3 Benefits of Earning an MBA: Advancement, Salary, and Skills
3 Benefits of Earning an MBA: Advancement, Salary, and Skills
3 Benefits of Earning an MBA: Advancement, Salary, and Skills

The success of an organization comes down to the quality of its leadership. “People buy into the leader before they buy into the vision,” New York Times bestselling business author John C. Maxwell once said. Prudent business leaders not only understand the goals and benchmarks of their organization but also can apply growth strategies to help their organization reach and exceed its goals. A leader with business acumen can help a company achieve optimal profitability and elevate their organization within their industry. One way of learning to lead people to their highest potential is by earning a Master of Business Administration (MBA).

When is the right time to get an MBA? Although a small number of students begin an MBA program immediately after their undergraduate work, most have a significant amount of work experience first. Some professionals find that after five or so years in a role, there’s little room to grow without a graduate degree, and midcareer students are common, particularly with the flexibility and convenience of online programs.

There are numerous benefits of earning an MBA, professionals can open up an array of opportunities not previously available to them. Still, interested candidates should consider the time and effort necessary to complete their degree. While MBA programs vary, Maryville’s online MBA requires as few as 36 to 39 credit hours and offers six admission points throughout the year.

Earning an MBA can pave the way for career opportunities both inside and outside the private sector. Individuals considering an executive MBA vs. an MBA should keep in mind that the executive MBA is tailored to students with a considerable amount of experience aiming for high-level positions such as CEO and CFO, while an MBA is designed for those at earlier stages in their careers. Both degrees teach students crucial soft skills such as communication and leadership and essential hard skills such as quantitative data analysis and strategic planning.

Specific benefits of earning an MBA include opportunities to advance to higher-level positions, higher-paying salaries with better benefits, and leadership skills and experience that can increase a professional’s value to their organization.

The skills and leadership capabilities that students gain in an MBA can prepare them for a range of opportunities in their careers. Many high-level positions regardless of industry require applicants to have an MBA from an accredited institution. For professionals looking for senior leadership roles, having an MBA on one’s resume can compensate for a lack of lengthy experience. In times of economic uncertainty, hiring managers will often seek out the most qualified candidates, giving MBA graduates a competitive edge.

Graduates with an MBA can exponentially increase their earnings opportunity. After earning an MBA from a U.S. university, graduates accrued an estimated return on investment of $390,751 within 10 years, according to a study conducted by QS Quacquarelli Symonds. This figure takes into account the tuition and opportunity costs associated with enrolling in an MBA program. The median annual salary for those with an MBA was $18,000 higher than that for those with a Bachelor of Business Administration as of May 2022, according to data from the compensation site Payscale.

Further specialization can also lead to higher salaries. Certified public accountant (CPA), chartered financial analyst (CFA), and certified internal auditor (CIA) are just a few of the certifications available to professionals with MBAs that can open up different career opportunities.

Employers need but often have difficulty finding candidates with crucial soft skills, according to the Society for Human Resource Management. Some of these crucial skills go beyond emotional intelligence to include those associated with leadership: strategic thinking, the ability to work collaboratively, and communication skills.

Students in an MBA program grow in these aptitudes through coursework, case studies, and team projects. These experiences are designed to equip students with communication skills, global competence, leadership skills, and collaboration skills to empower them to be effective leaders in their organizations. A benefit of gaining such skills is that they are transferable to leadership positions in the private, public, and nonprofit sectors.

To discover which MBA program is right for you, you need to consider the following factors: cost as compared to value, job placement, location, and workload.

Tuition and opportunity costs can be recovered in a few years after earning your MBA, but it is worth calculating your projected earnings before taking the next step. Speaking with a graduate advisor can help you determine what kinds of job placement opportunities your MBA will offer. Additionally, the location of the program and the flexibility of attending remotely can influence the cost of the program. Finally, you’ll want to factor the time and labor involved in completing the program.

Maryville University’s online MBA program offers twelve concentrations that can provide targeted training toward specific professional goals. Students can focus on accounting, analytics, cybersecurity, media, finance, health administration, human resources, information technology, management, marketing, project management, or software development. Adding a concentration can help distinguish you from your competition by aligning your education with your career goals.

Discover how to get an MBA to increase your earning potential and take your career to a new level.

Recommended Reading

MSF vs. MBA: Differences in Degrees

Administering Effective Leadership: MHA vs. MBA

Entrepreneur vs. Intrapreneur

Sources

Apply Point. “Despite Significant Debt for Graduates of Elite Business Schools, the Return on Investment for an MBA Is High”

Forbes, “An MBA Is Still Relevant, but a Certification Can Provide Differentiation”

Indeed, “11 Entry-Level MBA Jobs with Salary Information and Related Job Titles”

Indeed, “Top 10 Benefits of Getting an MBA”

Indeed, “What Is Business Leadership? Definition, Skills of Effective Leaders”

Investopedia, “5 MBA Skills Employers Look for in Grads”

Leadr, 5 Leadership Thoughts from John C. Maxwell

Payscale, Bachelor’s Degree, Business Administration Degree

Payscale, Master of Business Administration (MBA) Degree SHRM, “Leaders and Employers Need Soft Skills Now More Than Ever”

ThoughtCo., “What You Can Do with an MBA”