Maximizing Your Potential: The Endless Possibilities with an MBA Degree
“Will I see the return of my investment? Will I truly enhance my skills? Is a Master of Business Administration actually going to advance my career?” Questions like these may be whirring in your mind — they are for many potential MBA students. Enrolling in an MBA program is a big life decision, and doubts are normal when weighing the pros and cons of your next big step. However, there are endless benefits for MBA graduates.
With an MBA, you can expand your skill set, increase your earning potential, and open up doors to a world of new opportunities. MBA career opportunities can help you achieve your career goals faster, and MBA jobs can help you switch career paths altogether. Overall, holding an MBA makes you a more marketable candidate for new jobs and higher roles.
MBA degrees focus on practical training for a career in business administration. To obtain an MBA degree, you must first hold a bachelor’s degree. Once you gain work experience, likely in an area related to your bachelor’s degree, you can take the GRE or GMAT. Then you can make a list of MBA programs you would like to apply for. There are many on-campus or online MBA programs, as well as hybrid options. Apply to the programs on your list, and see which one changes your career path! Are you thinking that an MBA is right for you? Let’s talk about how to maximize your potential as an MBA degree holder.
MBA Career Advancement Opportunities
MBA programs equip you with more than just job functions and information in various specializations. The curriculum and hands-on experience provide you with practical professional and personal development, making you a personable leader employees want to work for. These honed leadership qualities will better execute your decision-making skills by helping you identify the best possible solution, and give you an eye for project management.
By gaining a deeper understanding of business operations and honing your leadership and strategic thinking skills, you’ll be well-equipped to take on new challenges and responsibilities in your career. These skills are highly transferable and make you more successful in any venture you take on as an MBA graduate.
Obtaining an MBA also expands your professional network and makes you more marketable within the job market. Employers want to hire people with a track record of high-quality leadership and operational skills, and an MBA proves that you work hard and are motivated to improve your skills and make investments in yourself and your work.
While there are specializations within MBA programs, an MBA does not put you in a box. In fact, it does quite the opposite. Whether you want to move into the C-suite of your company, start your own business, or switch gears altogether, an MBA can help you accomplish that and more. There are ample career advancement opportunities with an MBA under your belt! Consider the following.
Senior Management Positions
There are many career paths you can embark on with an MBA, with management being one of the most common. MBA programs equip you with tactical information that will make you more successful in a management role across various industries.
- Marketing Manager – MBA programs prepare you for this role by teaching you how to best operate and manage social media channels for a business and conduct market research to predict consumer behavior. Learning and understanding market research is particularly important for a product manager role since this role requires you to identify customer needs and how products will fulfill that, and understand the supply chain. These areas are also important for sales managers to understand since they work so closely with marketing teams and need to articulate the value of products.
- Business Operations Manager – An operations manager maps out the broad view of a business or organization. There are often different levels to this role, but the business operations manager may be in charge of overseeing all departments, or a select group to ensure that everything is running smoothly.
- Human Resources Manager – Efficient human resources managers are crucial to the success of a company and the quality of workplace satisfaction for employees. They plan and execute all administrative functions in a business or organization, including recruiting and hiring, consulting with executives, and serving as the liaison between executives and employees.
- IT Manager – Information technology is becoming increasingly more important as technology continues to advance and we become more reliant on it. Businesses need to protect their data and safeguard their database from the possibility of cyberattacks. An MBA will help you not only increase your technical skills but also merge your leadership and decision-making skills in a way that will allow you to prevent data issues and build a cohesive cyber team.
- General Manager – A position as a general manager requires you to oversee and delegate a company’s collective operations. They need the high-touch leadership skills that MBA programs provide because they require you to increase staff efficiency and identify where profits can increase. General managers may also be responsible for hiring, overseeing budgets, and attracting more customers.
- Health Services Manager – Health services managers are responsible for planning, coordinating, and directing healthcare services within a facility, department, or group of physicians. This role demands that you easily adapt to government reforms and ensure that those you manage are operating within the standards of these reforms and other healthcare regulations.
