If you have an undergraduate degree in business or simply a knack for business skills like leadership and you’re hoping to further your career, you may have been wondering what the benefits of an MBA are and whether getting one would be worth it for your situation. An MBA has traditionally been seen as one of the best graduate degrees to improve your career prospects, your job opportunities and your salary over time. With an MBA under your belt, you’ll be qualified to apply for a wide range of more senior positions and could add some significant prestige to your resume. If you’re still unsure about whether or not getting one is right for you, however, here are just a few of the reasons getting an MBA comes with numerous lifelong career benefits.
1. You Can Boost Your Salary
If one of your primary concerns is whether the time and financial investment of getting a graduate degree like an MBA is going to pay off over time, you’ll be happy to know that MBA graduates generally enjoy significant pay bumps over their bachelor’s-holding peers. In fact, no matter what salary guide you open up, you’ll find that most MBA holders earn a premium of $30,000 to $50,000 a year over BA holders. According to the Bureau of Labor Statistics, workers in business and financial occupations earn a median annual salary of $69,820 a year, significantly higher than the $39,810 wage that’s the median across all occupations. When you choose a career in business, you give yourself good odds of landing a well-paying job.
2. You May Be Able To Complete It While Working
One of the disadvantages to completing a traditional MBA program is the trade-off of giving up a few years of income in order to get your degree. However, this is no longer the case across the board. Depending on which program you choose, you may be able to go to school on a flexible schedule while still working. This arrangement can allow you to get your degree while still supporting yourself, possibly meaning you won’t have to take out as much financing in student loans. You may want to read an article about accreditation or two to ensure that the program you choose opens the doors you want, but it’s worth asking prospective programs if they allow for flexible arrangements.
3. You May Have More Job Opportunities
Finally, another advantage of getting an MBA is that you’ll be qualified for more positions than before. The business world is always competitive, and earning an MBA can help set you apart from the competition, add prestige to your resume and open new doors to you. If you’re interested in upper management or C-suite positions, an MBA may even be required.
If you’re fascinated by the business world and have a talent for leadership, management and other business skills like finance and marketing, you may be considering pursuing your MBA. If you’re debating whether this degree is right for you, keep these reasons in mind and you’ll be well equipped to make the right decision for you.