05/17/2017 by HIGHERGRAD
The Advantages of Getting an MBA for Your Career
There are many pathways one can take when choosing to go to graduate school. There are plenty of reasons to pursue graduate studies but almost all relate to improving your career trajectory in some way or another. The career advantages of getting an MBA, however, are often much greater and much more transferable than pursuing a graduate degree in a specific field.
According to Investopedia, the salary potential of those holding an MBA degree have great salary potential. But salary potential is heavily dependent and the field of work you end up in and the amount of experience you acquire. Bottom line is the more lucrative fields, i.e. finance, and the more years you spend working in those high paying fields the more you will make. Although pay is not the only reason for studying towards an MBA, it is certainly an important factor when considering an MBA degree. PayScale also completed a comprehensive study of MBA graduate's salaries. It also showed that one of the main advantages of getting an MBA degree can be tied to salary.
The advantages of getting an MBA degree also extend to employers. For example, the benefits of an MBA degree to a company can be obtaining new skills, networking opportunities, and the ability to solve large scale problems in the organization. The benefits of an MBA to an employer are so great in many circumstances that many companies will provide tuition assistance for those willing to pursue an MBA degree.
7 Advantages of Getting an MBA Degree
There are certainly many more than seven advantages of getting an MBA degree. Why an MBA is important has to be a question you answer yourself. Many benefits vary based on why an MBA is important to you (career objectives, salary, etc.). Also as discussed previously, benefits of an MBA to an employer can be additional considerations when deciding on pursuing an MBA degree. Here are seven advantages a MBA degree can provide.
The Few Disadvantages of an MBA Degree
Even though these seven advantages are pretty impressive, there are several disadvantages worth noting when considering an MBA degree. These are factors also worth considering and weighing how they balance out against the advantages of getting an MBA.
Cost of an MBA Degree
According to an article from Poets & Quants, most MBA programs at top universities cost well over $100,000. Much more than other graduate degree programs. That is a huge out-of-pocket investment and thus that investment has to be examined before deciding if it is the right path for you. In addition, a full-time commitment for an MBA will limit if not prevent you from working a job. You will lose wages for those several years you are working towards your degree.
Generally, an MBA can take anywhere from one to three years to complete. The time commitment, whether you are studying full or part-time, is tremendous. Time is sacrificed from your family, your job and yourself.
Benefits of Getting an MBA Come Full Circle
To conclude, the seven advantages of getting an MBA outlined here are only seven of many. There are many more reasons why an MBA degree may make sense for your career or life goals. It is a big decision to go to graduate school and an even bigger one to pursue an MBA degree. Carefully weigh these advantages, and also consider the disadvantages, when thinking about going for an MBA. The outcome and your future will be better off by doing so.