The Real Value of an MBA
Is an MBA Worth It?
If you are contemplating earning your Master's in Business Administration (MBA), there is a lot to consider before making the decision to enroll. One of the questions that is probably top of mind, is getting an MBA worth it?
If you are in a business-related field, management or have your own business, your return on investment is potentially high. A master of business administration can boost your career advancement opportunities as well as your compensation and provide the path for greater salary growth throughout your career.
However, many graduates will tell you the real value of an MBA is measured beyond its monetary worth. MBA graduates cite numerous benefits that range from personal and professional growth, networking opportunities, developing a valuable and lifelong network of new relationships in the business industry to providing a more keen understanding of operating a business from a financial and strategic perspective.
What is the monetary worth of an MBA?
The answer to this depends on a lot of variables – what school you attend, what part of the country you will be working, your industry, your specific field (accounting, finance, marketing, consulting, etc.) and whether you have an area of concentration, which typically commands even a higher salary and will give you a competitive edge over your peers when applying for jobs.
MBA graduates of Creighton’s Heider College of Business within the past 15 years report an average annual salary that is 20 percent higher than the median annual salary for MBA graduates across the nation.
In fact, research by Payscale indicates that master of business administration degree holders experience a faster increase in salary than those with an undergraduate degree and have been found to earn the highest salary of all degree levels for the duration of their career.
The highest-paying MBA majors for early career salaries according to the 2016-2-17 PayScale salary report are strategy, general and strategic management, corporate finance, operations management and operations and supply management, respectively.
What is the personal and professional value an MBA brings?
When it comes to the personal and professional growth, the benefits cited by MBA graduates are numerous.
Creighton alumni often say an MBA degree’s real value comes from the networking opportunities and relationships that are developed during the program and the lifelong alumni network. These connections will serve as a valuable source of personal and professional support throughout your career. Additionally, you’ll find that Creighton’s respect and solid reputation in the community and throughout the country will help facilitate career opportunities over your lifetime.
Creighton’s program caters to high achievers and is designed to provide you with the advanced leadership skills and big picture understanding of business you need to advance into management and move up the ranks. You will be exposed to multiple aspects of business that will help you excel as a business executive and strategic thinker. These are proficiencies that go beyond basic book knowledge and focus on the non-technical skills most in demand by employers looking for future leaders such as communication, critical and strategic thinking, business writing, negotiation skills, problem solving, process improvement and team management.
At Creighton, you will master valuable communication skills that will allow you to make persuasive and compelling presentations and business proposals. You’ll learn how to effectively manage groups of co-workers and perfect your ability to inspire and motivate people – critical tools when it comes to managing challenging business projects that require collaboration and teamwork. At the completion of the master program at Creighton University, you will have the confidence you need to be an effective, efficient and strategic business leader.
Is an MBA worth it?
Job opportunities are likely to be plentiful. The market demand for individuals with an MBA continues to grow. If your goal is to advance in your current career or change careers, this degree will greatly increase your opportunities for both. Many business executives and prospective employers consider the MBA degree a prerequisite for management and leadership positions. In 2017, 85% of companies in the U.S. reported plans to hire MBA graduates, according to the Graduate Management Admission Council.
Completing a master of business administration degree will definitely require a large commitment of time and resources, but graduates report that the MBA ROI over the long run is well worth the personal growth and development as well as the opportunities it will avail you in helping you achieve a more satisfying and rewarding career.