Earning your MBA is an important step in your career. It’s also an unparalleled investment in your future.
Arguably the most popular reason people go back to school for an MBA is to increase their salary. As it turns out, the numbers support this reasoning. In 2015, the average starting salary for a recent MBA graduate was $100,000. That is $45,000 more than the average starting salary for those entering the business world with a bachelor’s degree.
There is little doubt that earning an MBA will significantly increase your salary. The last decade has seen a 10% rise in salaries of those with an MBA. The return on investment in an MBA has remained high for a long time and there is no reason to expect it to go down. Pair this with the fact that an increasing number of institutions are offering flexible online options that allow students to work while learning and you can see the enormous value of a modern MBA.
Work and Learn
Some business professionals question the return on investment due to the cost of school, in addition to lost wages while taking two years off to complete a full-time degree. Fortunately, if you decide to get your MBA online, you are no longer faced with the daunting prospect of two years’ worth of lost wages. Instead, you can continue working while you study for your MBA.
Online learning allows many people who would otherwise be unable to afford an MBA the chance to go to school while remaining in their current job. Some employers even pay for their employees to get an MBA. It never hurts to discuss this possibility with your employer during your application process.
With online MBA programs, you don’t need to worry about relocation or time spent commuting to school. Working full-time while earning an online MBA is a big commitment, but the ability to keep your job makes it a viable option for many business professionals.
An MBA opens the door to many job opportunities you otherwise would not have. It can be your key to a valuable promotion such as a managerial position with your existing employer or with a new company.
With an MBA you can also change career paths to become anything from a brand manager to a freelance consultant. Your MBA allows you to apply for many different jobs that require an advanced business degree.
If you’ve been working in manufacturing and you want to switch to a finance-related career, an MBA can allow you to make that successful career change. Good business administration skills are a requirement for most upper-level management positions, and an MBA will automatically put you in the position to apply for many more jobs than those without the degree.
Learn to Manage
A very important skill MBA graduates learn is the ability to successfully manage and motivate a team. Learning to apply the principles and theories of management to real-world strategies is key to running a successful business.
Leadership is a vital skill for those who intend to climb the corporate ladder with a business degree. Often, the definition of a good leader is subjective – there’s no scientific way to judge or develop a leader. There are certain things to keep in mind, though. J. Gerald Suarez, professor of the practice in Systems Thinking and Design at the University of Maryland’s Robert H. Smith School of Business writes in the Washington Post, “To lead is to go first, to be out front, to have the advantage. The primary job of a leader is to shape the future, not merely to fix the past nor to manage the present.”
Organizations want leaders who can not only provide guidance, direction and an ability to motivate staff, but have a proven track record of showing vision for the future.
By earning your MBA degree, you will become proficient in these skills and demonstrate an ability to think strategically for the future of your team and your company.