Getting a Master of Business Administration (MBA) is one of the best educational decisions you can make. If you’re considering this exciting degree program, you probably already know that the benefits of an MBA include higher earnings, more career opportunities, a sense of accomplishment and a chance to improve your quality of life.
But an MBA is more than just a path to a career in business. This versatile degree can prepare you for a wide range of roles, whether you want to work in government, business, the nonprofit sector or start your own company. Here are six more reasons to consider pursuing an MBA:
1. Versatile Career Paths
Your stereotype of an MBA graduate might include a three-piece suit, long conversations with the C-suite and tough business negotiations. However, an MBA is a versatile degree program that prepares you for a vast range of roles. Many companies now recognize that business knowledge is valuable across many departments.
Analysts believe that MBA graduates will be in high demand at tech companies. This makes sense given that tech is big business, and many tech startups must compete with massive companies like Amazon and Google. A tech employee with an MBA offers a two-for-one deal that can generate business success and substantially higher earnings for the employee.
An MBA can also empower you to switch careers. Not only will you have a deeper understanding of how business owners (and potential employers) think, but you will also have a deeper well of marketable skills you can use to become a consultant, start your own business, work in government, empower nonprofits and more.
2. A Recession-Proof Career
The Great Recession might seem like a lifetime ago, especially if you’re early in your career. To the least educated workers, though, it still impacts their ability to thrive. The data shows that these workers have still not recovered from this recession, even as the next one looms large. More education offers a path out of economic hardships. Graduate degree holders gained 3.8 million new jobs during the last economic recovery.
In particular, MBA jobs are booming with no sign of slowing down. The Bureau of Labor Statistics reports a projected 8% growth between 2021 and 2031, with a median annual wage of $102,450 in 2021. Also in 2021, the unemployment rate among master’s degree holders was just 2.6%.
An MBA offers unique insights into challenging economic times, potentially increasing your value. Companies know that business acumen is particularly valuable when markets are in flux and there’s economic uncertainty. They may even be more likely to hire an MBA graduate during economic downturns.
A recession is a great time to jump-start your career with an MBA. So if you’re worried about the current economic environment, consider taking steps to protect yourself and your family with more education.
3. A Degree to Match Your Skills
In today’s demanding work environment, your role may not match your actual workload. You might spend significant portions of your day on management tasks without having the title of manager. Or perhaps you spent a decade in the army, making leadership decisions with the power to affect a nation, but your educational background does not reflect your deep and rich knowledge.
You may already have significant leadership experience and business acumen. Without the right education, you won’t get paid fairly for it, even if you end up using it in every job you have. An MBA ensures your education matches your knowledge and shores up any gaps you might have.
4. An Expansive Professional Network
Eighty-five percent of jobs are filled through networking, and 70% are never published publicly. So if you’re scouring job boards looking for your next role, you’ve already screened out the majority of possibilities.
Networking is vital to your career success. How deep is your network, and how much does it offer you? An MBA program offers a structured way to build a strong professional network. At SNU, you’ll take classes from professors who are experts in their field and attend courses with a cohort of learners who support each other. Many graduates find that their cohort is their most fertile soil for networking, even years after graduation.
5. Immediate ROI
With typical earnings well into six figures, an MBA means a significant cushion in your budget. It can also help you repay your student loans faster. A strong degree program offers one of the highest returns on investment you could ever attain. Many students earn more than the total cost of their degree in a single year of post-graduation work. And most earn enough to pay down debt, improve their family’s quality of life and relieve financial stress.
Invest your money in a degree that will never disappear or lose value.
6. A Sense of Accomplishment
Your happiness matters. If you’re stuck in a job that no longer serves your goals or leaves you deeply unhappy, you deserve better. Happiness is good for your health and well-being, and the effects of a job that makes you happy extend to your partner, your kids, your community and beyond. Feeling good about what you’re doing can drive you to work harder and achieve more. Ultimately, an educational path that inspires you can improve your quality of life and help you cultivate a sense of purpose.
If you have kids, you might worry about the challenges of juggling school and parenting. Going back to school for your MBA is an incredible gift to your kids. You’ll open doors to new opportunities for your entire family. You might be able to move to a better neighborhood, enroll your kids in a better school or gain control over your working hours.
Your kids will also see you struggle and succeed. This models resilience and a commitment to education. As a parent, you already know that children pay more attention to what you do than what you say. Kids need to see you working hard, especially if you expect them to do the same. Research consistently shows that a growth mindset — which focuses on the value of hard work and effort — improves long-term success in kids and adults alike. Returning to school as an adult shows your children that a growth mindset can benefit them for a lifetime.
Ready to Get Started?
If you’re ready to get started or want to explore more options, SNU can help. With various programs tailored to the needs of busy adult professionals, we make completing your MBA as low stress as possible, without compromising program rigor. Learn more about the many career paths available to MBA graduates in our comprehensive free guide, “The Ultimate Career Roadmap for MBA Graduates.”