Pursuing an MBA in order to advance your career makes sense. After all, most firms look for potential employees with not only skills to perform the job but also to provide sound thought around making business decisions. No matter which industry you serve, public or private, the same business principles apply. These include strategic, operational and tactical decisions. Driving operational excellence is a must to drive future growth in your business and career.
The majority of current MBA students are part-time students, whether online or in a traditional program. Most MBA students have professional experience in their chosen careers. This may be technical or business-related, such as finance, sales or marketing. They're earning their MBA for various reasons. So, why is it a good idea?
Why Earn Your MBA
There are many reasons to get an MBA. Below are just six benefits of pursuing the degree.
You'll Gain Important Business Understanding
The key characteristics of an MBA program enable students to gain an appreciation for what it takes to run a business. Regardless of your background and goals, an MBA will provide you with the necessary knowledge to lead and make strategic decisions.
In addition, the MBA provides a safe learning environment for the student to practice and hone their business skills. One example at Benedictine University is the use of a simulation model called Business Strategy Game (BSG). This tool provides the student in a team setting the opportunity to make decisions on running a shoe manufacturing/distribution operation and enables students to collaborate with others on the team and learn from their professional strengths. What better way to practice real-world scenarios while learning the hard decisions that go into running a business?
You Will Learn from Those with Different Backgrounds
You learn from others, including expert instructors that include working practitioners. Look at this as free consulting work. As you network with peers and faculty, you can learn from their experiences. The Benedictine MBA program has a diverse group of enrolled students, as well as instructors facilitating the program, ensuring you build a network of people who complement your skills and share what they've done to drive success or failure. This in itself is a key strength of an MBA program such as Benedictine’s.
You'll Become More Attractive to Employers
An MBA enables you to move to higher levels of management. If you scan professional job sites, you will see an MBA is required to even be considered for many open management positions. An MBA shows prospective employers that the applicant has been “certified” in the advanced concepts of running a business and has the drive to follow through.
You'll Earn More Money
Yes, you can make more money! The investment in your education may be rewarded with a higher salary and opportunities to move into higher-paid careers and roles.
U.S. News and World Report stated that MBA salaries were growing rapidly in 2021. According to research, "compensation projections published by the National Association of Colleges and Employers predict that the average starting salary for MBA grads in the class of 2021 will be $87,966 – 11.3% higher than the average starting salary among 2020 grads."
You'll Gain the Knowledge to Run Your Own Business
You can use this education to launch your own business. There are various schools of thought that budding entrepreneurs may not need a formal education to launch the next great idea. I will agree timing is critical on new product launches. But for many technically driven entrepreneurs, being able to compose a sound business plan and have a thorough understanding of the key components is important, making an MBA a good idea.
You Get to Practice Your Business Skills
In an MBA program, you get to practice! This is invaluable. The school of “hard knocks” is an avenue one may pursue to gain skills and knowledge, but it's often treacherous. An MBA program gives students to opportunity to sharpen their managerial skills, as well as soft skills. Working on teams and analyzing companies in real-world settings better prepares the student with experience without all the risk.
Start Earning Your MBA Today
Making a decision to pursue an MBA should not be taken lightly. After all, it is a significant time and financial commitment. These reasons to get an MBA are enticing, but it's important to ensure the one you choose is right for you. Look into the curriculum and most importantly the instructor profiles. Solid MBA programs have this information readily available. Ensure the school has the necessary student services in place to support you in your MBA journey. Finally, talk to past MBA graduates from the school of interest. What better way to determine what to expect than through the eyes of a past student.
Finally, the beauty of technology enables prospective students the luxury of not being physically located close to the university of their choosing. Online programs are a viable alternative. When you make the decision to pursue your MBA, keep this in mind. Looking forward to seeing you in class!
If you are ready to pursue your MBA degree or would like more information, call (866) 295-3104 to speak to a program manager.
About the Author
Pete Papantos is an operations director at a Fortune 500 company. He is responsible for the global execution of their strategic plan and driving operational excellence using lean methods. In addition, Pete is a graduate instructor with emphasis in operations and strategic management — both in traditional and online settings.