The Advantages of Getting an MBA for Your Career Path
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 a 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 one of the only reasons for doing an MBA, it is certainly an important factor in 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 can be tied to salary.
7 Advantages of Getting an MBA Degree
There are certainly many more than seven advantages of getting an MBA degree. Many vary based on why an MBA is important to you (career objectives, salary, etc.) and potentially the benefits of an MBA to an employer. On the contrary, an MBA is one of the most expensive graduate school programs you can invest in. For example, Poets & Quants lists the costs of the top 20 MBA programs. Most are well over $100k, which is one of the disadvantages of an MBA degree. With that said, there are many more reasons to study an MBA in graduate school.
7 Impactful Benefits of Getting an MBA Degree
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 Across 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 industry. 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 sour economy.
Ability to Discover What Career Fits You
The MBA degree opens up boundless possibilities. Sure, many programs pick a specialization such as finance or human resources, but the degree still still has value in other professional fields. A career change is much easier with an MBA than say with a graduate degree biology. This 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.
Leadership Opportunities Increase
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 the promotion chain and helps them prepare for succession as a company.
Benefits of an MBA to an Employer
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.
Entrepreneurship Possibilities are Expanded
You may not be thinking about starting a business at the time you are thinking about going graduate school or while you are navigating graduate school. However, choosing to pursue an MBA degree gives you all the skills required to do so. It can also spark ideas that lead you down a business path at some point in your life.
Growth of Your 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 meeting business leaders and other influential people in your community and the business world. These interactions can serve highly valuable in terms of gaining employment or advancing your career trajectory.
Benefits of Getting an MBA Come Full Circle
To conclude, the seven advantages of getting an MBA outline here are only seven of many. There are many more reasons why an MBA degree may make sense for you career or life goals. It is a big decision to go to graduate school and an even bigger one to pursue an MBA. Carefully weigh these advantages, and also the disadvantages, when thinking about the reasons for doing an MBA. The outcome and your future will be better off by doing so.