The MBA degree has gone in and out of fashion over the years. The degree has long been seen as the pathway to management and leadership positions. It has also been devalued as no longer relevant in an increasingly high-tech world, or only worth it to those going into marketing or banking. However, surging MBA enrollments and demand suggest that students themselves consider the degree worthwhile. Here are three reasons why the MBA is still relevant in 2019.
It Leads to Higher Pay
One of the biggest benefits of earning an MBA is that the median salary of an MBA graduate is around a hundred thousand dollars. This is a nearly ninety percent increase over the salaries the students had prior to earning an MBA. This is mostly due to the skills MBA programs teach that allow people to move up in the organization and take on higher paying roles. For example, MBA programs teach people to make executive decisions, manage others, solve problems at a higher level and craft and implement strategies.
It Improves Your Standing in the Job Market
A study by The Economist showed that almost nine in ten graduates of full-time MBA programs secured a job within three months of graduation. MBA programs teach students that soft skills continue to be essential in the workplace. These skills allow many to move up into management, but it prepares others to start their own company or grow their business. MBA holders are therefore able to fill a far wider range of positions and have better job security. For example, masters of business administration programs train people in managing change and improving productivity. This allows some MBA holders to move into consulting, while others pursue careers in finance.
There are MBA online no GMAT required programs that are available to almost anyone. They have a number of points in their favor. Online MBAs offer young students the opportunity to earn a degree without quitting work or interfering in family responsibilities. Online programs typically have more start dates throughout the year than traditional programs. You have your choice of many different in-demand concentrations. The only decision you need to make is which area of study is most likely to propel you along your chosen career path.
It Allows You to Adapt
An MBA program is perfect for those who may want to change directions with their career. The soft skills you learn in an MBA program are useful whether you’re managing creative types, engineers or a non-profit. Once you have experience as a manager, you could continue in a managerial role in a completely new industry. Alternatively, you can use the skills you’ve gained to take your organization in a new direction. Furthermore, MBAs nurture soft skills like empathy and global awareness that are necessary to work with new customer markets. You can also use your new expertise in business finance, IT, marketing and entrepreneurship to start a completely new career.
The MBA has become popular again because employers value and reward those with the skills it gives MBA graduates. MBA students themselves can benefit from the increased flexibility and opportunity the program gives them.