It’s easy for some to think about a Master of Business Administration (MBA) degree like they think about a Lamborghini – you get one, and you’re instantly turning heads in the fast lane. The MBA has become such an icon of business prestige (and a sought-after salary increase) that it’s not uncommon to lose sight of what earning a graduate degree is really about: advancing your skill set and qualifications.

An MBA doesn’t have the magical ability to increase your job opportunities and earning potential, but it can be the key to increasing your business skills and amplifying your expertise – things that can help you achieve the outcomes you’re seeking.

There’s a lot to explore before you can confidently answer the question, “Should I get an MBA?” Keep reading to learn about some important things to consider.

 

4 Questions to ask yourself if you want to earn an MBA

Is earning an MBA the right move for you? The answer is not always simple. That’s why we dug into the data to help uncover the ways a graduate business degree could impact your career. As you seek to determine what’s right for your professional goals, consider asking yourself the following key questions.

 

1.  What will an MBA do for my career?

Generally speaking, the skills you’ll gain from earning an MBA can empower you to increase your salary prospects. In an effort to dig into this claim further, we used real-time job analysis software to examine more than 1 million job postings for business administration and management degree holders from the last year.¹

Not only were there more than 400,000 business job postings specifically seeking candidates with a master’s degree, but the median advertised salary for MBA-qualified candidates was more than $19,000 higher than the median advertised salary for the positions open to bachelor’s degree-holders. 

But the true value of an MBA isn’t something that can solely be rendered into a monetary statistic. For many, the opportunity to network during their MBA degree program turned out to be priceless. From the members of your cohort to your program’s alumni and faculty, a postgraduate experience can enable you to form connections that could help open doors for you throughout the duration of your career.

If every alumnus and professor has a network of contacts in the business world and every classmate goes on to become a leader in their sector business, your exposure to new opportunities is practically incalculable. Considering that some sources estimate 85 percent of jobs are filled via networking, it is safe to say that an MBA will not only refresh your business skills – it may very well lead to your next big venture.

 

2.  Can I make an MBA work with my schedule?

The commitment to attend graduate school can be expensive. No matter where you go, you will be investing more than your usual monthly budget into gaining even more education. It’s also true that some MBA programs require full-time attendance, compounding tuition expenses with the cost of stepping back from full-time employment for a year or longer.

Programs like this can be difficult to manage and, as a result, it can take graduates much longer to experience a true return on investment (ROI). For obvious reasons, a full-time graduate degree program is simply not realistic for many.

Fortunately, programs like ours at Bellarmine University were designed with working professionals in mind. Flexible scheduling options mean you could work toward your MBA with weeknight or weekend classes. This means you can keep working to fund your degree and get a quality education at the same time.

Though these programs can take longer – between two and five years – weeknight and weekend courses are often much more practical and financially manageable for those who do not wish to go to school full time.

 

3.  Will an MBA help me land a leadership position?

A good MBA program will offer more than one class in leadership – so, at the very least, an MBA graduate should be leaving with many of the skills required of a leadership position. In fact, at least one-third of the top 100 Fortune 500 CEOs are armed with an MBA.

Using the same real-time job analysis software, we examined more than 490,000 job postings from the last year that specifically sought candidates with an MBA.² Of the 25 job types we found, 19 involved the title of manager, director or senior. With that in mind, the likelihood of gaining a promotion or landing a high-level job is certainly within your reach once you earn an MBA.

 

4.  What kind of MBA should I get?

Not all MBAs are created equally. It’s important to do your research on program details before making the decision on which is best for you. Examples of enticing features found in some MBA programs include: accelerated pacing, decorated faculty, internship opportunities, career services, access to networking events and more.

In addition to a generalized MBA, professionals like you also have the opportunity to pursue a specialized MBA path in which you could elect to focus your studies on a specific concentration, like finance or analytics. Pursuing a specialized MBA path allows students to receive an in-depth business education in a specific sector of the industry, which can provide you with more targeted management experience. If your sights are set on a specific leadership position, this may be the route to go.

If your current professional goals aren’t tied to a specific sector of the business industry, earning a general MBA will provide a solid foundation of leadership skills and experience to help you achieve success wherever your path leads you.

 

Feeling stuck? Make a change with an MBA

Maybe you’ve been in the same position for a decade – there isn’t hope for moving up and you feel like it’s time for a new challenge. Maybe you’ve been laid off and need help getting back into the business market. Or perhaps you’ve been eyeing a promotion and you think additional education could transform you into a qualified candidate. No matter what your motivation, an MBA may be the boost you need to refresh your career.

As you get ready to venture into the next phase of your career, it’s time to do some research and find the right program for you. If you’re curious to learn more about a quality, flexible MBA program that could help you reach new heights in your professional endeavors, head over to our Master of Business Administration Program.

 

 

¹Source: Burning-Glass.com (analysis of 1,274,096 job postings for business administration and management degree-holders at the bachelor’s and master’s levels, July 01, 2018 – June 30, 2019)

²Source: Burning-Glass.com (analysis of 490,719 job postings for MBA degree-holders, July 01, 2018 – June 30, 2019)