7 Advantages of Getting an MBA in Today's Economy

The Advantages of Getting an MBA for Your Career

PROGRAMS | OPPORTUNITIES

05/17/2017 by HIGHERGRAD

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.

Greater Lifetime Earning Potential - We have already mentioned briefly the earning potential benefits of getting an MBA degree. An MBA degree is not a guarantee to higher earning potential but on average those with this type of graduate degree clearly earn more over their lifetimes. This is a big factor, of course, for people when it comes down to why choose an MBA degree over another pathway after college.
Job Security in Multiple Job Markets - Besides the potential for a higher salary, another benefit of getting an MBA is job security. The job market has improved recently, but there is still ups and downs in a number of industries. Having an MBA degree makes you more employable than those without one and more likely to be kept on staff or able to find another opportunity if the job market tanks. In addition, the skills obtained with an MBA are transferable to many fields. This make you employable in almost any bad economy.
Ability to Discover Different Careers - An MBA degree opens up boundless possibilities. Sure, many graduate students pick a specialization such as finance or human resources, but the degree itself still has value in other professional fields. A career change is much easier with an MBA than say with a graduate degree biology. An MBA degree program provides you with unmatched qualifications that many businesses see as superior to other educational pathways, which makes it easy to move around in different fields if you so desire.
Expanded Leadership Opportunities - An MBA degree provides the skill set necessary for leadership. You will learn skills like how to motivate people and how to handle tough business decisions during the course of an MBA program. The benefits of an MBA to an employer transfers directly to their day-to-day business strategy and helps them prepare for succession as a company.
Employer Benefits From Your MBA Degree - Employers benefit so much from having MBA graduates on staff that many businesses will actually pay for some of the cost. The employer gets highly skilled people that it hopes will lead the business in more profitable pathways in exchange for you getting a degree. If you are currently working and considering an MBA, look into employer education assistance and capitalize on the benefits of getting an MBA for both of you.
Expanded Entrepreneurship Possibilities - What skills does an MBA give you? Many that may lead you into a completely different direction in life. You may not be thinking about starting a business when deciding to go to grad school or while you are navigating graduate school. However, choosing to pursue an MBA degree opens up many pathways for your career including becoming an entrepreneur. It can also spark ideas that lead you down a business path completely opposite of where you had expected to go.
Increased Professional Network - One of the last advantages of getting an MBA we will discuss here is the ability to grow your professional network. There are many opportunities during the degree program to meet business leaders and other influential people in your community and the business world. These interactions can become highly valuable in terms of gaining employment or advancing your career trajectory as you grow in your profession.

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.

Time Lost

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.