It is never too early or late to set goals for education. If you are involved in the business world, acquiring a Master of Business Administration degree, or MBA, is a great advantage that not only increases your job opportunities, but also your salary. Some people may believe that the costs and rigorous nature of an MBA program are prohibitive towards them getting this degree. However, after examining the evidence of the advantages of getting an MBA, it is easy to see why people completing MBA programs are happy they made the decision and effort to do so.
It is common knowledge that the more levels of education people complete, the better their salaries are. This chart from the Bureau of Labor Statistics compares levels of education with salaries and unemployment rates in 2010. It is easy to see that the more education a person has attained, not only do they receive a higher salary, but also their chances of employment are much greater. With current issues of unemployment and recession, most people are very concerned about how they can increase their prospects of finding and keeping a well-paying job. If you are in the business field, the statistics on a chart like this demonstrate the best reason to acquire an MBA: the chances of getting a better job and remaining employed are greater than if you merely have a high school diploma or a Bachelor’s Degree.
Acquiring more education in any field can arguably offer these benefits. Therefore, when considering whether to enter an MBA program, the specific ways in which an MBA benefits the prospects towards a better job in the business world for people are important to consider.
The most obvious benefit that an MBA offers is the business-specific training allowing students to acquire the “managerial and technical skills” that businesses value most in their management employees (Korn 2011). In an article about the top ten reasons to get an MBA, Thomas MacKay outlines some business world specific reasons why the degree is so beneficial to those who acquire it. These include items such as having an MBA will give “you credibility with your business peers,” that the program helps you to “think like a business person,” it will help you develop better oral and written communication skills, learn to “read and interpret business statements,” and learn the standard methods “for organizing business activity and managing business processes” (MacKay 2007). In addition, MBA students do internships increasing their direct experience beyond the academic portion of the program.
Perhaps the most important aspect of getting an MBA is the opportunity to network. Throughout the coursework and internships, MBA students are meeting peers who, like themselves, are aiming to be future leaders in the business world. The value of networking cannot be underestimated. During an economic downtime, the MBA can greatly benefit job prospects because “having a network of classmates can make a difference in landing a coveted spot in finance, consulting or other industries” (Korn 2011).
Finally, in this era of increasing globalization, an MBA is an internationally recognized degree signifying experience in business management. Businesses today need to deal with an increasingly international market, so it makes sense that they prefer to hire people with an internationally recognized mark of experience like the MBA.
Korn, Melissa. Is an M.B.A. Worth It? The Wall Street Journal, 5 Oct 2011. Web. <http://online.wsj.com/article/SB10001424053111904060604576574963215607744.html>.
MacKay, Thomas. Ten Reasons Why You Should Get an MBA. CIO, 5 Jul 2007. Web. <http://www.cio.com/article/122508/10_Reasons_Why_You_Should_Get_an_MBA?page =1&taxonomyId=3125>.