Pro : An Mba Will Likely Increase Your Income
If it doesnt, you picked the wrong program and wasted your time, Ramsey says. She notes that most university executive programs report their graduates ROI and progress. This should be a metric you use to measure the success of the program, she suggests.
Many IT professionals use their MBA as a springboard into senior-level roles that pay more and offer higher income potential, Scheible observes. some firms may offer formal salary increases to employees who obtain graduate degrees and relevant professional certifications, while others may not.
What Can You Get An Mba In
Theres more to an MBA than just the advanced degree itself. At Wharton, there are 19 MBA majors, including Finance, Entrepreneurship & Innovation, Health Care Management, and Organizational Effectiveness. Students whose interests do not neatly fit into one of Whartons existing 19 majors have the opportunity to craft an individualized MBA major tailored to an interdisciplinary path of study.
How An Mba Can Help You Switch Your Career
Last Updated May 13, 2016 by Max Pulcini
Heres a scenario for you to consider: Youre fresh out of undergrad school with the degree youve coveted since high school and land a dream job working for an awesome company that pitched you on upward mobility. You start your new job and work hard at it, only to realize that youre not really going in the direction you like with your current career.
Sound familiar?
Well, youre not alone. According to The Muse, more than 50 percent of incoming students at top tier business schools say that they are interested in career switching. Another survey taken in 2011 by Veritas Prep, a provider of GMAT prep services, found that 70 percent of MBA applicants are aiming to change careers.
These are some serious statistics.
A big reason for this is because graduate business programs pitch MBA degrees as something that can help you switch your career, as every industry has a need for business minds and talent.
Also Check: Career Paths For Math Majors
Learn More About Your Industry
If you currently work in or have an interest in a certain industry, most MBA programs offer concentrations to perform in-depth studies on certain fields or industries. You can also use this program to explore different career paths or industries to determine which is right for you. Potential concentrations you could study include digital marketing, social innovation or business analytics. Earning an MBA with a concentration in a certain industry demonstrates your knowledge of various trends and enhancements, which can make you stand out to hiring managers.
Chartered Financial Analyst Program
This is a self-study program that contains three levels of study regarding financial management, risk and analysis. You’ll take challenging exams about these subjects with each exam level increasing in difficulty as you advance. Though it’s not considered a graduate program, earning your CFA is often equivalent to the requirements and difficulty levels of most master’s degrees.
Related:How To Become a CFA: A Step-by-Step Guide
Read Also: How To Get Started In Human Resources Career
What Are The Key Benefits Of Earning An Mba
There are many good reasons to get an MBA. There are the obvious benefits that go along with upskilling in just about any field: new career opportunities, job security and increased earnings potential. There is also the personal satisfaction of earning a degree in a field that truly interests you.
There are also benefits not just to earning a degree, but to expanding ones skills. For instance, increasing communication skills throughout the degree process and expanding ones skills in communicating in a business environment in particular are both personally and professionally beneficial, Ibarra said. Like any degree, the MBA comes with additional perspective on what you thought you already knew, as well as new knowledge that you wouldnt have even considered before taking the coursework, he said.
Executive Mba Degrees Are Perfect For Experienced Professionals
Is 30 too old for taking an MBA? What about 40? As a reference, you should know that the average age of incoming students at Harvard is 27, but more than 10% had 7 or more years of experience. Columbia and UCLA Anderson both welcomed students in their 40s. In Europe, schools such as LBS, INSEAD, HEC Paris, and Cambridge Judge have an average age of 29.
The good news is that business schools do not consider age as an essential factor in the admission process. An important criterion is the full-time job experience, and older students have plenty of that because theyve been on the job market for longer. Usually, the main reason why there arent more MBA students in their 30s and 40s is not the age restriction from universities, but that not many of them are applying.
It should be clear to you what your goals are for taking an MBA degree, as you should convince the admission committee that you are motivated to study the MBA and you have a long-term plan in which you believe. Also, if you have good GMAT scores, there should be no problem with the fact that youre older than the average MBA student.
