MBA Degree Advantages

MBA Degree Advantages

An MBA degree, or Master of Business Administration, is one of the most popular graduate degrees available. MBA degrees are internationally-recognized and strive to equip graduates with the skills necessary to work in business and management. According to the Graduate Management Admission Council, some 100,000 MBAs are awarded per year in the US alone. MBAs are a popular degree choice because of the several advantages they offer.

Acquire Valuable Skills

An MBA degree teaches you business strategies and concepts that you can apply to real-life business situations. Moreover, during an MBA program, you’ll complete reports, presentations, group projects, and other rigorous assignments that develop your business skills and leadership abilities.

Improve Career Prospects

An MBA degree can potentially improve your career prospects in a wide range of fields and industries. Whether you want to climb up the corporate ladder at your company or switch to a new field entirely, an MBA might help you to achieve your career goals by providing you a foundation in business management principles.

Grow Your Network

One of the biggest advantages of pursuing an MBA program is the networking opportunities that the degree provides. The relationships you form with students, faculty, alumni, and business professionals during your degree program could become valuable assets in the future. Some potential benefits of growing your network through pursuing an MBA program include having people to bounce your ideas off of, getting help finding a job, and connecting with mentors.

Achieve a Measurable Return on Investment

According to Forbes Magazine, the average cost of earning an MBA is $100,000. Many students have to take out loans to help pay for at least part of their tuition fees. Getting an MBA degree is a significant investment, but it could also contribute to your salary’s growth.

Holders of MBA degrees tend to receive a higher return on investment than those who pursue degrees from other types of graduate programs. According to a study by Access Economics PTY Limited, a graduate of an MBA program reaps a net economic benefit of $659,726, whereas those who pursue degrees from other types of graduate programs reap a net economic benefit of $254,085.

Graduates of MBA programs are also more likely to experience job satisfaction. In a recent survey of MBA alumni, 35% of participants stated that they were happy with their jobs. That figure is impressive when compared to the results of a survey conducted by the Conference Board, Inc., in which only 14% of the 5,000 Americans surveyed said they were satisfied with their jobs.

Are MBA Degrees Worth the Investment?

It’s not possible to calculate the exact return on investment that an MBA degree provides because some advantages of pursuing an MBA, including increased job satisfaction and stronger leadership skills, aren’t measurable. Overall, however, studies demonstrate that MBA degrees offer substantial returns both in the short-term and long-term.

When evaluating different MBA programs, calculate their total cost and assess their overall benefits to determine which program would help you achieve your life and career goals. Start your search for the right MBA program today!