A Master of Business Administration, or MBA as it’s commonly known, is one of the more customary advanced degrees in business. It can be seen as a jumping-off point for management and leadership roles, and it can give graduates a competitive edge in the challenging business world.
But what are the more tangible benefits of an MBA? How can you use this training to advance your career? Here are six distinct benefits of earning an MBA degree that you can enjoy as a professional:
1. Increase Your Earning Potential
One of the biggest reasons to go back to school for an MBA degree (or any graduate degree) is to increase your earning potential. An online MBA degree increases your potential salary, no matter what field you work in. In fact, MBA grads may earn as much as two times the amount of someone with just an undergrad degree.
The average salary for someone with an MBA is $88,137. However, the variance is significant, ranging between $64,000 for a financial analyst to $151,000 for a chief financial officer. Many upper-level roles in business require an MBA degree to even be considered, so earning one puts you in a position for better financial rewards for your hard work.
2. Launch a Career Change
If you find yourself tired of your current career path, an MBA could be just what you need to launch a change. By getting additional training, you can transition away from your current industry into something new. You could also launch yourself into a management or administrative position. Either way, your graduate training could be the catalyst to create that change.
If you are considering a change in career path, it may also help to narrow down what your goals are before starting your online MBA degree. This will help you get the most out of your training, giving you a road map as you choose electives and specialty courses.
3. Increase Your Appeal as a Job Candidate
Even if you're not looking for a leadership role, earning an MBA degree can increase your job security or your ability to get a new job. In a 2016 poll of employers, GMAC (the Graduate Management Admission Council) reported that 96 percent of respondents felt hiring someone with a grad degree in business created value for their companies. This means these employers were actively looking for MBA grads to move into future roles, not just current positions available.
When you turn in a resume that shows an MBA degree, you instantly stand out. Some companies will not consider candidates who hold less than an MBA, while others give those with MBA degrees preferential treatment in hiring. Your grad degree shows that you have a deeper knowledge of business and business leadership that you can apply to your work, and employers know this.
4. Add to Your Professional Network
Though you would not invest in a degree just to take advantage of networking opportunities, this is a definite perk of an MBA degree. When you study business on a graduate level, you get connected to professors and fellow students who are passionate about business as well.
When you are done with your training, these connections can help you find job opportunities and openings. You will be part of an alumni network through your school that can provide further opportunities for advancement. They can also help you continue learning outside of the classroom. In fact, many MBA grads indicate their networking and the connections they made during their training were one of the most valuable aspects of their degree.
The networking possibilities within an MBA degree are less limited geographically as well. The rise of online MBA degree programs means you could be taking a course with someone across the country or even in an international location. This expands your horizons and your network, so you gain insight into a global business world and can tap into that when looking for future employment or business opportunities.
5. Learn Transferable Skills
The skills taught in an MBA look highly specialized on paper, but in reality, they are highly transferable. Even if you study business or finance, you will gain leadership and analysis skills that you can apply in a variety of situations. Understanding money and learning how to lead people are skills you can apply no matter where your business career takes you. Even if you decide to launch your own business or venture into a career path that is outside of the bounds of your grad school experience, you can use these types of leadership skills to do so successfully.
6. Add Soft Skills to Your Tool BeltD SOFT SKILLS TO YOUR TOOL BELT
An MBA degree is highly regarded by employers not only because of the business training it provides, but also because of the soft skills MBA students must learn to succeed. Soft skills are vital to success in the workforce.
One soft skill taught with an online MBA degree program is time management. Balancing your work and school responsibilities is not easy, and you will have to learn to manage your time well. Employers know this, and this is one of the reasons they put an emphasis on MBA grads during the hiring process.
In addition, MBA training requires a lot of collaboration. When you're working together with classmates, you will be building those relationships and learning important collaboration skills that you can apply in the workplace as well. Learning how to work with people is a vital soft skill, and you will learn that as you continue to build your network within your MBA program.
No matter what industry you are in or what your future career goals may be, the benefits of earning an MBA degree are extensive. If you’re ready to earn your MBA degree without breaking the bank, contact University of the Cumberlands tollfree at 800-343-1609 extension 4390. Or request more information today via our website.