Mastering the Business World
Working in the business world can be cutthroat. A Master of Business Administration (MBA) degree can make you stand out from the crowd.
According to U.S. News, the National Association of Colleges and Employers say that the average salary for Master of Business Administration (MBA) graduates is $79,043, more than $20,000 higher than those graduating with a bachelor’s degree in business. Those numbers go up with the prestige of the school they attend, U.S. News says, all the way up to an average of $173,860 annually.
And it’s not just the first year that salaries are higher for MBA grads. The returns multiply over time like any good investment.
Because salary is not the only benefit of an MBA degree, U.S. News points out. Graduates make long-lasting relationships that can help them advance in their careers and get higher-paying positions.
Even with the benefits, a 2018 GMAC survey showed MBA applications were down 7 percent in 2017. Young professionals might not be able to afford to quit work for two years to get a degree. Or they may be hesitant to put in the after-hours work to earn their MBA.
Then there’s the cost – about $130,000 for the two-year degree at one of the top 10 U.S. universities, according to MBA Online. If they are out of work for two years, there’s also lost wages.
But a survey by Forbes magazine found that MBA graduates in the top 50 schools paid off the cost of their degree within four years.
What’s it Take
Of course, just getting into an MBA program is work. MBA programs look at college grades, work experience, Graduate Management Admission Test (GMAT) scores, and a personal essay, where the applicant explains why they want an MBA. If they make it through all that, there will be an in-person interview.
Once the student gets in, the first semesters include general management courses in a variety of business-related courses. The final two semesters will be spent specializing in one area.
Some people, especially the ones right out of college, are able to study full-time for their MBA while living and attending classes on campus. Others, especially older students, may have to study part-time for two to three years while taking classes after work.
An executive MBA – part-time study for people already in management positions – can be very expensive, but the manager’s company will often pick up part of the cost on for a good employee with even more leadership potential.
Do you have what it takes to master the world of business?
People wanting to go into business found a company or become managers are going to benefit the most from an MBA degree.
Furthermore, an MBA degree can help them climb the corporate ladder. People in business looking for a different path – into a different area of business – will also benefit from the skills they learn and the connections they make while getting an MBA degree. The return on their investment should pay off in career advancement and salary for the rest of their career.
By Amanda Rogers for Surepoint Medical Centers
Amanda Rogers is a freelance writer based in Fort Worth, Texas
Surepoint Emergency Center is a modern emergency medical facility open 24/7/365. As an alternative to the traditional hospital ER experience, we offer convenience and minimal wait time, along with highly-trained emergency medical staff and state-of-the-art equipment.
Our top priority is bringing high-quality emergency care, quickly and easily to your family. We are committed to making patients feel better faster in a comforting and compassionate environment.
Fast convenient care in your neighborhood.