Are you considering earning your MBA degree? If so, no doubt career advancement is one of the reasons you want to continue your education. Almost everyone who studies for an MBA agrees that one of their reasons for doing it is that it will improve their salary and job prospects. No surprise there.
Each MBA student has his or her own reason, but collectively, the reasons fall into three major categories – the three Ps – promotion, people and personal.
Across all age groups, the average salary increase for those who complete an MBA is $90,000 – a quite significant return on investment (Financial Times). And, the younger you complete your MBA, the more significant the bump. For example, students under the age of 24 who complete their MBA report an average increase in their pre-MBA salary of around $130,000 over the next three years.
Forbes conducted a longitudinal survey over five years, finding that the average increase can be as much as 80% across all age groups, meaning that a salary of $75,000 at graduation could be as much as $135,000 just five years later.
In addition, these numbers are reflected not just in North America but in every other continent. So, if your aim is to work abroad, join an international company or transfer your skills later on in your career, your MBA remains valuable no matter where you are in the world.
Here’s one more reason worth considering. Some students use their MBA to give them the knowledge and authority to change their career path. The Spring Arbor University online accredited MBA has six tailored MBA concentrations that can open the door to fresh opportunities to transform and re-energize your career.
Many MBA graduates will tell you that one of the biggest benefits of their studies is the people they meet through the courses. Sharing knowledge and skills is an integral part of any MBA course and, from this sharing, MBA graduates often meet like-minded professionals who will generate a network that will help, support and, perhaps even, grow your career.
The network you build will almost certainly contain contacts who work in different industries in different disciplines. They will bring new ideas from their own experiences that will help you be a more rounded professional who can assess projects and find better solutions to business issues in the future.
And while MBA cohorts would meet each other at classes and lectures, the profusion of social network programs means that even online students are able to generate valuable and lasting professional relationships that can be a support throughout the courses and your ongoing career.
It’s also worth considering that you will meet highly educated professors, who will challenge your thinking and give a different perspective on business best practices. In addition, if you make an extra effort to get to know your tutors, you can add them to your network and get advice from them even after you have graduated.
An MBA can help not just you, but also those who report to you. Even if you’re not a team leader now, as your career progresses, you will no doubt find yourself managing direct reports. MBA courses often feature instruction in leadership and team building. These important lessons can help you develop, mentor and nurture teams to make them more productive and motivated.
There is no doubt that completing an MBA is extremely rewarding. It’s an accomplishment that is globally recognized as a high level of learning. It gives a real confidence and authority in your professional life that brings a new respect from both your reports and your superiors alike.
Your MBA also can give you the tools you need to assess your career. You will find new ways to carry out business and be exposed to different course subjects that may open your eyes to an opportunity you may not have considered as a career path before you graduated.
Think about your workplace. It may be specialized work or in a particular industry. Employees almost certainly will be subject to corporate culture and process. Many workplaces have their own way of managing their business or, worse yet, are in a state of atrophy because of “we’ve always done it this way” thinking. Some MBA graduates note that the courses helped them gain a broader appreciation of the global business world and new ways to get things done.
Finally, an MBA can help you improve your practical business skills, which will also help you in both personal and professional areas of your life. Writing reports and papers, analyzing problems and creating solutions, developing and giving presentations (even online MBA courses have group discussions), and effectively organizing tasks are life skills that make MBA students more rounded, effective individuals.