A master of business administration (MBA) is a graduate degree program designed to equip professionals with the knowledge and skills to succeed in business.
If you’re considering pursuing an MBA, you’re not alone. Over 250,000 individuals were enrolled in MBA programs worldwide in April 2022, and it’s been the most popular graduate degree in the United States since 2011.
What makes this degree so popular, and how do you know if it’s right for you? Here are seven benefits of getting an MBA, tips for assessing whether to pursue one, and how to prepare.
Pursuing an MBA is a major investment of time money and effort. So it’s natural to wonder how will an MBA truly help my career?
In this comprehensive guide, we’ll explain the multitude of ways an MBA can advance your career, from boosting your salary potential to expanding your skillset We’ll also provide tips for deciding if an MBA is right for you
The Benefits of Earning an MBA for Your Career
Here are some of the biggest ways an MBA can benefit your career growth and success
1. Develop In-Demand Hard and Soft Skills
An MBA program equips you with a diverse mix of hard and soft skills that make you highly qualified for business leadership roles.
Hard skills are more technical competencies like financial analysis, data analytics, and marketing strategy. Soft skills include leadership, communication, strategic thinking, and emotional intelligence.
Employers seek candidates with both sets of abilities. An MBA provides real-world practice applying these skills to solve complex business problems.
2. Open Up New Job Opportunities
Many employers specifically target MBA graduates for open positions and leadership development programs. In fact, 92% of corporate recruiters plan to hire MBAs in 2022.
An MBA can qualify you for advanced roles in fields like consulting, finance, marketing, operations, and more. It signals to employers that you have the knowledge and abilities to take on greater responsibilities.
3. Increase Your Earning Potential
In addition to improving your job prospects, an MBA can significantly boost your salary potential.
The median starting base salary for MBAs from top schools like Harvard is over $175,000. The degree provides advanced skills to justify higher compensation.
While earning an MBA requires an investment, the long-term financial return is compelling for most graduates.
4. Gain Real-World Practice Solving Business Challenges
As a business leader, you’ll need to navigate complex, ambiguous problems. MBA programs provide opportunities to practice using strategic thinking and analysis to address real business scenarios.
Through case studies, simulations, and other experiential learning, you’ll develop critical problem-solving abilities. This preparation equips you to manage challenges in your post-MBA career.
5. Expand Your Global Perspective
Today’s business environment is increasingly globalized. MBA programs help you develop a global mindset and cultural awareness.
Through diverse classmates, international cases, and global immersion experiences, you’ll gain perspectives to succeed in international business. These are highly valued skills for managers and leaders.
6. Access an Influential Network
Your MBA peers will include talented professionals from around the world. They are valuable contacts to support your career.
MBA alumni also provide an extensive professional network. Alums can share career advice, industry insights, job leads, and other assistance.
7. Gain Clarity on Your Goals and Interests
During an MBA program, you’ll refine your understanding of your strengths, passions, and the impact you want to make. With this clarity, you can pursue career paths aligned with what matters most.
Surrounded by motivating professors and peers, many students discover new interests and possibilities.
Deciding if an MBA is Right for You
While an MBA can profoundly benefit your career, it’s a major commitment. Consider these factors when deciding if pursuing an MBA is the best choice:
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Personal circumstances – Evaluate if going back to school full-time or part-time fits with your family, location, and finances.
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Career goals – Determine if an MBA is needed to achieve your professional aims over the next 5-10 years. It can help if you aspire to business leadership roles.
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Timing – Ideal timing is 3-7 years of work experience pre-MBA. Experience provides context to get the most value from the curriculum.
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Program fit – Find programs that offer the focus, learning approach, and opportunities you want. Compile a list of your top choices.
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Return on investment – Estimate the salary bump post-MBA and weigh it against costs. ROI is compelling for many.
Take time to reflect on these elements. An MBA is a big investment, so ensure it aligns with your circumstances and goals.
How to Get the Most Value from Your MBA Experience
Once you’ve determined an MBA is right for you, here are some tips to maximize the career benefits:
Prepare in advance – Complete a prep course like Harvard Business School’s CORe online. This provides foundation in core business skills before starting your program.
Engage fully – Be present and participative in the classroom. Connect with classmates. These bonds and experiences are invaluable.
Leverage career resources – Utilize your school’s career center for coaching, job search strategies, and connections.
Build your network – Attend info sessions, club events, and alumni mixers. Expand your professional community.
Clarify your goals – Use the time for self-reflection. Discover your ideal career path and bring passion to your studies.
Soak up expertise from faculty – Build relationships with professors. Their insights and mentorship can guide your career.
The Bottom Line
An MBA requires dedication but offers long-term rewards for your career. You gain sought-after business acumen, access to opportunities, a global outlook, an influential network, and greater clarity in your aspirations.
Take an honest assessment of whether this investment suits your circumstances and goals. If the MBA path is right for you, choose a top program, engage fully in the experience, and pursue opportunities. The investment will pay dividends for the rest of your professional journey.
Increased Salary Potential
In addition to improving your job prospects, getting an MBA can also increase your earning potential.
According to the Bureau of Labor Statistics, the average salary in 2022 for master’s degree holders is $81,848. Yet, the median base salary for HBS graduates is $175,000. Earning an MBA doesn’t guarantee a specific salary, but it can increase your earning potential.
Schierholtz encourages recent graduates to think about the value of an MBA long-term when considering the financial return on investment.
“There’s a cost for you to go to business school, but the return on investment from a purely financial standpoint is compelling,” Schierholtz says. “Especially when you factor in long-term career prospects like earning potential and the ability to make an impact in an industry that’s important to you, business school is a fantastic choice.”
Real-World Practice Solving Business Challenges
After graduating from business school, you’ll be required to navigate complex challenges at work. An MBA provides real-world practice, so you know how to think strategically when issues and opportunities arise.
At HBS, this skill is taught using the case method, a learning model in which students are presented with a real-world business problem and asked how they would solve it. After analyzing the problem, working through it individually, and discussing as a class, students are told how the real scenario played out.
Over the two-year program, HBS MBA students read, analyze, and discuss about 500 cases, taking away lessons they’ll use throughout their careers.
