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 ursuing
an MBA requires a substantial investment of time
for coursework and money for tuition. The first
question many people ask: "Is an MBA worth it?"
The answer is: It depends. A Master of Business
Administration may not be the answer for everyone,
but it does offer advantages for many people.
Once viewed as an express ticket to corner offices and six-figure salaries, MBAs seem to have lost some of their value in today's struggling economy. In fact, the value of an MBA hasn't lessened. However, what's seen by students and employers as its key benefits has changed.
According to the 2003 Global MBA Survey conducted by the Graduate Management Admission Council (GMAC), a nonprofit organization composed of business schools worldwide, MBA graduates continue to value their degree despite downturns in the economy. Additionally, in 2002 the GMAC found that the average graduate earning $48,000 before an MBA program could expect to earn $75,000 immediately after getting an MBA-a 56 percent increase. It is not uncommon for most MBA candidates to earn more in their first job post-MBA than they did prior to the program. Keep in mind, though, there's a lot more to gain from an MBA than a fatter paycheck.
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Obtain master skills employers seek. |
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Receive valuable business credentials. |
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Demonstrate drive, competence and commitment. |
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Improve your marketability |
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Increase your earning potential. |
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Receive networking opportunities. |
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Gain the knowledge to start your own
business. |
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Vie for positions in a competitive job
market. |
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According to the GMAC, "The purpose of an MBA education is to provide training in the theory and practice of business management. Professional management programs are based on the premise that people can learn to manage all types of business situations more effectively." Those magical three letters certainly cover a lot of ground.
First and foremost, an MBA provides excellent general business training. With an MBA, you gain an understanding of all the major functions of a business and learn management skills suited for any modern corporation. Many large firms, including consulting firms, still seek recent MBA graduates to fill their management-track positions. According to a recent study by Accountemps, a global temporary staffing service for accounting and finance professionals, 80 percent of executives surveyed stated that a graduate degree in business is still important to reach senior management ranks within most companies. Not only is an MBA a solid path to achieve higher management positions, it also provide the skills needed to run your own company.
An MBA is certainly a value-adder to your business skills set. MBAs are taught to quickly assess situations and are good at time management-two skills essential to executive success. The demanding workload of an MBA program prepares you for the reality of working in a results-oriented business environment.
MBA programs are often described as "bringing the boardroom into the classroom." MBA students learn business strategies from major CEOs, startup entrepreneurs and experienced executives. Actual business situations and problems are discussed, and students not only learn from the success stories but also the mistakes made in the corporate world.
In MBA programs, much of the work is team-based, where the success of the individual depends on the performance of the team. This experience cannot be underestimated. In most companies, successful employees interact with clients, business partners and staff on a daily basis. Those who master the art of communicating in group settings are set apart from the rest.
Lastly, and some will tell you most importantly, an MBA provides a strong networking platform. More than a few businesses have begun as a class project in an MBA program. Employers are also aware of the benefits of networking among MBA colleagues, and see the potential for their own business growth through contacts gained in the classroom.
The value of an MBA may not be clear immediately after graduation,
but MBA graduates say that the value of their MBAs is realized in
their work, through the breadth and width of their business knowledge
and ability to compete in today's market.
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Benefits
of an MBA 
