Despite the number of students enrolling in MBA programs dropping in recent years, some students and employers still know the main advantages of pursuing an MBA. Also known as a Master of Business Administration, these programs come in a variety of designs. Those working full time can attend classes at night and on weekends in professional programs, while those fresh out of college can attend a program full time. These programs can help you find jobs, network with professionals and gain a number of skills.
Increased Earnings
According to Ronald Yeaple of Forbes, MBA holders make much more than those with an undergraduate degree make. In a study of the top 50 business schools in the country, Yeaple found that graduates of those programs earned 50 percent more than they did before they earned an MBA. Employers pay MBA holders higher salaries because they understand what those degree holders bring to the table. They don’t need to break them of bad habits they picked up from other employers, and they don’t need to train them on how to simple and complex tasks around the office.
Networking Opportunities
One of the big advantages of pursuing an MBA is the networking opportunities that those programs offer you. You might hear the word nepotism thrown around, which refers to employers who hire their friends and family members for different jobs. If you think that you can’t get ahead because you don’t have connections, earning your MBA might be worthwhile. MBA programs offer a variety of networking opportunities. You can join clubs that bring in guest lecturers and host meet and greets with local companies, you can attend parties and events hosted by the school and you can meet alumni at other events. You never know when the next person you meet might be your next employer.
Develop Strong Skills
Whether you attend a professional MBA program, an online program or a traditional MBA program, you develop skills that other works lack. MBA students often have a lot of experience working independently and with small groups, and they have strong communications skills. They understand how to get their point across quickly and as effectively as possible. Other skills that you learn in an MBA program include leadership, entrepreneurship, decision making, computer, analytical and technology skills.
Narrow Your Focus
Attending business school or completing an undergraduate degree in business will give you a basic idea of how companies operate and grow, but you won’t learn the exact information that relates to your future career. MBA programs let you select a concentration that directly applies to the career that you want later. A management concentration will teach you how to work with others, while a leadership concentration focuses on how to lead groups of different sizes. You can also select a concentration in other areas, including healthcare management, finance and banking or accounting.
An undergraduate business degree can help you in the future, but an MBA can help you even more. Gaining the skills that employers want, networking with business professionals, earning more money and gaining more information about a specific area of business are just a few of the advantages of pursuing an MBA.