Recommended Reading: Career For Business Administration Degree
Enhance Your Job Security
Earning your MBA can increase the likelihood of securing your role within a company. Many employers see your advanced degree as a value to their company, so they’ll want you to apply the knowledge you’ve gained toward producing quality projects that bring impressive results for the organization. You may receive more promotions and move up higher within the company as you use your degree to adapt to changing business environments and handle complex situations.
What The Research Shows About An Mba
If an MBA is on your radar, theres good research to support your decision journey. The Graduate Management Admission Council reports the following about an MBA:
- 90% of alumni who wanted to change job functions say their MBA was worth the investment.
- 90% of alumni say they are better positioned to lead because of their degree.
- More than half of alumni work in industries and jobs that are completely new to them.
- MBA graduates have a $2 million lifetime earning potential.
- MBA graduates, on average, double their salaries right out of grad school.
Getting an MBA is a big decision. The data on ROI tells part of the story, but to get a fuller picture its valuable to hear what students say when they reflect on their time in an MBA program.
Also Check: Penn State Harrisburg Career Services
Is An Mba Worth It
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
A Tea Reader: Living Life One Cup at a Time
Earning a Master’s in Business Administration can help professionals enhance their career opportunities, increase compensation, and lead to job promotions. An MBA can provide the skills and knowledge necessary to start a new business, and many employers require an MBA for certain management or leadership positions.
On the other hand, an MBA from a top business school can cost nearly $100,000a substantial expense for recent graduates and substantial time out of the workforce for early-career professionals. The question becomes, is earning an MBA worth the cost? It all depends.
Develop Managerial And Entrepreneurial Skills
A vital part of an MBA is learning how to effectively manage a team of people as it’s a skill that many untrained managers are lacking. You’ll also learn about all the moving parts of a company such as sales and marketing products, hiring an effective team, collecting and understanding industry data, maintaining your companies financial health, creating effective hierarchies in a company, ensuring your company maintains a positive public image and knowing when to make the difficult decisions. These are all vital when working for a company or using those entrepreneurial skills you will learn to set up on your own.
Don’t Miss: How To Advance My Nursing Career
Ways An Mba Immediately Boosts Your Reputation
An MBA credential will increase your standing in the eyes of current or prospective employers. By completing your MBA, you immediately show an employer that:
How Would The Mba Degree Benefit In Your Career
Graduates of part-time or full-time MBA programs have higher chances of holding a high-level management position and enjoying successful MBA careers. Over 50% of MBA graduates worldwide are senior managers or board directors. This type of positions brings a higher salary, but also greater responsibilities.
Recommended Reading: Which Energy Career Pathways Work With Renewable Energy
Can I Switch Careers With An Mba
However, there is no better way to alter your career trajectory than by earning an MBA, and many people return to business school expressly to change careers. Take solace in knowing that most MBA admissions committees, and career management centers, are accustomed to and often welcome career switchers.
Career Benefits Of Earning An Mba
Whether you want to get a promotion, compete for jobs at top companies or start your own business, an MBA provides career benefits that will help you achieve your goals.
Here are some of the top benefits of getting your MBA:
Read Also: How To Switch Career To Data Analytics
Are There Benefits To Specializing With A Concentration
An MBA degree is highly customizable. At SNHU, in addition to earning a traditional MBA degree, its possible to sub-specialize in more than 15 different areas. These types of MBA concentrations can provide students with specific skills that can be applied in a number of different industries.
While specializing with a concentration is not necessary for a rewarding business career, augmented an MBA with a concentration can be a great path for learners who know exactly what they want to do with their careers. For me, my career has been in manufacturing engineering, and I wanted to broaden my horizons to include potentially branching out into other areas, so I chose not to pursue a specialized MBA degree Ibarra said. He does emphasize, though, that having a specialization can help graduates deep dive into a particular job market, or stand out from the crowd.
There is also the added benefit of pursuing a specialized field that really interests you. Some notable concentrations are:
Pro : An Mba Can Increase Your Confidence
An MBA can take IT leaders to a higher level of professional confidence, giving them enhanced problem-solving skills that will help them push through all kinds of challenging situations and, ultimately, expedite career enhancement. In my case, I previously worried that I didnt have the knowledge or intellectual power to put my case up against stronger, more senior colleagues, Adler admits. After finishing an MBA, I had a much stronger belief in my own opinions.
