Earning a master’s degree in business administration can play a critical role in ensuring career growth and professional development. An MBA degree can provide the knowledge and skills to achieve your professional goals and boasts a rigorous curriculum that focuses on financial accounting, management, business law, marketing, and customer relationship management. This is why many employers prioritize candidates with an MBA for management or leadership positions. Therefore, the importance of acquiring an MBA can’t be overemphasized. Continue reading to discover three benefits of an MBA.
1. Boosts earning potential.
Acquiring an MBA can earn you a substantial salary increase. There’s no denying that new hires with an MBA earn a higher starting salary compared to those with just an undergraduate degree. However, the impact your MBA degree would have on salary depends on several factors, including your school, chosen industry niche, and professional work experience.
Not all MBA programs are created equal and generally, a full-time program takes two years. Thankfully, some business schools offer accelerated programs for prospective students who may want to graduate earlier and the estimated length of an accelerated program is generally between 12 to 18 months. Interestingly, potential students also have part-time options. A part-time MBA program can take anywhere between three to four years, depending on your coursework.
Busy professionals who don’t have the time to physically take hybrid courses can leverage online learning to acquire an MBA. Keep in mind that an online degree from a reputable institution can have the same impact as a physical degree. Fortunately, there are many online MBA options available to busy professionals and you can search online for the “best online MBA programs” to find a top program. The best online MBA program is designed to help an online MBA student gain a better understanding of management accounting and general business management functions. Overall, the key takeaway is that an MBA can help graduates of the program land high-paying jobs.
2. Gives competitive advantage.
Graduating with a world-class MBA can give you a competitive edge over other professionals in your chosen niche. Recruiters and hiring managers require MBA graduates to earn their degrees from top business schools. A master of business administration (MBA) is considered a step up from an undergraduate business degree and an MBA generally distinguishes the graduate from their counterparts with only undergraduate degrees.
With an undergraduate business degree and an average GMAT score, you’re eligible to sign up for an MBA program. Many college applicants find the college application process daunting and overwhelming, that’s why MBA applicants are advised to consult college admissions counselors before sending their applications. A college admissions advisor has the professional experience to help streamline and facilitate the college admission process and these professionals are trained to help potential students through the entire process.
Before settling for a business school, you should speak to a college admissions advisor with years of full-time professional experience. This is especially important to find the right school for you. Aside from offering counseling services, college admission counselors also offer educational services like proofreading application essays and providing comprehensive answers to whatever quick questions MBA prospects may have.
3. Increased job prospects.
An MBA degree makes transitioning into the business field a lot easier, regardless of experience. Specifically, it equips graduates with the theoretical and practical training required to succeed in the business management field. Transitioning to a financial career can open a world of opportunities that most people never knew existed. A career in finance can land you jobs on and off wall street and you can’t deny that these jobs can be highly lucrative. However, many fortune-500 companies require candidates with an MBA to fill open management and leadership positions in their companies.
In addition to giving you a comparative advantage, an MBA furnishes you with professional skills, interpersonal skills, and leadership skills. The bottom line is that graduating with an MBA opens up the graduate to increased job opportunities.