In an increasingly competitive workforce, degree candidates must consider how they can make themselves more attractive to prospective employers. Gone are the days when a university degree virtually guaranteed a steady job with a solid income.
Postgraduate degrees have always been a popular choice for people considering how to increase their earning potential and career opportunities. Of all the postgraduate options, a Master of Business Administration (MBA) in Management has a well-earned reputation as a forerunner when it comes to helping candidates secure steady and lucrative employment.
So, what can an MBA do for you?
A Higher Salary
An above-average salary is just one of the many perks students who earn an MBA in Management can look forward to. According to the U.S. Bureau of Labor Statistics (BLS) the median annual earnings for full-time or salaried workers with only a bachelor’s degree was $69,368 in 2021, compared to nearly $82,000 for those with master’s degrees.
Clearly, earning a master’s degree can help workers command higher salaries. But an MBA can raise the income potential bar a great deal higher. Findings from the Graduate Management Admission Council (GMAC) 2022 Corporate Recruiters Survey suggest that MBA graduates in the U.S. can expect to earn, on average, a starting salary in the neighborhood of $115,000. That represents a wage premium of almost $46,000 more per year than median pay for a worker with only a bachelor’s degree and roughly $33,000 more than the annual median earnings of all master’s degree holders.
Solid Job Prospects
Of course, a generous starting salary means little if jobs in your field are hard to find. Difficulty finding employment, however, is generally not an issue for those with an MBA in Management. Data from GMAC’s 2022 Enrolled Students Survey shows that 89% of survey respondents from professional MBA programs had already secured employment or an employment offer by the time of graduation.
Furthermore, an MBA graduate’s hiring appeal does not show any signs of abating. An impressive 92% of corporate recruiters and 95% of staffing firms surveyed by GMAC in 2022 reported plans to hire new MBA grads over the following year.
The MBA ROI
The above-average salary and enticing job prospects are important to keep in mind when considering whether to pursue an MBA in Management through an online MBA program. While investing in an MBA can seem like a significant expense, it can also be an unbeatable investment in your future.
Consider the potential wage premium and return on investment (ROI) of earning an MBA. If you currently have a bachelor’s degree and make a salary of roughly $69,000, GMAC data suggests you could be earning an additional $46,000 per year after earning an MBA. Granted, MBAs can be expensive, some costing upwards of $200,000 in tuition. And quitting a job or cutting down work hours to attend a traditional, campus-based MBA program for two years could mean you lose out on a lot of income.
Yet, even in that situation, the wage bump for earning an MBA could pay off after several years and generate a significant ROI eventually. And there are affordable, online MBA options that allow you to continue working and earning a wage while you complete your degree.
For example, Southeastern Oklahoma State University offers an online MBA with a Concentration in Management that costs only $12,420 in total tuition and can be completed in as few as 12 months. With such affordable tuition — and the flexibility needed to continue working while in school — graduates of a program like this could conceivably recoup their investment in school and see a substantial ROI within a year of graduating.
Ongoing Networking Opportunities
MBA graduates also enjoy unprecedented networking opportunities that last a lifetime. MBAs generally attract leadership-oriented individuals who will go on to work for successful companies. The educational environment is also home to world-class professors and professionals who engage with students on a regular basis and can be valuable resources during a future job search.
A Well-Rounded Skill Set
MBAs appeal to a wide array of students from a variety of fields and educational backgrounds. This diverse amalgamation of people and abilities creates a unique learning environment that focuses on providing students with top-notch analytical, managerial, networking, research and leadership skills to prepare them for a wide range of job opportunities. This finely honed and multifaceted skill set gives graduates greater potential for career opportunities and advancement.
Investing In Your Future
As MBA programs often attract skilled individuals who already have experience in the workforce, an online MBA program can be especially attractive to those who would otherwise find it difficult to balance a job or family obligations while pursuing a degree.
An MBA in Management earned through an online MBA program is a solid choice if you are looking to maximize your chances of forging a successful, remunerative career in an often disruptive and uncertain marketplace.
Learn more about the Southeastern Oklahoma State University online MBA in Management program.