In an increasingly competitive job market, it is imperative that talented professionals distinguish themselves from the competition.
This leads many professionals to ask, “Should I get an MBA?” Whether you are in your 20s and looking to start a career, or you are a seasoned professional looking to make a career move, an MBA can help you enrich your education and achieve your career goals. But is it worth it from a financial standpoint?
The first determination you must make is whether your career expectations align accordingly with your prospective MBA program. Once you have figured out that nuance, you will be much better equipped to make an assessment. Still, there are concrete reasons to get an MBA, and there are also some intangible elements to consider. Here are three reasons why getting an MBA makes great financial sense.
An MBA pays for itself and then some
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The Graduate Management Admission Council (GMAC) states that the 2013 median annual salary for MBA graduates was $100,000. The MBA alumni also reported that they recouped an average of one-third of their financial investment in their MBA degree program immediately after graduation with a 100 percent return after four years.
If you are wondering whether a higher salary is worth the inital investment in the degree, consider that the GMAC also reported that one-third of graduates’ financial investment in an MBA was paid back immediately after graduation, with the full amount being paid back within four years.
Practical leadership and management skills
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Whether you are looking for a more challenging position or if you are trying move up into a managerial position at your current workplace, then you should consider pursuing an MBA. This degree will allow you more flexibility while you strive for greater things. Many people pursue an online MBA program while working a full-time job so they can learn while gaining work experience.
Access to an alumni network and network connections
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Business school focuses on being able to work in a group. As an MBA, you will learn as much from your peers as you will from your professors. Moreover, these people who work alongside you for two years will be lifelong contacts and prospects. This network of alumni is priceless, as you will have a pool of potential partners, employees, and customers for years to come, all within one convenient community.
That being said, not all alumni networks are the same. Larger programs have larger communities, and some programs may be specific to one particular industry or limited to one geographic region. Make sure you do your homework to see which program offers the alumni network that best meets your needs.
An MBA program is a great investment financially and also offers educational enrichment. If you are looking for a challenge, a sense of fulfillment, an opportunity to make more money, and the chance become a leader in your field, then an MBA might be the best choice for you.