The Master of Business Administration (MBA Degree) has become a globally sought after degree. Everyone knows someone who has or wants one. It’s now the most common reason that students around the world enroll in grad school, according to a recent article in Fortune Magazine. Education programs once drew the majority of U.S. undergraduates pursuing that next credential, MBA departments, however, now receive the bulk of applications from those aspiring to move up the career chain. Still, is acquiring an MBA really worth the time and money? Uncertainty around the rewards of getting one still remain.
MBA students have the unique advantage of being part of academic communities of highly motivated job seekers. Many executive MBA program students already hold desirable management jobs in companies that are some of the best to work for, in fact. Go to the Australian Institute of Business blog, and you’ll find ample validation that MBA degree has promising networking opportunities. There’s no shortage of anecdotal evidence that grads feel that holding the MBA degree enhances their lives both professionally. Shaking hands and exchanging social network information with other students in an MBA program can help you to rise above the slush pile of unread resumes and get you a face-to-face interview at the company of your dreams. It’s true. An increasing number of MBA programs offer their students a chance to do coursework in different countries, which can enable you to build an even broader social and professional network.
The baseline cost of getting an MBA falls somewhere between $100,000 and $200,000.How much you actually spend will depend on whether you borrow money to finance yours or pay out-of-pocket. Getting an MBA outside of the city where you live makes it even more expensive, so how much you’re earning when the rubber meets the road is the most concrete proof that getting an MBA was worth it. Data, fortunately, substantiates that having one pays off. The salary you make once you’ve completed an MBA program, however, is often tied to the industry you enter. Those who pursue careers with financial companies, for example, will earn most. By now, everyone must know about the Kellog School of Management grad who found a job at an investment bank making $375,000 a year.
The MBA does not have to be a generic business degree. The more specialized your business education is, the better you fit within an industry. Common MBA focus areas are international business, marketing, finance and non-profit. Human resources is another niche. Which specialty area is best for you will depend on different factors, the most compelling being future compensation potential. You should never rule out doing what you love or are most interested in, however. The most successful careers are driven by passion.
The MBA has not risen to such popularity by accident. Many of the top people at leading companies have one. The CEO of Abercrombie and Fitch is a B-school grad. So is the CEO of Urban Outfitters. The CEO at Abbot Laboratories graduated from an MBA program too. The list goes on and on. Having a solid foundation in business operations and theory apparently doesn’t hurt, but it’s important to keep in mind that an MBA is not a path towards mastering a hard skill. Employers looking to fill managerial positions tend to be seeking creative thinkers, risk-takers and innovators. While getting an MBA to increase your earning potential is a practical goal that few can dismiss, entering an MBA program is the ultimate chance to become a better-rounded human being.
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