subject: Why Work Towards An Mba Education? [print this page] Anyone interested in an advanced business degree should think about an MBA education from an accredited school. This kind of program prepares graduates for careers in business fields such as finance, human resources management, information technology and accounting. Take into consideration the pros and cons of pursuing this kind of education before enrolling in an MBA program.
People who complete an MBA education have more earning potential than those that do not complete this type of degree. Forbes estimates that the average starting salary of anybody with an MBA is $95,781, with annual bonuses averaging $17,511. This increased earning potential offers some measure of financial security, even in a turbulent economy. MBA program graduates also have additional employment opportunities. In some fields, employers don't take into consideration candidates without this kind of degree. These fields include hedge fund management, management consulting and investment banking. If you need to develop a career in these fields, an MBA education is a must.
Completing an MBA program gives you the opportunity to work with experienced professionals in a variety of business fields. This allows you to build a network of contacts you can use within your career. Since MBA coursework combines business theory with practical experience, you also have the opportunity to develop a broad base of knowledge in several functional areas of business. This kind of program helps you improve your strategic thinking skills, develop leadership skills and become a more effective manager.
Once you have completed an MBA program, you have the satisfaction of knowing that you completed an intensive advanced degree. MBA graduates also have increased recognition among their friends and colleagues.
The average cost of an MBA education excludes some students from pursuing this kind of degree. At an average cost of $one hundred,000 for the degree, with no guarantee of employment, getting an MBA represents a significant cost. While student loans ease the burden, interest and future student loan payments are another obstacle in getting this advanced degree.
Getting an MBA also requires you to spend a major amount of time attending classes, completing class assignments and fulfilling other degree requirements. Some MBA programs require students to participate in externships or cooperative education experiences, which takes time away from work and family obligations.
Despite the fact that an MBA can enhance your employment opportunities, some companies hesitate to hire people with advanced degrees. Smaller companies sometimes feel that those with MBAs require too much compensation, which would affect their bottom lines. Hiring managers who don't have advanced business degrees can also feel threatened by your expertise, making them think twice about hiring you.
With the many pros and cons of getting an MBA education, prospective MBA students have a lot to think about. Before enrolling in any type of advanced degree program, visit local universities and talk to faculty members about what you could expect. Talk to students in the MBA program to learn more about how the program works. If possible, talk to graduates of the program to determine if getting an MBA helped them increase their salaries or achieve better employment opportunities.
