one of the best ways to quickly move into a leadership position. An MBA behind your name says you have studied and practiced interpersonal skills, problem-solving, and leadership. Your MBA will teach you to:
- Hire and retain the best employees.
- Lead and manage personnel.
- Create and interpret reports.
- Manage through a crisis.
- Manage company finances.
- Develop and market goods and services.
These are all skills that are applicable to leadership positions no matter the industry. With the MBA you’ll be prepared to take on leadership roles and excel in them. You’ll get out of the pool of general applicants and once you do, you’ll never look back, building on your success.
Yes, an MBA takes dedication, time and money. Overwhelmingly, the statistics point to the conclusion that there is real value to an MBA that far outweighs its costs. You’ll make more money, increase your marketable skills and open up opportunities that you wouldn’t find any other way.