6 Good Reasons to Earn an MBA in 2016
There’s never been a better time to pursue your MBA
Did you know that the MBA program was established 115 years ago at Tuck School of Business at Dartmouth? The graduating class had only 4 students, which is a sharp contrast to the hundreds of thousands of students that earn MBAs today.
In fact, MBA degrees have become so desirable that, according to the US Department of Education, they have become the most popular of the postgraduate degrees, taking over the number one spot which historically belonged to Education.
For those looking to broaden their career horizons, there’s no path more effective—a fact that was recently proven by the Graduate Management Admission Council (GMAC), which reported that 80% of recruiters look for candidates with an MBA.
Pursuing an MBA degree is considered the best tool in which to develop the leadership skills and knowledge necessary to meet the changing demands in business today. That is why nearly 200,000 people graduated from US schools with MBAs in recent years and the numbers just continue to rise.
1. Higher salary
According to the Graduate Management Admission Council, the median salary for MBA degreed graduates is approximately $100,000, which is nearly twice what you can expect to earn with just a Bachelor’s degree. That number increases depending on the amount of experience the graduate has.
MBA graduates with over seven years of experience can earn over $150,000 a year, while those with more than 10 years of experience can expect to earn upwards of $200,000. These numbers will fluctuate depending on your chosen industry and geographic location, but there’s no question that an MBA remains one of the most predictable paths to success and financial stability.
2. Among top performers
Choosing to pursue your MBA not only offers you endless enriching experiences in life but also puts you among some of the most successful people in the world. Some of today’s most famous MBA graduates include:
- Michael Chasen: Co-founder of Blackboard
- Meg Whitman: CEO of Hewlett-Packard
- Indray Nooyi: CEO PepsiCo
- Phil Knight: Founder of Nike
- Michael Bloomberg: Founder of Bloomberg Media, Software and data Corporation, Former Mayor of New York
- Shaquille O’Neal: NBA player and real estate entrepreneur
- George W. Bush: Former President of the United States
- William Wrigley Jr. II: Former Chair of the Wrigley confectionary company
- Alex Gorsky: CEO of Johnson & Johnson
3. Increased skills and knowledge
Most MBA programs offer a robust curriculum that includes courses in accounting, finance, marketing and operations strategy providing students with the precise tools necessary to be successful in high-level business positions. But perhaps even more valuable is the ability to learn how to think like a business leader and acquire the knowledge in just a class or two that would ordinarily take 5-10 years to learn while on the job.
4. Increased opportunities for leadership and higher level positions
By its very nature, an MBA degree opens up myriad career opportunities. Graduates with this advanced degree are viewed as individuals with enhanced qualifications and skills and therefore are offered prestigious roles within corporations. MBA graduates who have experience are often preferred because they are better equipped to contribute to the overall profitability of small, mid-sized and larger businesses.
5. Tackling the challenges of today’s complex business arena
As the world continues to become a digital universe, businesses across the globe constantly evolve and grow in complexity and scope. Those with an MBA are armed with the most advanced knowledge to tackle the challenges that this new paradigm presents. In fact, in a recent essay entitled Yes, The World Needs More MBAs, Sally Blount, the Dean of Northwestern University’s Kellogg School of Management, argued that the increasing complexity of the world’s problems require leaders with abilities that an MBA can provide.
6. Opportunity to explore new industries and career paths
A resounding 94% of MBA applicants indicated they’d be interested in opportunities in industries other than the one they are currently in, according to a 2015 QS TopMBA.com Applicant Survey, thus showing that an MBA is viewed as an effective way to move into other fields. It’s clear that even those who wish to remain in their current industry see an MBA as a vehicle to take on a new function or role. MBA students have the ability to take coursework, participate in seminars and workshops that help them to explore new opportunities in their desired industry.
Earning an MBA is perhaps one of the greatest academic accomplishments one can achieve. An MBA allow its graduates to take charge of their career and enjoy the benefits that a degree of this caliber affords. Today’s most advanced technology and communication venues allow students to pursue an MBA through online educational programs.
Online MBA programs offer an exceptional curriculum delivered with the flexibility of virtual classrooms. They also offer the ability to complete coursework when it’s most convenient while maintaining and balancing the demands of work, life and family.