As businesses continue to raise the bar for success, you may be wondering whether there are advantages to earning an MBA. Although there are alternative paths to seeking a career in the business world, there’s no substitute for the strategic, decision-making and leadership skills that a Master of Business Administration degree provides. Let potential employers know you’re serious about your career with a degree that gives you the skills necessary to solve both the human and technical sides of the management equation.
Earn More Money
The benefits of an advanced degree may come in the form of a larger paycheck. According to an annual research survey from the Graduate Management Admission Council (GMAC), the median starting salary for recent Master of Business Administration graduates in the U.S. in 2015 was approximately $100,000–a $45,000 advantage over what candidates with bachelor’s degrees receive. The National Association of Colleges and Employers indicates that the starting salary for bachelor’s degree earners hovered around $48,127 per year.
Advance Your Career
If you aren’t happy with your present career path, a Master of Business Administration degree can provide you with the flexibility you need to explore your options and change careers. Most Master of Business Administration programs offer concentrations or specializations that allow students to dive deeper into the nuances of a particular industry. In addition, professionals who are satisfied in their current businesses may pursue an MBA to move into a managerial position within their fields. Due to their qualifications, graduates of a Master of Business Administration program often have higher chances of obtaining higher, better-paying positions, but keep in mind that promotions often yield more responsibilities and longer working hours.
Start Your Own Business
Do you want to start your own company but don’t have the necessary expertise to launch a start-up in a high-growth industry? With a Master of Business Administration, you will learn how to do everything related to starting a business, including acquiring venture capital, writing a business plan and launching an initial public offering (IPO). In addition, you will receive training and education that will allow you to help an existing business develop and grow.
Grow Your Network
Another key benefit of the Master of Business Administration degree is networking. Since business schools often encourage teamwork, you’ll develop important relationships with teaching staff, professors and colleagues over the course of the degree program that can serve you well throughout your career. Regardless of the school you attend to earn your degree, you are often automatically plugged into a network of alumni currently employed at a diverse range of companies. This is useful for professional contacts, job searches and mentoring as it makes you the first-hand recipient of all relevant information in your field and gives you a better chance at seizing the opportunities best-suited for your skills and career goals.
With demand and starting salaries on the rise, there’s no better time to boost your business career with a resume-boosting Master of Business Administration degree. From earning a higher salary and advancing your career to growing your network and starting your own business, it’s easy to see why more business professionals are turning to a Master of Business Administration to further develop their skills and options. Consider the advantages of earning an MBA and take the next step on your journey toward business success.
Related Resource: Top 10 Online Colleges for Business