Earning a Master's in Business Administration (MBA) degree places you in prime position for salary increases and career advancement. The 2007 Corporate Recruiters Survey, representing 1,029 companies worldwide, indicates employers will increase hiring of MBAs and other post-graduates by 18 percent this year, while reducing offers to those holding only undergraduate degrees. This survey also shows that employers are willing to pay up to 84 percent more to recruit MBAs, allowing the financial investment in an MBA degree to quickly pay for itself. In short, an MBA degree, whether earned in an online MBA program or while attending business school full time, promises career advancement and salary increases that make it well forth the investment.
MBA May Soon Become Necessary for Workplace Survival
Employers value employees with MBA degrees because MBA curriculums prepare students to handle a broad range of business responsibilities. Most quality MBA programs help candidates improve their analytical thought processes, strategic planning abilities, leadership qualities, and communication skills. Steve Miller, an executive coach with Denver-based The Source International, refers to his MBA as a "getting-in-the-door degree." Although he earned his MBA attending night school, his degree allowed him to win a major media company's top corporate strategy position over Ivy League business school competitors.
Earning a graduate degree eventually may become a job security issue, enabling you to edge out competition in times of lean employment. The National Center for Education Statistics projects the number of job-seekers with master's degrees will increase 35 percent between 2003 and 2014. With the increased number of business school graduates in the marketplace, an undergrad degree soon may be regarded as commonplace as a high school diploma. Getting your MBA now will give you the experience and credentials to survive future bear markets.
MBA Skills Provide Personal Benefits
Higher pay and increased career opportunities aside, obtaining an MBA degree is likely to produce valuable intangible benefits that may enhance your quality of life. Many of the skills learned in MBA programs transfer to managing your personal affairs. Critical thinking skills allow you to make wiser life-altering decisions and financial courses give you the expertise to invest for a more comfortable retirement.
An MBA degree provides you with skills to make meaningful contributions to the workplace, leading to enhanced job satisfaction and increased employer visibility. According to Miller, "An MBA degree is a confidence builder, especially when you have a few years of solid experience and want to compete at the next level." Earning an MBA can also present an opportunity for personal growth, allowing you to uncover hidden talents and leading you in directions you never dreamed possible.
Online MBA Programs Require Fewer Lifestyle Sacrifices
If you consider yourself past the point where you can chuck it all and go back to school, think again. Many reputable business schools offer their MBA degree online, allowing you to earn while you learn. This option offers many attractive benefits over traditional campus-based MBA programs. Since you can continue working while earning your degree, you neither forfeit your salary nor lose seniority. And by immediately applying your book knowledge to your job, you can reinforce academic concepts with OJT experience.
Many business schools tailor distance learning MBA programs to fit the lifestyles of working professionals. Most schools offer self-paced asynchronous learning modules, allowing you to juggle your family, work, and school responsibilities, while cultivating your time-management skills. Students in online MBA programs tend to favor learning over grades, allowing you to focus more on concepts than competition. Collaborating and networking with classmates enhance your future career opportunities.
Post-Graduate Financial Aid Options Improve
Financing options for post-graduate education make funding an MBA degree easier than ever. Scholarships, grants, and employer-provided educational assistance plans provide no-cost, generally tax-free funds to further your education. A 2006 survey of 1,000 large employers revealed 85 percent offer some form of educational assistance to employees. The Internal Revenue Code allows employers to provide each employee with up to $5,250 annually in pre-tax tuition assistance. Additional employer-provided funds are available for employment-related courses qualifying as working-condition fringe benefits.
In addition, low-interest federal Stafford loans allow MBA candidates to borrow up to $18,500 a year for graduate study. Graduate PLUS Loans, a new federal program instituted in 2006, takes over where Stafford loans leave off, providing fixed interest rate funds to round out any financing gaps.
With adequate career and financial incentives and free to low-cost funds available to pay for your graduate degree education, you have no excuse for not adding MBA credentials to your resume soon.