If you’re looking to advance your career, you may be thinking about obtaining a business administration degree or an MBA degree. Maybe you’re unsure if this move is right for you, or you could have concerns about whether an MBA degree can help you in your current role. These are both valid questions.
The good news, however, is that yes, an MBA has the potential to help you significantly in your current role. What’s more, you don’t have to focus solely on advancement at your current employer. Completion of an MBA degree opens you up to a wealth of new opportunities and skills that you would not have had access to without continuing your education.
Interested in learning more? Here are just a few benefits of obtaining your MBA degree.
Additional job prospects
There are many benefits to obtaining an MBA but any discussion must start with the topic of job opportunities. Professionals like you seek out an advanced degree in order to expand their career possibilities, and an MBA can have a positive effect on your job opportunities. New research from the Graduate Management Admission Council found that 72 percent of surveyed employers expect to hire MBA graduates in 2014. Despite the still sluggish economy, this number is actually up from 2013’s figures. These companies understand the added value MBA candidates offer when compared to traditional applicants.
In addition to simply looking for new jobs, there are other reasons why pursing an MBA could lead to additional job prospects.
The first is to advance within your current company. Many companies bar entrance to management positions unless candidates have an MBA. Finishing your business administration degree is a great way to climb the ladder and continue your professional development.
Secondly, many students further their job opportunities by blending their talents and merging their existing education with an MBA. For example, a medical professional may use an MBA degree to step outside of their specialty and accept a management position.
Lastly, others have used their business administration degree for entrepreneurship, which helps them create their own job prospects. This option has allowed accountants, medical professionals, and other hardworking individuals to create practices, consulting firms, and businesses of their own ? merging solid business practices with existing skill sets.
Increased financial opportunities
As a professional with an MBA degree, you possess a more varied skill set, making you more sought after by hiring companies. Because of this accomplishment, you may be able to command a higher salary. If you are looking to earn more money in your profession, obtaining your MBA is a great way to help in those negotiations. According to research from the Graduate Management Admissions Council, employees who remain with their current employer can generally expect a salary increase of 39 percent once they have earned their MBA.
Salary increases also vary depending on the field in which you work. The GMAC survey found that MBA salary increases across several major industries were as follows:
* Products/Services: 59 percent increase
* Non-profit/Government: 45 percent increase
* Technology: 35 percent increase
* Manufacturing: 34 percent increase
* Finance/Accounting: 34 percent increase
* Health Care: 33 percent increase
* Consulting: 32 percent increase
* Energy/Utilities: 24 percent increase
As you can see from these findings, investing in an MBA can lead to increased financial gain regardless of your industry.
Improve your skills
You’ve seen the research that shows how an MBA degree can improve your likelihood of being hired, as well as the opportunity to earn additional financial compensation both at your current place of employment or with a new organization.
So why do your job prospects improve once you have attained your MBA? It’s simple, the reason companies are willing to pay more for MBA graduates than they are for entry-level professionals is that MBA graduates possess additional knowledge and skills not found in traditional candidates.
How is this possible?
Think of college as a jumpstart for your brain. Curriculum at schools like Ashford University stimulates the brain to think critically. This activity keeps your mind fresh and improves your concentration and thinking skills – timeless benefits no matter what industry you work in.
In addition, MBA candidates benefit from the further instruction their degree program provides. These programs are specifically designed to improve a student’s business skills and improve their ability to master tasks specific to the business world. MBA graduates acquire the tools they need to succeed in the business world. Some of these tools include: how to disagree politely, take a big-picture perspective, appreciate various points of view, gain credibility, and demonstrate confidence.
Best of all, many of the business skills you will learn in the MBA program not only help you in the professional world but have real-world applications in your private life as well.
Grow your professional network
As a veteran of the professional world you’ve no doubt heard the phrase: “It’s not what you know but who you know.” While this obviously isn’t completely true, networking is important and obtaining a business administration degree opens you up to several new networking opportunities.
When you enroll to obtain an MBA degree, your coursework will put you in contact with up-and-coming professionals just like yourself, all of them eager to get ahead in their careers. You’ll have the pleasure of learning with and from your fellow students, exposing you to new lines of thought, and developing important relationship-building skills.
Then, upon graduation, these contacts could be invaluable in the future as you seek out new professional opportunities open to you thanks to your degree.
Grow your career
There are many reasons to pursue an MBA. Perhaps you feel stagnant in your current role or you want to change professions. Maybe you need to acquire an MBA to earn additional salary or to climb into a management position at your current employer. No matter the reason, you are pursuing an MBA to grow your career, and that dedication to your professional work is well respected by employers and co-workers, both those who you currently know and those you will meet in your next professional opportunity down the road.