Considering Getting a Master of Business Administration? Here Are Some Reasons Why You Should
It is no secret that people with more education make more money than those with less. In 2012 a Pew Research report looked at the earning potential of college graduates and non-college graduates. People who had at least a bachelors degree average annual salary was $45,500. This is a good deal more than people who had some college but no degree, they make $30,000 a year. People with only a high school diploma average $28,000. When asked, 83% of people who have finished college say that it “has paid off.” Moreover, nearly 90% of Millennials with college degrees were employed in 2013. That says a lot for staying in school. There are a lot of people who are on the fence about continuing past the bachelor’s degree. Getting a master of business administration degree takes a lot of work and time but is it worth it? Here are some reasons why it is.
- This will increase your earning potential. Employees who have this kind of degree will earn a much higher salary than their colleagues who do not have one. People with this kind of masters degree have average salaries that start at $70,000 and the sky is the limit from there. Within just a few years, you will make back what you paid for the degree. The return on investment is very high with this kind of degree.
- You will expand your career opportunities. People who have a master of business administration degree have a lot more career doors open for them than people who do not have this kind of degree. Graduate level degrees like this one help people qualify for higher level jobs in a number of different business and government sectors. Some estimates have the number of people with a master of business administration having upper level management positions at 70%. It it worth noting that these jobs pay more but also require a lot more time at the office.
- Your business network will expand. Students in various mater of business administration degree programs will be exposed to some amazing networking opportunities. The jobs that people with this kind of masters degree get are not often listed on Craigslist or on Monster or Career Builder. Many people get their jobs through networking, the importance of which cannot be overstated. The chance to expand your network is huge and can make all the difference in finding new a job or getting to go to work for a company or organization you admire. Expanding your business network can only help your career.
- You can grow your knowledge base. Sometimes this part of an educational program gets overlooked. When you are studying for your master of business administration degree, you learn something. Your skill set and knowledge base will also be expanded when you get this kind of degree. Going back to school for a master of business administration degree forces a lot of people to leave their comfort zone behind. Most entrepreneurs know that it is hard to get out of your comfort zone but no real growth can happen when you are in it. Going back to school makes you challenge yourself and it gives you the skills to keep challenging yourself when you have completed your degree.
- It can change your perspective on the world of business. When you are working on your masters of business administration degree, you enter a new network and gain a new skill set but you also may find your perspective on the world of business changes to become more holistic one. You will become more attuned to subtle changes and shifts in the business world. This is why people with this kind of degree can command higher salaries. You will gain an insight into how businesses work. Your insight will make you a valuable asset to any company or organization who hires you when you are done with your program and have your degree.
Many people spend some time working before they begin a master of business administration program. If you do this, you will find getting a master of business administration, either right after college or not, is worth the work and effort.