The Master of Business Administration (MBA) is an internationally recognized degree that imparts theoretical and practical training that is applicable to numerous professions. They come in many concentrations, such as information technology, hospitality, education, or criminal justice. Some programs team up with other degree programs, such as nursing and law, by offering joint degrees.
To address the captioned question, we will elaborate on five key areas.
You can tailor the degree to your particular career aspirations. The most popular are finance, marketing, consulting, human resources, and management. However, there is a myriad of others including healthcare, sports management, biotechnology, and information systems. More importantly, which consideration provides the highest return? According to PayScale, the honor goes to strategy, which ranked #1 among MBA degree types. At mid-career, MBAs specializing in strategy can expect an annual median salary of $145,000. A strategy specialization teaches students how to make big-picture management decisions that improve their company’s performance. In addition, a strategy specialization makes MBA students marketable for multiple business jobs, not just consulting roles or positions with “strategy” in the title.
Due to the diversity of concentrations or majors in an MBA, you may opt to pursue a different profession. For instance, your career changes from the finance sector to the energy sector. There are MBA programs that offer an energy and clean tech area of emphasis that is dedicated to not only finding energy sources that are both renewable and sustainable. On the other hand, your job duties take you to different countries. You might decide that an MBA in International Business would benefit your career.
The MBA has become the most popular postgraduate degree in the U.S., according to figures from the U.S. Department of Education. One reason is that a survey reported that 86% of companies plan to hire an MBA graduate in 2017, up from 79% in 2016. More importantly, employment can equate to salary, which the data support. According to a 2015 CNN Money report, 43 percent of MBA graduates surveyed by Training the Street reported a base salary of at least $125,000. Another 36 percent reported making between $100,000 and $125,000. One must weigh the benefits against the study time and cost of the degree. To find more affordable schools, we invite to check out our report on the Top 50 Affordable Online MBA Degree Programs.
A consequence of the popularity of the MBA is the proliferation of online choices available. This is ideal for working professionals since statistics show that the average MBA student is approximately 36 years old with at least eleven years of work experience. To satisfy the employed students, campus and online schools offer programs that can be completed in 14-18 months. Some institutions provide MBA programs that are entirely online and may be completed in as little as 12 months. In addition, numerous affordable online schools supply many of the popular MBA specialties.
Networking personifies the axiom that ‘it’s not what you know but who you know’. MBA classes give you a chance to meet other professionals. This is where the campus evening, weekends, or part-time is beneficial to meet influential people. You develop connections with classmates and the teaching staff. What business schools do so well is to put students in front of powerful contacts. Experts on networking, recommend consolidating a relationship after the first contact by getting in touch again within a day, then within the week, then the month. One powerful way of reconnecting after the initial meeting is to send over links to news or items which might be interesting.
We invite you to read our report on the Top 50 Affordable Online MBA Degree Programs for 2018