1. As the global job market becomes more connected with remote work opportunities, the competition for positions has increased, leading some people to pursue an MBA to stand out from the competition.
2. MBA professionals are paid significantly higher than their non-MBA counterparts and are given more opportunities.
3. An MBA is a way to advance your career because it allows you to jump straight into management.
The shift to remote and hybrid work in recent years has opened up what were once only local jobs to a global market. This gives employees access to jobs they would have never had an opportunity to apply for previously.
However, it also makes the job market more competitive. Applicants aren’t just battling for a position with their local workforce; they’re often competing on an international level.
Individuals looking to make themselves stand out in this cutthroat job market should consider getting an MBA degree. While many young professionals get a bachelor’s degree, far fewer have the time and dedication to pursue an MBA.
Here are 15 reasons why an MBA is worth the time, money, and commitment.
1. Stand Out Among the Competitors.
Having the right bachelor’s degree and relevant job experience is no longer enough to make an individual stand out from the dozens of other applicants. An MBA shows you took the extra time and commitment to further your education, grow your skills and become more of an expert. As a result, an MBA degree is more likely to impress recruiters as they look through resumes and ensure you get to the top of the interview candidate list.
2. Earn a Higher Salary
A notable reason that motivates many people to pursue an MBA is the income boost. One study found that MBA graduates earn 75 percent more than their non-MBA counterparts. And while the exact number can differ depending on where you live, it’s generally true that in every country, an MBA will likely result in a higher salary. Additionally, your MBA can have even more earning potential depending on the program you take and the school you go to.
3. Become Specialized
Many MBA programs allow individuals to choose a specialization within their current field or a field they want to become an expert in. Schools typically offer specializations in:
Choosing the specialization route can help applicants become top candidates in their field or industry, propelling their careers to the next level. Note that a specialization route isn’t necessary. MBA candidates can choose the general management route if they wish to further their education but don’t want to limit themselves to one particular area.
4. Learn Relevant, In-Demand Skills
While earning a bachelor’s degree, many people learn the basic skills they need for their field. However, upon entering the workforce, they quickly realize they weren’t taught the business skills they need in the everyday work environment.
While getting an MBA, you’ll learn practical skills you’ll use every day at work, such as:
Improved communication, people management and leadership skills
How to network and create partnerships
How to be flexible and versatile
How to manage difficult situations
How to analyze data
Employers know that MBA graduates learn these valuable skills and will go out of their way to hire these professionals to make use of their abilities.
5. Jump Straight into Management
With a bachelor’s degree, it’s common for individuals to start in the role of an assistant or coordinator and spend a few years working their way up to management. That is because employers know that, while a bachelor’s degree gives people skills to do the work, they don’t have the real-world business experience to lead.
An MBA degree essentially gives you that experience, so you can jump straight into a management role. Employers know you’ve been taught how to lead during the MBA education and feel comfortable giving you a management title.
6. Acquire a Network
While getting your MBA, you will be connected to a massive network of like-minded people. You’ll form connections with other inspiring work professionals and your teachers. This network will prove invaluable throughout your career as you’re able to reach out to them when you’re looking for work, recommendations, or advice. While it can typically take people years of working in their professional field to create an extensive network, you’ll be given a head start on the first day of your MBA program.
7. Make a Career Change
Getting an MBA allows a person to dive into a career change they’ve been thinking about. People with non-business backgrounds can get an MBA if they want to manage or lead in their field. Alternatively, someone with a business background may pursue an MBA and go into a new specialization. Someone with an HR background might choose a marketing MBA specialization to break into a new field. Either way, an MBA can be a great way to change direction and start successfully down a new career path.
8. Get International Study Experience
Professionals pursuing an MBA don’t have to limit themselves to programs offered by universities within their country. An international school may be the better fit. When you attend a master’s program internationally (on-site or online), you’ll gain invaluable experience. International schooling can open the door to international jobs after you graduate. Additionally, it can be exciting to see how international schools operate and compare them to your previous schooling experiences.
9. Start Your Own Business
Some people choose to pursue an MBA not to impress future employers but to become their own boss. If you have an entrepreneurial spirit, an MBA can help you prepare yourself for launching your own business. You can take an entrepreneurial specialization and learn about startup mistakes to avoid, how to launch and what makes a successful business. This will help you enter the world of entrepreneurship and increase your chances of success as a new small business owner.
10. Enjoy Flexible Class Options
There’s no denying that an MBA program can be challenging and is a huge commitment. But many people are often surprised by how flexible these programs can be. You don’t have to quit your job and stop everything for 1 to 2 years to receive your degree. There are flexible class options, including online schools, part-time classes, and evening classes. If you need or want to continue to work while you receive your MBA education, you can find a program that works with your schedule.
11. Gain Professional Confidence
When you dedicate yourself to completing an MBA program, your confidence in your professional skills will increase. You are taught valuable skills and how to apply them at work. As you move through the courses, you’ll see yourself becoming a stronger professional who can lead a team. Without a program, this type of confidence generally takes years of experience to build up. Not only is confidence invaluable to your performance at work, but it can also help give you the motivation to negotiate for better pay and promotions.
12. Improve Your Time Management
Getting an MBA is mainly challenging because of time constraints. Regardless of whether you take the program part-time or full-time, you’re going to have a lot on your schedule. Part of going through the program is learning and improving your time management. These newly enhanced scheduling and prioritizing skills will help you at work for the rest of your life. People in management positions often have to learn how to prioritize their projects, as well as the tasks of their team.
13. Gain a Broader Worldview
An MBA program includes business topics from an international perspective. Throughout the program, you’ll get an understanding of how businesses operate on a global scale and handle international transactions. Additionally, you’ll get a new perspective as you collaborate with students from all over the world, and you’ll be exposed to a diverse range of social, global and business opinions. This will be incredibly beneficial if you end up working for a company with international operations.
14. Increase Creativity
While a portion of your MBA will cover charts, graphs and data, that’s not the entire program. MBAs are highly collaborative and require group work to solve real-world problems. This can help to stir a sense of creativity, which is ultimately important in any role as it helps with out-of-the-box problem-solving. Reigniting this sense of creativity can also reinspire a passion for work, especially if a person’s job has become repetitive and dull in recent years.
15. Earn a Great Return on Investment
Depending on which MBA program you take, the increase in salary and future opportunities can quickly pay off the investment you made in school. Let’s take a look at the United States as an example. The average tuition cost for an MBA program is $60,000. And, in 2021, it’s expected that an MBA graduate will earn over $29,000 more than their bachelor’s degree counterparts. This means your pay increase can pay for your schooling in just a few years.