I would not have been able to survive more than 20 years as an independent IT contractor or write books without my MBA degree, says Scott, who recently authored Bullseye Breach: Anatomy of an Electronic Break-in, an IT security book presented as a fiction thriller.
Although an MBA offers many career benefits, its important to understand that obtaining the degree also requires candidates to make many significant personal and financial sacrifices. Furthermore, MBA benefits may be muted, or even non-existent, for certain types of IT professionals.
Heres a rundown of the major drawbacks:
Also Check: Career Development Plan For Software Engineer
Why Employers Seek The Mba Difference
Employers report that MBA graduates bring a fresh perspective to corporate strategy with their ability to frame problems, analyze data, and implement change by leading cross-functional teams. The proof shows in the bottom line and in how quickly MBA hires progress. Its a win-win. Graduates get the career they want and employers gain a competitive advantage in todays dynamic, global business environment.
My MBA education gave me the tools and experience to enter a new field at high level with confidence and authority. It provided a chance to build leadership skills and change my career focus.
Kendra Armstrong , Vice President and Human Resources Manager, Bank of America
That game plan has certainly paid off for Armstrong. My MBA education gave me the tools and experience to enter a new field at a high level with confidence and authority. It provided a chance to build leadership skills and change my career focus, she says. Armstrong is doing the work she loves and her employer continues to promote her as a result of her exceptional preparation.
How An Mba Can Help Your Career
Jennifer Herrity is a career coach at Indeed who has worked with job seekers from various industries over the last 12 years. She creates resources to help people navigate career challenges with tools and techniques she has refined through practical experience.
Pursuing your Master of Business Administration degree can advance your career or help you make big-picture decisions for your current employer. You can either earn your MBA right after finishing your undergraduate program, during a career break or while working full-time. In this article, we share the many ways an MBA can help your career.
Recommended Reading: What Career Cluster Does Veterinarian Fall Under
Is It Necessary To Have Work Experience To Do An Mba
Most b-schools do not require work experience to admit MBA aspirants. Freshers may also be able to apply, provided they match the required academic criteria and have successfully cleared the required entrance exams, group discussions and personal interview rounds. However, certain global MBA programs and executive MBA programs prefer students with work experience. The same also applies if you are planning to pursue your MBA abroad from an international university. This is because these programs are different from the usual curriculum, and aim to help students to develop strategic capabilities which are required for an international career and senior leadership.
What Fields Can You Pursue In An Mba Program
An MBA program provides you with the flexibility you need to choose from multiple career paths once you receive your degree. Here are some of the fields or capacities in which you can use an MBA degree:
-
Supply chain management
-
Healthcare management
While you can pursue many of these fields with a bachelor’s or associate degree, some advanced positions such as department lead or executive-level roles may require an MBA.
Read more:What Can You Do With an MBA? With Example Careers
Recommended Reading: Merrill Lynch Financial Advisor Career
What Are The Advantages Of A Full
A full-time MBA offers several advantages when compared to a long distance or a part-time course. Firstly, freshers are eligible to attend full time MBA courses from most Indian b-schools. Secondly, since you will be attending the course from within the institutes campus, you will be able to put in your 100% towards the course and immerse yourself in the coursework. A full-time MBA puts students through intensive coursework involving written exams twice per trimester, weekly assignments, group and individual projects. Most importantly, you will be spending 1-2 years on campus with your peers and have the opportunity to forge strong networks.
Why Get An Mba 6 Reasons To Consider An Advanced Business Degree
Taking the time to consider how well the typical MBA outcomes align with your personal and career goals can help you determine whether it’s the right time to pursue the degree.
A Masterâs in Business Administration degree is typically considered a worthy investment for people pursuing a career in business. However, there are MBA programs designed to benefit people at all stages of their careers, so thereâs no real rush to seek an MBA if the timing doesnât feel right for you.
In this article, weâll discuss six reasons people commonly choose to get an MBA and a few key considerations that may impact your decision to apply.
Also Check: Is Nursing The Right Career For Me
