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Benefits of An MBA: How The Degree Can Elevate Your Career
MBAs are one of the most popular degree programs for professionals looking to increase their business leadership capabilities.
The MBA has its roots in providing these skills to non-business professionals—from chemists to engineers to liberal arts professionals. Over time, the MBA became the gold standard for advancement to management and executive positions—regardless of industry or specialization.
However, the days of spending two years away from your career to earn your MBA full time may be dwindling. According to labor analytics firm EMSI, from 2012 to 2019, MBA degrees completed in traditional, in-person programs declined by 36.4%. On the other hand, online degree completions saw a spike of 27.2% during that same time period and continue on an upward trajectory. An online MBA can benefit your career greatly by teaching you the hard and soft skills necessary to succeed in today’s business landscape.
According to labor market analytics firm EMSI, jobs for MBA holders are expected to grow by 9.8% by 2030. That means there’s more opportunity than ever before.
Let’s dive into the benefits of an MBA for professionals who want to take advantage of growth and advance their career.
Why An MBA Is More Important Than Ever
Technology is advancing rapidly. Automation is changing workforce dynamics. Marketplaces are increasingly crowded with competition. All of these challenges make the stakes higher than ever for business leaders.
What matters most when choosing a master’s program? Compare features, benefits and cost to find the right school for you.
Companies looking for an edge need managers who can secure, train and motivate top talent while keeping their eye on the bottom line. MBA graduates are uniquely qualified to fill this vital role.
Professionals with an MBA possess the interpersonal leadership skills and emotional intelligence required to be a successful manager. They also have cross-functional business knowledge and skills to break down barriers and increase efficiency.
As the pace of change increases, these skills will stand the test of time—and will be make or break for growing businesses.
An MBA is perhaps the most flexible master’s degree. The focus of an MBA is providing breadth of knowledge and skills, rather than deep expertise. While some professionals may benefit from a specialized degree, like a Master’s in Accounting or a Master of Healthcare Administration, these degrees put you on a specific career path. These degrees are designed for people who are positive they only want to work in one function or industry.
An MBA, on the other hand, will give you skills that transcend function and industry. The skills you develop in an MBA program can be applied at a Fortune 500 company or a nimble startup in the industry you choose.
A high-quality MBA program will help you:
- Solve complex and cross-functional challenges. One of the primary goals of an MBA is to elevate your critical thinking and problem solving skills to a new level. You’ll learn to think outside the silos of departments and bring a holistic perspective to solve challenges that impact the strategic direction of an organization.
- Use leadership and management frameworks to get the most from your team. Efficiency and productivity are buzzwords you’ll hear at any business. However, achieving these goals takes great skill. History shows that the key factor that differentiates successful companies from struggling ones is the people you employ. An MBA will help you maximize your employees’ talents while developing their skills to develop the most effective team dynamic.
- Build financial acumen to responsibly grow a business. An MBA teaches you to understand all of the factors that go into high-level financial decisions that have wide-reaching implications at your business. From budgeting and forecasting to investments and risk tolerance, you’ll be armed to accomplish organizational goals and drive bottom line results.
- Analyze data to inform decision making. Data should be the number one driver of decision making at any business. But finding, analyzing and applying data to business challenges is more complicated than it seems. An MBA will teach you the fundamentals of data-driven decision making to develop, implement, and evaluate business strategies.
- Define and actualize a competitive advantage. Knowing your market and your competitors is just as important as understanding your business. An MBA will help you define your competitive advantage, forecast new opportunities and expand your business in its marketplace.
When combined, the skills you gain in an MBA program translate to a definitive career advantage.
5 Career Benefits of Earning An MBA
Whether you want to get a promotion, compete for jobs at top companies or start your own business, an MBA provides career benefits that will help you achieve your goals.
Here are some of the top benefits of getting your MBA:
- Increase your earning potential. According to data from U.S. News & World Report and industry publication Poets & Quants, The average MBA salary in 2019 for U.S. graduates was $134,991. If salary increase is a primary motivator, the same study showed the two most lucrative post-MBA career paths to be private equity and consulting.
- Get promoted to leadership roles. Upward mobility is a driving force for attending an MBA program. According to research from the Association of MBAs (AMBA), 94% of MBA graduates see themselves operating at a senior management level in the next few years. More than a fifth of graduates see themselves running their own organization.
- Gain “instant” credibility. An MBA credential is an immediate signifier of business and management expertise. Getting your MBA will give you and your employer more confidence in your decision making, as well as open up new opportunities like speaking engagements and consulting roles.
- Grow your professional network. An MBA program, specifically an online program, will help your professional network grow into new geographies and industries. If you’re looking for a new role, an MBA program is a great opportunity to network with your instructors, peers, professional organizations and employers.
- Expand and diversify your perspective. An MBA program brings together professionals from different fields, industries and backgrounds, creating a rich and diverse learning environment. By working with these professionals, you’ll learn to challenge your preconceptions and open your mind to new ways of thinking.
5 Ways an MBA Immediately Boosts Your Reputation
An MBA credential will increase your standing in the eyes of current or prospective employers. By completing your MBA, you immediately show an employer that:
- You’re dedicated to your career path and to becoming a leader in an organization.
- You have high levels of emotional intelligence and are able to work with a wide variety of people.
- You’re able to prioritize and manage your time—and your team’s time—to increase efficiency and output.
- You understand the holistic implications of changes to your organizational structure, your competitors and the overall market.
- You’re a proficient strategic planner who takes all inputs into consideration when addressing challenges or forecasting new opportunities.
Find the Right Online Program to Maximize The Benefits Of An MBA
An online MBA program allows you to reap the benefits of earning an MBA credential while maintaining your current career trajectory. If you get an MBA online, you won’t have to forgo your income, benefits or professional opportunities, significantly reducing the opportunity cost of getting your degree.
Franklin University can help you accelerate your advancement with our 12-month, online MBA program. You’ll learn in-demand skills by applying course content to real-world case studies, while collaborating with a diverse group of industry professionals. All courses are taught by professionals with deep industry experience, lending a point of view that helps you turn theory into practice.
Learn more about Franklin’s Online MBA program to determine if it’s the right fit for your career goals.