If you already have a bachelor’s degree in business administration and you’re interested in furthering your career in the dynamic world of business, you may have thought about getting an MBA, or Master of Business Administration degree. Between the rosy salary outlook for individuals holding MBAs and the prestige and job opportunities that come with it, the commitment to pursue an MBA can be well worth it in the end for the right person. Whether you’re interested in expanding your project management skills or simply learning foundational skills in areas outside your own, like finance, information technology, or marketing, an MBA program can be highly valuable both for your personal knowledge base and for your future career success. Before you submit your application and sign up to start classes, however, it’s best to be prepared with a few key facts.
1. It Could Boost Your Salary
One of the biggest benefits of an MBA is the strong potential to increase your salary, both immediately following graduation and gradually over the course of your career. By some estimates, MBA holders make on average up to $30,000 a year more than those holding just a bachelor’s in business administration. If you’re already employed and planning on attending classes part-time while working, you may be excited to know that many individuals who earn MBAs can then use their degrees as leverage for promotions and pay raises at work. No matter which way you look at it, an MBA holds good potential for a better salary throughout the rest of your career, making it a good long-term investment in yourself and your financial future.
2. You Can Learn While Working
Unlike some degree programs that require you to quit your job and become a student full-time in order to succeed in the program, many accredited MBA programs today allow you to attend on a part-time basis. This means that you could potentially earn your degree on the side without having to quit your job. This has enormous financial benefits since you’ll still have a source of income while working towards your degree and might not have to take on the burden of additional student loan debt. You can read more about these programs and why you don’t always have to trade off lost wages for a graduate degree.
3. You’ll Have More Job Opportunities
Finally, getting an MBA means you’ll be qualified for a much larger range of jobs than you would with just a bachelor’s degree. Possible job opportunities may include managerial positions or leadership roles. You could even work your way up to C-suite executive jobs over time!
For individuals who already hold a bachelor’s degree in business administration, getting an MBA could make a world of difference in terms of job opportunities and breadth of knowledge. Whether you’re interested in learning more about other areas of business or simply strengthening your resume and skill set, an MBA could potentially have positive effects on your career for years to come. If you’re on the fence about whether completing an MBA is right for your situation, keep these essential facts in mind and you’ll be well prepared to make the right decision for your financial future.
