A Master of Business Administration degree offers advantages for professionals in a variety of careers and industries — yes, even people with careers in science, technology, engineering, finance or manufacturing. The average accredited MBA program delves into organizational behavior and theory, leadership and ethics, theoretical management perspectives, and human resource management.
What differentiates an MBA from other graduate degrees is its coverage of a different disciplines to help students understand how all parts of a business work, acquire vital skills and become better leaders.
Earning an MBA enables you to:
- Acquire Transferrable Skills
When employees understand the various components of a business, such as operations, marketing and finance, and the corresponding variables for each, they can make decisions that help the business thrive.
MBA graduates also develop soft skills such as leadership, teamwork, communication, problem-solving, conflict resolution and negotiation. These skills will increase their value as contributors.
- Stand Out in the Job Market
Recruiters and hiring managers expect MBA grads to handle unexpected issues and solve complex problems. Having an MBA provides leadership opportunities not open to those with an undergraduate degree alone.
U.S. News & World Report notes that some recruiters screen out candidates without an MBA for their corporate clients.
- Command a Higher Salary
Earning a master's degree positions working professionals to ask for a raise when they get promoted or a higher salary when they land a job.
In a 2018 survey of business school alumni, GMAC placed the median base salary for mid-level positions at $105,000 per year. Compare this figure to the $61,000 reported by PayScale in August 2018 data for Bachelor of Business Administration graduates. While a number of factors have a bearing on salary, earning an MBA is a way to step up your earning potential.
- Grow Your Network
Attending graduate school online expands your network as you build relationships with fellow graduate students, professors, business experts and corporate leaders. An online program can further enhance your network as you "meet" people from outside of your local community online. Most universities have an alumni organization that enables you to widen your network even more.
- Expand Your Career Options
In addition to helping you climb the corporate ladder right in your current organization, an MBA enables mid-career professionals to transition to a different field or industry. Some accredited MBA programs allow students to select a specialty for niche expertise.
Sources:PayScale: BBA Degree
Have a question or concern about this article? Please contact us.