Everyone knows that getting a Master’s in Business Administration (MBA) can be expensive, time-consuming, and challenging. It’s tough to ascertain if all that money, time, and effort will pay off long-term. If you’re considering going back to school for a master’s degree in business, or a related leadership degree, you’re no doubt asking yourself: “Is an MBA worth it?” Should you make such a hefty investment in your education? Will the risks ultimately help you reap rewards? A great place to start finding answers is to learn why many people do decide to get an MBA.
Business leadership master’s degrees are increasing in popularity.
All job applicants want to stand out. If that sounds like you, highlighting your unique skill set, background, experience, and of course, your advanced education, can make you shine in an interview. Yet, the number of people earning a graduate business education in the U.S. has been rising. Between 2019 and 2020, over 197,000 postsecondary business degrees were conferred. This sector demonstrated the largest percentage of degrees conferred among all other leading postsecondary education sectors: education, healthcare, computer and IT sciences and services, and public administration and social services. Altogether, about one million graduate degrees were conferred between these disciplines, which represents a 21% increase from the 2009-10 graduating year just a decade earlier. These National Center for Education Statistics findings cause us to ask:
How do you stand out amongst the graduating class of one million?
The MBA continues to hold prestige and clout. The storied history of the MBA’s inception around the turn of the century at Harvard University is tied to the revolution of industrialization and machine manufacturing. In the century or so since, modern degrees such as the Master of Science in Organizational Leadership (MSOL) have been developed, which offer change-makers skills for leading in diverse industries.
While the MBA focuses on management techniques and theory and includes a heavy dose of economics, accounting, and finance, alternative degrees like the MSOL angle their curriculum towards managing and activating people and their potential at work. Earning an MSOL degree could help you stand out from traditional MBA holders.
Good news for females in business
The Graduate Management Admission Council Graduate Management Application Trends survey, published in November 2021, found a rising global and international candidate demand for graduate management education. Programs have seen the largest increase in female candidates in full-time two-year MBA programs and online MBA programs. This study acknowledges the disproportionate impact that the pandemic had on working women, and yet these findings happily show that women nonetheless see a future for themselves in business leadership.
Earning a master’s degree in business helps students expand their professional network.
Maybe you’ve heard the saying, “It’s not what you know, but who you know.” While this might be true, you can put yourself in an ideal position for being hired by gaining both the advantage of knowledge and connections. Most advanced business programs require that students have clocked time working in their field. Additionally, since programs like the MBA and MSOL offer a generalist approach to leadership education, students often come from diverse professional and personal backgrounds. People with backgrounds in technology, marketing, economics, or non-profits alike might come to grow their skillset with an MBA or MSOL program.
Not to mention, faculty often have excellent connections thanks to their work in the business leadership field. If you’re a career-changer, enrolling in a professional program is a fantastic way to network and curate your toolbox of interpersonal skills. And, if you can’t find the perfect mentor on staff, your school’s alumni office can connect you to someone whose past achievements will inspire you now. A valuable component of Goodwin University is that this school offers a lifetime of career services support. At Goodwin, graduates continue to benefit from networking and job search coaching for free, forever.
People with an MBA make a higher salary.
When you realize that an MBA ultimately pays off, the prospect of investing in an advanced educational program such as this becomes more logical.
Again, research shown in the Graduate Management Admission Council Corporate Recruiters Survey found that the median salary of MBA holders was $115,000 annually, versus bachelor’s degree holders who made a median salary of $65,000 the same year. Over 35 years of earnings, MBA holders have the potential to make $3 million more than their lesser-educated counterparts.
The financial power of an MBA is clear, not just in the short term, but in the long term as well. The median annual salary for Chief Executives in May 2021 was $179,520 annually, though the highest 10% made more than $208,000 per year, by working in fields such as manufacturing and professional, scientific, and technical services.
An MBA, MSOL, or other master’s in business degree can increase your job prospects.
The number one reason business school candidates decide to pursue an MBA is to increase their job opportunities. Fortune Education found that 87% of the class of 2021 MBA graduates were offered jobs within three months of graduating.
The fact is, business leaders find work in all professional sectors. The Bureau of Labor Statistics found the top-five highest-paying Chief Executives exist in coal mining, deep sea, coastal and great lakes water transportation, insurance, employee benefit funds, offices or dentists, and household appliance manufacturing.
Embarking on an advanced educational journey doesn’t have to be daunting when you consider enrolling in a program that is flexible and offered fully online or in a hybrid format. If you are interested in leadership and want to diversify your portfolio of accomplishments, consider an MSOL program that’s affordable and fits into your lifestyle.
To learn more about Goodwin University’s MSOL program, we hope you’ll visit us online and get in touch for additional information!