Entrepreneurship
If you are planning to start your own business, you will be required to wear multiple hats in the beginning. More importantly, you will need to know how to outsource roles and tasks to others and oversee the launch and long-term growth of your business. An MBA is one of the best investments you can make when pursuing entrepreneurship. The real-world lessons and knowledge gained in an MBA program will teach you how to effectively run all operations in your business, hire the best-fit people in each role, and problem-solve any situation that comes your way.
Consulting
An MBA makes consultants extremely desirable to employers. Companies and organizations want consultants who can communicate effectively, build and sustain a cohesive team, and quickly find a solution to problems — all skills that are taught in MBA programs. You could also specialize in a certain area within your MBA program, which will help you give expert advice and oversight in your consulting career.
MBA Financial Benefits
One of the most significant financial benefits of an MBA is increased earning potential. Obviously, you want to know that if you invest your time and money into earning an MBA, you will see a return on that investment throughout your career. According to various studies, individuals with an MBA degree tend to earn more than those without one.
Many MBA graduates may find that their education and training enable them to transition into new industries or pursue new career paths that they otherwise had not known about until enrolling in their MBA program. Pursuing a new field can also increase your earning potential over the course of your career, solidify your job security, and expand your professional network. Most business schools also offer full-time, part-time, or online MBA programs, so you can find a program that fits your work-life needs. No matter which type of program you choose, we are confident that your investment will be worth it in the long run.
Increased Earning Potential
Increasing your earning potential means that you will increase the maximum amount of money you can make over the course of your career. Attaining your MBA gives you the knowledge and skills needed to land a higher-paying position that will grant you increased earning potential or help you leverage salary negotiation. An MBA could also help you land a promotion within your current company, again increasing your earning potential. It is important to note, however, that your earning potential may also be dependent on what industry you are in, where you live, and your years of experience.
Let’s estimate what you could actually earn as an MBA holder. According to the U.S. Bureau of Labor Statistics (BLS), the average salary of chief executives starts at around $213,000, and the median salary of top executives starts at around $98,000. The BLS also reports the average salary of all U.S. management occupations at $123,370. The annual starting salary for MBA holders is reported to be $115,000, and MBA holders reported that their salary increased by an average of $36,742 after graduating.
Better Job Security
Having obtained an MBA degree demonstrates that you have the expertise and knowledge required to effectively and efficiently carry out your duties. This makes you more valuable to your current employer or within your current industry. With proof of this highly valued skill set, your employer may be more likely to retain you during layoffs as opposed to employees without an MBA. If you are looking for a new job, an MBA makes you more desirable to recruiters and may help you land better roles.
Improved Networking Opportunities
Most things in life are about connections, right? It is no different with MBA programs. Most business schools provide you with opportunities to network with people in your community, program alumni, or even provide you with the opportunity to make global connections. Cultivating a community and strong relationships with fellow business professionals can provide you with better job offers or partnerships in the future, and make resources more accessible throughout your career.
Personal Development
There is more to getting an MBA than great opportunities in terms of work and finances. Going through an MBA program is a transformative experience in regards to who you are as a leader and employee, and how you communicate and value relationships overall. The knowledge and skills you obtain in business school transfer to your ability to not only be a team player but also inspire your coworkers to be more cohesive. The communication and management skills you gain and cultivate in an MBA program will make you a more successful and favorable professional.
Leadership Skills
Many MBA graduates go into management roles. Management positions require you to have refined decision-making skills, effective communication, and influential leadership qualities. You will be responsible for creating solutions, preventing hiccups, and overseeing the functions of the business or organization.
For example, if you are hiring for a position within your company, you need to be able to assess whether or not recruits are a good fit. Leadership skills you have as an MBA graduate will help you evaluate the kinds of skills recruits demonstrate, how they fit into the team, and ultimately determine who is the best fit. In this situation, you would also utilize how to give constructive feedback and problem-solve.
