After completing an undergraduate degree and working in the corporate world for a few years, you may start to consider your options for career advancement into management positions. One option is to continue your education. There are many questions to ask when researching the benefits of an advanced degree. You must determine whether the time, money and effort will be worth it. Those interested in a management-focused Master of Business Administration (MBA) program must ask themselves an important question: What is the value of an MBA?
MBAs Are in Demand
Of course, there are many different answers to this question, and employment data varies from state to state and region to region. But the 2022 Corporate Recruiters Survey from the Graduate Management Admissions Council (GMAC) shows that MBA graduates are generally in high demand, with 92% of recruiters and 95% of staffing firms across the globe intending to hire new MBA grads. GMAC reports that median starting salaries for MBA grads in the U.S. are roughly $115,000, and with signing bonuses, profit sharing and other compensation package perks, that number can go even higher.
As interest in the technology and healthcare sectors grows, MBA graduates will continue to see a need for their skill sets. Many companies in these sectors even offer program graduates mid-level positions instead of entry-level. For those who already have relevant work experience, lucrative positions become even more attainable.
MBAs for Entrepreneurs
What about MBAs who end up working for themselves? A separate 2022 report from GMAC focused on the perspectives of graduate management education (GME) candidates and graduates, finding that more than a third of survey respondents actually pursued a graduate degree in business to increase their entrepreneurship skills and manage their own businesses effectively. Over 90% of surveyed GME graduates rated their educational experience favorably. Eighty-four percent of graduates reported that their educational experience and credential helped them improve their professional situation.
Given these responses, returning to school for a graduate degree in business offers impressive rewards for the vast majority of students. And a fair amount of those students are primarily interested in developing entrepreneurial skills. An MBA with a Concentration in Management can be a good option for these students, offering the in-depth study of business functions, management practices, ethics, modern technologies, strategy and leadership that aspiring entrepreneurs need to secure competitive advantages in today’s complex business environment.
A Management MBA for Working Professionals
As you look to your future goals, consider the benefits of continuing your education. Patience and dedication to your education can give you a substantial return on investment. Many MBA graduates excel in their fields thanks to enhanced qualitative and quantitative skills, broader knowledge of technology advancements and modern management techniques, and proper leadership training.
Even if you have decided that an MBA is right for you, you may still have concerns about balancing work while pursuing a degree. However, many schools, including Southeastern Oklahoma State University, now offer online MBA degree programs. An online MBA program offers flexibility and affordability, making the online model a good option for working professionals who want to earn an advanced degree.