Earning an MBA
Studying for a master's degree in business administration after earning a four-year degree is costly but necessary for many careers. It represents a significant investment in time, effort and money. In "Does It Pay to Get an MBA?", Ronald Yeaple says there were more than 139,000 people with MBAs in 2004, reflecting an increase in MBA's since the '70s. While there are some highly motivated, brilliant entrepreneurs without MBAs, earning one has lifetime career benefits and advantages for graduates, managers and executives in all industries and areas of business.
Increased Career Opportunity
An MBA provides many more career opportunities for advancement in management, for changing careers and for prestigious projects and responsibilities. The professional credentials that MBA confers are an advantage over others without MBAs and the initials MBA after a name convey a prestigious title. The investment in gaining professional knowledge from master's studies in business are recognized as valuable and are sought after by employers in all industries. An MBA also prepares graduates interested in pursuing entrepreneurial projects and starting their own businesses.
Increased Earnings
An MBA earns thousands of dollars more than bachelor's and other master's degrees. According to the National Association of Colleges and Employers, average MBA salaries in 2006 were $90,000 and first year MBAs averaged between $50,000 and $75,000. Employers need and pay for the business acumen that MBAs provide.
Networking
MBA studies put the student in the company of business experts, leaders and those learning and working in business and give exposure to the latest business trends and technologies. Connections and associations made while studying in business master's programs continue after completion and are beneficial to both graduates and employers. Students gain valuable knowledge and contacts while earning an MBA.
In-Depth Understanding of Business
MBA students learn in-depth business information, technology, trends and processes. They learn read, analyze and use financial reports and data, how business improves and fails and accomplish the best results with the latest business methods. An MBA education provides advanced learning and knowledge that bachelor's degrees don't convey.
Educational Flexibility
There are several avenues to an MBA: full-time study, part-time study and online degree programs. Some programs offer intensive weekend study for working students. Some employers will pay for managers and good employees to study for their MBA while working. Students can work toward earning an MBA in the way that best fits their lifestyle.
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