Rising to the top of Bank of America, eBay, and General Motors is no small feat. Their leaders, Kenneth Lewis, Meg Whitman, and Richard Wagoner, respectively, built careers from business savvy, experience and a business education. For an aspiring entrepreneur, earning a business degree is the first step to a career at the corporate top-level.
Where to Start: Undergraduate Business Degrees
Before Kenneth Lewis became the CEO of Bank of America, he earned his bachelor's degree in business administration at Georgia State University. In 2003, he returned to his alma mater to deliver a commencement speech in which he reflected on why he went to business school:
"I came because I wanted a practical education that would give me the tools I needed to achieve results. I wanted a place where I could use experiences both inside and outside the classroom to prepare myself for life - and I did that."
Most colleges and universities offer associate's in business and bachelor's in business degrees. Like Lewis, you would complete a core set of business courses that can cover subjects such as management, communication, marketing, and finance. You often can complete internships where you get to see the business principles around budgeting, marketing, hiring, and management in action. With an undergraduate degree in business, you may one day feel the way Lewis did: "prepared to be useful to myself - and to the rest of the world."
Next Step: The MBA
Lewis, Wagoner, and Whitman all completed their MBAs before climbing the corporate ladder. EBay's Meg Whitman graduated from Harvard Business School with an MBA two years. She is the woman who took eBay from $5.7 million in revenues to $4.5 billion and was named one of America's Best Leaders by US News and World Report.
By completing a Master's in Business Administration, you will learn leadership skills like Whitman did and be in a great place to start your career in business. According to MBA.com, the starting salary for MBA-holders is $86,350--a 41% increase compared to salaries before earning the degree. An MBA typically takes 2 years to complete, but part-time programs can space out your education over a longer period of time if you need to balance work obligations. Without a doubt an MBA comes with many perks.
Ready to Launch: Initiating Your Business Career
Rick Wagoner, the CEO of General Motors, started at GM back in 1977 with an MBA from Harvard University. Over 23 years he proved his skills and business sense and worked his way up to CEO in 2000. The marketing and financial skills he gained from earning a business degree seem to have served him well in his corporate ascent.
Wagoner earned an astonishing $2.2 million in 2005. Obviously, CEOs earn some of the highest salaries in the country. In 2004, there were over 3 million top executive positions and with an average annual salary of $113,810. Consequently, competition for high executive positions can be fierce. The best opportunities will go to experienced individuals with formal business degrees and who demonstrate good leadership skills.
With a solid education, hard work, and determination, you can become a successful businessperson. If you want to become the next Kenneth Lewis, Rick Wagoner, or Meg Whitman, you would be wise to follow in their footsteps by investing in a degree in business administration.