Determining whether or not to pursue an MBA is a big decision. Without question, there is a notable investment of time and money involved with the choice to go back to school. So, what is the true return on investment? Is an MBA really worth it?
“An MBA or some advanced degree is almost a must-have right now. It’s expected now. MBAs are absolutely essential—but you’ve got to find the right program for you” (source).
Here are the top four things that will change when you pursue an MBA.
Potential MBA candidates are typically looking for career advancement or transition. With this comes the desire for a larger paycheck. The statistics around earnings for MBA graduates versus those without an MBA are clear. “MBA alumni who were 24 or under when they started their degree reported that their salary increased by nearly $69,000, up 145% over their pre-MBA pay. Alums who started entered their MBA programs when they were 27 and 28 reported salary increases of $67,000, roughly doubling their pre-MBA pay, according to the FT. Older students, who enrolled at the age of 31 or above, had a pay increase of $56,000, or a 70% rise over pre-degree salary” (source).
It goes without saying that it is essential to have a laser focus on growing your professional network in order to accomplish your career goals. The relationships and connections you make while in your MBA program often last a lifetime. “After what you go through together, the partnerships you forge during your MBA are for life – you can find a business partner, a mentor, a friend, and endless career opportunities” (source).
Regardless of what you received your undergraduate degree in, the MBA is focused on developing your business acumen so that you have a solid understanding of all business aspects, empowering you to confidently grow as a leader in your organization. “The skills students learn in business school—such as data analysis—better equip them to perform on the job” (source).
Quite possibly one of the most important things you walk away with after completing your MBA program is the confidence in yourself to accomplish your biggest goals. “I went to business school with a clear sense of what I should do. I left with a stubborn determination to pursue what I wanted to do. For me, the MBA wasn’t just about landing a plum job and jumping up the corporate ladder. The investment—in time and money—would be worthwhile only if it helped me do something I believed in” (source).
St. Kate’s MBA students and graduates, what other aspects in your life change from pursuing an MBA?