If you are interested in advancing your career, one option you should consider is pursuing a Master of Business Administration (MBA). Earning an MBA is not only a significant accomplishment, it can also set you apart from many others who want to get into management. Whether you have just started your job or you're looking for the best direction to take your career, an MBA could be the ideal step forward.
Potential Monetary Rewards
An MBA could mean a significant bump in salary that will more than offset the time and expense associated with obtaining one. According to a 2016 GMAC survey, more than 50% of employers said they were planning to increase the starting salaries for people with an MBA. Of those employers, 21% said they would raise salaries to a level higher than the rate of inflation.
Survey findings also show a median starting salary of $105,000 per year for MBA graduates, up from $100,000 the previous year.
There are several different options for pursuing an MBA. The one that is right for you will largely depend on where you are in your career. Some students, like those in Texas A&M International University's online MBA program, are able to earn the degree in as few as 15 months.
Making Your Decision
You will need to keep many different factors in mind when deciding whether or not to pursue an MBA.
The first determination most prospective MBA students will need to make is whether or not they can afford this type of program. This is a graduate degree, and as such will cost a significant amount of money. You may be able to find a scholarship to cover some, if not all, of this cost. There are also some employers that will offer tuition reimbursements to employees who decide to pursue an MBA. However, these arrangements typically require graduates to stay with the company for a certain amount of time.
Another consideration is how much time you'll be able to commit to achieving an MBA. Again, you could get your MBA in a little more than a year if you enroll in a full-time program. If you choose a part-time program, it will probably take closer to three or four years.
No matter what type of program you choose, it is very important you know that earning the degree will be a time-consuming process. There will be little free time — especially if you are already working. Trying to balance a career with this type of intensive schooling can be challenging. An online MBA program will, however, offer more flexibility.
Determining the End Goal
When choosing whether or not to obtain an MBA, your overall goal is just as important as money and time — or even more so. Are you looking to move up in your company? Do you want to improve your skills and make yourself more valuable? Or are you looking for a new career?
Only you can answer these questions. But if the answer is "yes" to any of them, then it is very likely that pursuing an MBA will be the right decision.
Learn more about the TAMIU online MBA in Management program.
Sources:The Princeton Review: Types of MBA Programs
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