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Given the rising costs of attending university, the topic of whether or not an MBA degree is still worth pursuing has become worthwhile tackling. Can a master’s degree in Business Administration really pay off for the extra time, cash, and hard work you devoted to it?
While the answer depends on many personal factors, such as how much time and budget you can pour into the educational coursework, an MBA degree under your belt is, from an objective POV, a smart investment. Below are five very good reasons why you need to pursue an MBA degree. Once you’ve decided to pursue an MBA track, make sure you get the most out of the education.
Median salaries for professionals with an MBA degree are substantially higher compared to a professional with an undergraduate degree. For MBA graduates working in public or non-profit sectors, the median range is $70,000 to $120,000. This is nearly double the amount you can earn with a four-year college degree. With this salary increase, you can pay off any student debt you’ve accrued from your MBA education in a matter of two to three years, depending on how much you borrowed to fund the education.
This reason is connected with the first one. Apparently, a stronger set of credentials provides a wider set of career opportunities on the table and, in turn, yields a higher salary potential. MBA graduates have a better shot at securing top-tier management positions due to their extensive qualifications. According to estimates, 70 percent of MBA graduates seat at the helm of multinational companies as senior managers or board directors. Needless to say, the prestige and perks of these higher job titles are also coupled with a more complex set of responsibilities, which can only be addressed by adequate MBA education.
Pursuing an MBA from an accredited university offers the opportunity to network not just with any regular students but with professionals who will go on to work for billion-dollar corporations or even create their own start-ups. An MBA coursework exposes you in an environment where you can interact with colleagues and would-be high-level managers in a relevant context that highlights your business management repertoire. In addition, you get to connect and build lasting relationships with professors and school staff, who usually are former or current business managers themselves. Despite not being immediately felt, the long-term benefit of an MBA degree as a networking platform is undeniable.
Aspiring business managers and start up CEOs know the importance of keeping the mind sharp through its proactive exposure to new experiences. Entering an MBA course exposes your mind to new skills and fundamental knowledge that cannot be accessed through a regular four-year track. Over time, someone with an undergraduate degree stagnates in terms of cognitive function. They don’t learn anything new since their reasoning is to stick with something that works and they know very well. They build this internal comfort zone and, as a result, they fail to grow as entrepreneurs.
Pursuing an MBA degree lends a more holistic view of the vast business landscape. The environment challenges you to think and go beyond your comfort zones to solve more complex problems. This overall experience results in a more profound understanding of the business industry. You are able to identify and address even the slightest changes in the industry. This “big picture” view is complicated to achieve, much more to maintain, without actually spending some effort and time in the field.
Anyone who genuinely desires to lead a company in the future should definitely consider a master’s in Business Administration. The educational platform prepares you on how to handle problems and how to lead a business effectively.