Obtaining
the Master of Business Administration (MBA) degree has many benefits:
the opportunity to increase your salary, to advance in your career, and
to meet and develop a rapport with influential executives and
colleagues in your industry. The MBA experience is personally
fulfilling and enables students to realize their career goals. The
investments of time and money can contribute to your ability to acquire
a degree that is highly regarded within the United States and around
the globe. Business schools in the United States are among the premier
programs at top-level institutions of higher education.
Before you invest your time and money, make sure working toward an MBA is right for you. The decision to obtain an MBA involves many factors.
Timing plays a large role in your ability to study for an MBA. Have you been out of school and in the workforce for a number of years, or are you moving right into business school after completing an undergraduate program? You'll also have to consider, if you are currently employed, whether you'll participate in a part-time or full-time program. A part-time program would allow you to keep working. It will, most likely, take longer to complete. A full-time program will pull you away from the job market, so be sure the return on your investment justifies the money you'll forego while you're in business school. If you've just graduated with a bachelor's degree, you need to decide whether it's in your best interest to enter business school immediately. Some programs require their candidates to have a certain amount of work experience. Getting a job and attending a part-time program after a couple of years in the workforce may be the best choice for you. Or you may want to wait until you've reached the point in your career when you need an MBA to advance. Meet with your academic advisor to decide when the right time is for you to join an MBA program.
Return on investment is an important consideration. Earning an MBA degree will allow you to advance in your career and will enrich your educational endeavors as a whole. But an MBA can also have a minimal or drastic impact on your salary. Do your research to determine if an MBA will have the desired effect on your earnings.
Graduate Management Admission Council's Global MBA Graduate Survey indicates the mean salary MBAs can expect to earn, based on years of work experience, within the first year upon completing a business school program:
Salaries: The MBA Advantage
|
|
Years of full-time pre-MBA work |
|||
|
2004 Grads* |
Mean |
Fewer than 3 |
3–6 |
6 or more |
|
Pre-MBA annual salary |
$56,190 |
$39,267 |
$54,415 |
$65,259 |
|
Expected salary, first post-MBA job |
$78,608 |
$62,822 |
$80,810 |
$83,680 |
|
Expected signing bonus |
$14,801 |
$10,553 |
$15,702 |
$15,423 |
|
*Who had accepted offers at time of survey |
||||
Source: GMAC Global MBA Graduate Survey
MBA program reputation does make a difference in your marketability as a potential employee. In other words, not all MBA degrees are equal in value. Do your research when selecting a program to ensure it's accredited and will benefit your career. The main accreditation body in the United States is the Association to Advance Collegiate Schools of Business (AACSB). Rankings can be helpful when evaluating a program, but they are not the definitive measure of a program's worth. Choose a business school that offers the best MBA program to meet your needs.