Strategic Thinking
MBA programs teach you how to break an objective into smaller steps so that you are able to fill any gaps and make improvements in order to accomplish that goal. You can use these same strategic segments of thought to create new ideas and opportunities for the betterment of the business in mind. For example, management consultants need to be able to take an objective look at a business or organization so they can pinpoint areas of improvement and implement solutions that will make the business maximize growth and performance. Business management analysts also evaluate how to reduce costs and increase revenue.
In another scenario, if you were to present a new product to a potential client, you need to have a strategic understanding of your industry to demonstrate how your product is valuable to the consumer and what kind of problem it solves. These examples demonstrate real-life situations that the knowledge and strategic thinking skills gained in an MBA program will help you solve.
Global Perspective
Attaining an MBA expands your understanding of industry knowledge and navigating a global marketplace. Most MBA programs offer a global immersion opportunity for you to broaden your global perspective. An immersive opportunity also teaches you how to form relationships with different cultures and consider their viewpoints and experiences. Given our current digital and global economy, the connections you make and the lessons you learn during your MBA program have the potential to bring you a higher quality and quantity of business opportunities for the rest of your career.
Improving Your Business Knowledge
MBA programs are not one-size-fits-all, though most of them overlap in what and how they teach in regards to leadership and business. MBA programs focus on transforming you into the best leader, problem-solver, and strategic thinker you can possibly be. By the time you graduate with your MBA, you will have well-rounded business knowledge that will have equipped you with the skills and resources you need to face any situation the business world throws at you.
Having an MBA degree can also improve business opportunities and increase networking opportunities. You will often have access to a professional network and hold on to the relationships you developed during the program. These connections have the potential to blossom into big career options down the road.
Your professional marketability will improve and you get the opportunity of having better career prospects if you hold an MBA. Having an MBA shows that you are adaptable to various roles and situations, and are more likely to have more strategic solutions and produce better outcomes for the business and staff morale. Even if you start your own business instead of entering the job market, you will be well prepared to build a successful business.
Understanding of Business Operations
Business school will teach you how to better understand all business functions and initiatives. Whether you work with a startup, start your own business, or join a thriving organization, you will have the skills required to grow a business at any level.
Growing and operating a business includes functions such as understanding the organizational behavior of team member placement and recognizing the need for new positions, daily business operations, setting and maintaining a budget, and setting realistic quarterly and yearly goals. Your MBA program will teach you about business finances, marketing strategy, managing operations, and analyzing data to make data-based decisions to scale your growth.
Knowledge of Emerging Trends and Technologies
We recognize that we live in a digital age where trends are constantly changing and technology is rapidly being innovated. As trends and technologies change, so will your business. Your ability to adapt to trends and updates will be a determining factor in how successful and scalable your business or company is.
Staying current with technology also gives you the benefit of understanding which systems and processes can be automated, and which tasks will need to go to your technical team. This understanding and delegation helps you streamline strategies and processes that scale the business.
Improved Problem-Solving Abilities
MBA programs provide you with real-world practice to fine-tune your problem-solving abilities. You need to have the skills to create actionable, reasonable solutions to problems like conflict between team members, not reaching a financial goal, customer leads and retention, and the other various problems that surface within a business.
Business leaders and employees want to work with people who can find the root cause of a problem, identify where it went wrong, and produce a long-term solution for the best possible outcome. As an MBA holder, you will have top-notch problem-solving abilities that prepare you for these challenges.
Final Thoughts
Getting your MBA will increase your lifetime income and give you more credibility in the eyes of employers. Your graduate degree will make you more marketable than if you just had a bachelor’s degree. Most importantly, you will learn and hone transferable skills that make you a more relatable, well-rounded leader. You will walk away with a master’s degree and the strategic skills you need to be successful in your business career.
If you are still skeptical about if an MBA program is right for you, we recommend looking at resources from the Graduate Management Admission Council (GMAC) and taking your GMAT in preparation for the possibility of applying to business schools. If you are confident that getting an MBA is the best next step for your career, we can help you get started.
