Expert Advice
Why Get Your MBA?
If you are reading this article, you probably already have some interest in earning an MBA. But have you weighed all of your options? Do you know what an MBA can do for you, both personally and professionally? Take a deeper look at why getting an MBA might be right for you.
Academic Benefits
Since earning your MBA requires going back to
school, it is fairly certain you can expect to gain
knowledge that will help you advance your career.
Mary Ann McGrath, associate dean of the Graduate School of Business at Loyola University in Chicago, says that "aside from the obvious types of knowledge associated with an MBA—economics, finance, and marketing—there are skills not related to the academic philosophy that students will pick up over the course of their program. Learning how to manage and analyze information and communicate it is a really noteworthy skill."
Over the course of the program "you get a wonderful transformative process where people begin to connect the dots—they begin to understand what it takes to make good decisions," McGrath says. "Most business problems are unstructured, and so the skills that develop involve structuring the problem and learning how to analyze it, which option might be the best solution, and then executing."
Financial Benefits
Aside from the large volume of knowledge you
will acquire from an MBA program, you can expect
to gain financial stability as well. Students who
graduate with an MBA can expect a significant
increase in salary after graduating. Some will
receive a signing bonus too.
"There is no question that there are real income increments that happen between people who have a bachelor's degree and those that don't," says McGrath. "Another increment is between those who have a master's degree and those who don't. Just getting a master's degree, you are going to make more money."
Career Benefits
Usually the main factor behind prospective
students' interest in an MBA is the career
advancement they can expect to gain. Or if not
an advancement, perhaps a career change is the
reason. Whatever it may be, getting an MBA will
undoubtedly change the direction of your career.
By earning an MBA, you will acquire a set of managerial skills recognized by businesses worldwide; it will set you apart from others in the same field.
Getting your MBA can open up the glass ceiling you may already be pressed against. For someone who is at the highest level of competence at their job, there is no upward direction in which to go.
"People who do this are frequently recognized by their employers as people who have leadership skills," McGrath says. "Getting an MBA pays off in promotions. If you're a good computer programmer, you will inevitably get promoted, but that doesn't mean you have the skill set needed to manage a group of programmers."
By getting an MBA you will develop the skills necessary for management positions.
Who Needs an MBA?
An MBA is not for everyone, and it is important
to think about your own goals. With a hefty price
tag and a serious time commitment, it is not an
easy or light decision to make. There are overall
and specific goals you should have in mind before
committing, but there are some general things
that most MBA students will find they have
in common.
"It's a general management degree, so people who have finished college and have an interest in business or managing people should consider it," McGrath says. "People in middle management could benefit from an MBA, and people in upper management need an MBA because they need to think strategically and that's something they may not be trained for in their career. Hospitals, law firms, and services businesses are all hiring candidates with MBAs; but an excellent lawyer or physician doesn't necessarily make an excellent manager—it doesn't mean you can manage that group of people. MBA students generally just know that they want to lead people. It involves a leadership role in any industry or any context. The important things are managing people and being able to lead an organization."
Whatever the benefits are to you, know that earning an MBA is a decision not to be taken lightly, but with the right training and the right attitude, the sky is the limit!
