A Master’s in Business Administration (MBA) is a valuable degree that can open doors in the business world — but not everyone needs one. Business professionals advance in their careers without an MBA. In fact, some of the world’s wealthiest and most powerful C-Suite executives decided not to pursue a bachelor’s degree.
Yet, there are marked benefits to earning an MBA – from enhanced business knowledge and skillset to invaluable connections. If you fall into one of the following categories, an MBA could be especially impactful on your career.
1. Young Professionals
Young professionals are often ambitious and eager to move through entry-level positions and reach management roles where they can impact business strategy. Unfortunately, management positions — even lower-level management positions — typically require years of experience.
A lack of experience can be frustrating for those who want to accelerate their career goals. For young professionals, an MBA can function as a fast pass, allowing them to skip lower levels of employment and access higher-paying positions with more enjoyable responsibilities earlier in their careers.
2. Career Pivoters
In the United States, it isn’t uncommon for workers to make a career change every four years or so. Amidst the Great Resignation, millions of workers have pivoted into different career paths, in search of more fulfilling work.
Exploring a different line of work can increase employee satisfaction. However, a new career requires different knowledge and skills, which can set a worker back in their career. During a career pivot, it can be wise to pursue an MBA degree online, which will provide credentials to boost qualifications while gaining real-world experience in a new field.
3. Bad Networkers
In business, what you know is not nearly as important as who you know. Networking can be critical to career success, as many organizations do not advertise available positions and instead draw upon professional networks to find viable candidates.
Unfortunately, not everyone is a talented networker. Those who struggle to find spaces to make professional connections can benefit significantly from MBA programs. Young professionals can build relationships with other students, tap into alumni networks, and access professors who are often experts in their field.
4. Ambitious Earners
Not every professional is motivated by salary, but many are. Those who are eager to earn the big bucks can unlock higher wages through higher education. Compensation studies have found that each level of education increases earning potential.
The biggest jump is between no education credentials and a high school diploma, but the difference between a bachelor’s degree and a master’s degree is not insignificant. A new MBA hire can earn a median starting salary of $115,000, compared to between $65,000 and $95,000 for bachelor’s degree hires and direct-from-industry hires.
5. Entrepreneurs
Many professionals dream of starting a business. However, success in entrepreneurship is hard-won, requiring ample knowledge and finely honed skill that typically comes from experience in business leadership positions.
An MBA is not a perfect substitute for this type of experience, but it does provide younger and less experienced professionals with the fundamental study of business operations and strategy. Meanwhile, investors often like to see high-level education credentials, so a co-founder with an MBA could raise startup funding viability.
6. International Workers
The United States is not the only country in the world with large and successful businesses. Many industry experts gain experience as expats in foreign countries. Workplace culture varies around the world, so earning an MBA can be a good way for international workers to familiarize themselves with American business culture and policies.
Ultimately, any business professional can benefit from earning an MBA to widen his or her business knowledge and improve certain skills. These six types of workers can take full advantage of an MBA to make their professional dreams a reality.
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