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Success isn’t something people stumble upon by chance. It’s an intersection of skill, knowledge, and willpower – an endless supply of it. How you go about building willpower is up to you, but in order to build a solid foundation of skill and knowledge, an MBA degree is unequivocally crucial.
But with the rising costs of tuition and the extra two years of your time you cannot get back, it begs the question, “Should I spend more of my resources to get an MBA degree?” Below are five great reasons to pursue a Masters in Business Administration:
Salary Boost
There aren’t many options when you want to bump up your salary, but having an MBA under your belt is definitely one of them. Median salary for professionals with an MBA degree is notably higher compared to non-MBA professionals working with the same title and space. Professionals working for a government agency or a non-profit institution with an MBA degree can boost their respective salaries by up to 50 percent. Look at the mid-range salaries of possible careers you can enter with an MBA and you’ll see that there is actual financial merit to it. Increasing your salary from $35,000 per year to $70,000 can easily cover the initial investments you made in your MBA education. Currently, the estimated cost of an MBA degree at the best colleges in the country is around $110,000.
Better Professional Opportunities
This reason is obviously connected with the first one. While not always the case, MBA graduates are often able to apply and get hired for high level management titles, or are promoted to such high ranks after graduating from an MBA program. This leads to a higher salary, among other things. Approximately 70 percent of MBA graduates across the world are hired to become senior managers or a part of the company’s board of directors. Higher level management positions do make a lot of money, but remember, they’re also accompanied by a higher degree of responsibility.
New Knowledge and Skill Set
According to this blog post by AIB, for those less motivated by money and more intrigued by new branches of knowledge and skills, an MBA degree can absolutely live up to expectations. The coursework is designed to unlock a more profound level of understanding and skills related to business administration. Pursuing an MBA degree gets you out of your comfort zone and away from the repetition and stagnation that comes with working in an office. It exposes you to the latest management techniques and allows you to apply them in real-world settings.
Improved Business Connections
By attending an MBA program at an established university, you open the door to new networking opportunities. You get to know and converse with classmates and professors, many of whom will be holding future senior management positions. Maintaining good relations with them can put your name in the HR departments of other companies.
Holistic Business World View
By furthering your career in the business world through an MBA degree, you gain an expanded view of the industry’s various interwoven parts. Your problem-solving skills are honed as you continuously challenge yourself with real-world business problems. More knowledge also makes you more confident in and receptive of the continuously shifting environment. These skills of being able to view the “big picture” and remain calm during stressful moments not only come as an asset to you, but to any prospective company who hires you.
The cost and time requirements to earn credits for an MBA degree are minute compared to the many benefits the education and experience provides. If you are very serious about succeeding in your business career, a Masters in Business Administration is the gold standard to display your competence and value as a professional.
This article was contributed by guest author Jim Raychrudhury.
Many prominent business institutions in Canada are featured in well-recognized global rankings such as Academic Rankings of World Universities, QS Research, and Times Higher Education. 