Top Benefits of Earning an MBA Degree

The Master of Business Administration commands respect and looks attractive on any resume, yet there is much more to this degree. Promising a comprehensive overview of in-demand management concepts, the MBA provides a powerful pathway toward high-level roles and leadership opportunities. To help you determine if this program is right for you, below we address: Is an MBA worth it, and what can an MBA do for you?

The Importance of an MBA in Today's Job Market

The MBA conveys credibility and even prestige. This degree is valuable not only to ambitious individuals who hope to advance in their careers but also from the modern employer's perspective. Many recruiters feel that job candidates with their MBA are better equipped to navigate the complexities of today's market — and, just as importantly, to uncover and fully leverage emerging opportunities.

The versatility of this degree is notable, too, especially given the contemporary market's quick pace of change. It is widely assumed that MBA graduates possess a diverse skill set that will help them tackle a range of unpredictable challenges. When the workforce includes a wealth of MBA graduates, employers can be confident that their best and brightest professionals will be prepared to tackle the challenges of tomorrow.

Benefits of an MBA Degree

We've touched on the industry-wide advantages of MBA programs, but these benefits can also be highly personal. Yes, the MBA calls for hard work and commitment — but those long hours of studying can produce truly significant rewards. Resume enhancement matters, but that's only the beginning. As you find your 'why' for pursuing this esteemed degree, be mindful of the top benefits of an MBA:

Career Advancement Opportunities

If you are ready to take the next step up in your career, the last thing you want is your education (or lack thereof) to stand in the way. Many employers show a clear preference for hiring management professionals who have secured graduate degrees. Across multiple fields, the MBA represents a viable strategy for career advancement, providing both the skills and credentials needed to move into top roles.

Higher Earning Potential

An MBA-enabled step up on the career ladder could lead to new responsibilities, a more prestigious job title, and a substantial increase in pay. The Graduate Management Admission Council (GMAC) provides a wealth of insight into the clear earnings boost that accompanies management degrees — and especially the MBA.

GMAC's Corporate Recruiters Survey reveals that projected salaries are "highest among US MBAs — one of the only degree types expecting a salary bump after accounting for inflation." Specifically, employers expect MBA graduates to earn impressive starting salaries averaging $125,000 per year; this is significantly more than job candidates with other types of graduate degrees.

Increased Job Security

Although no degree can guarantee job security, an MBA can be a helpful tool for navigating the accelerating fluctuations of the economy and the competitive job market. MBA graduates are always in high demand, and based on recent insights from GMAC, there is a strong need for management-minded professionals across various fields: The previously mentioned Corporate Recruiters Survey shows that more than one-quarter of employers "plan to expand their hiring of GME [graduate management education] graduates in 2024."

Development of Valuable Skills

Skill development represents one of the greatest perks of the modern MBA program. Through challenging and immersive coursework, students enjoy numerous opportunities to develop skills they can leverage upon entering the dynamic business landscape.

• Quantitative skills – From financial modeling to demand forecasting and market analysis, MBAs take a deep dive into statistical methods, which are broadly applicable across finance, economics, human resources, and even marketing.
• Project management – As we move toward a 'project' economy in which business essentials are pursued via short-term projects (allowing for incremental improvements), there will be a stronger demand for capable project managers. Thus, increasingly, project management skills will be valued in other management niches. This is a priority in today's MBA programs, which provide a thorough overview of essentials such as scoping and risk management.
• Soft skills – From problem-solving to creativity and empathy, many soft skills allow MBA graduates to shine as they take on exciting leadership opportunities. These competencies have not always received the attention they deserve, but they are beginning to make more of an impression among top employers. Through projects, class discussions, and many other compelling experiences, MBA students develop a range of soft skills — plus the ability to continue improving this much-needed skill set after graduation.

 

Networking Opportunities

Networking is crucial in the competitive business landscape, where the right connections can accelerate an already-promising climb up the career ladder. While ambitious professionals can find many opportunities for networking beyond the scope of graduate school, the MBA offers one of the most efficient and reliable strategies for developing a professional network.

Every MBA course functions like a built-in networking event, as future leaders get the chance to interact extensively and build strong relationships. Networking benefits may continue following graduation, with many colleges and MBA programs offering robust alumni networks.

Gain a Global Business Perspective

Today's organizations increasingly operate on a global scale. As such, the leaders of tomorrow can expect to navigate global challenges, including both complex markets and regulatory environments as well as nuanced interactions with changemakers from all around the world.

Therein lies the need for a global perspective, complete with a thorough understanding of global economic trends, cultural awareness, and cross-cultural communication skills. MBA programs prepare students for the complexities of the global market by building a cross-cultural focus into learning experiences like case studies and class projects. Global perspectives are purposefully integrated into core MBA courses, including economics, financial management, and strategic marketing.

Entrepreneurial Skill Development

Though many MBA students aspire to executive roles, some maintain more of an entrepreneurial mindset, hoping to unleash their unique ideas as business owners. The skills highlighted above are highly relevant to those with entrepreneurial ambitions, with leadership skills and data-driven decision-making being particularly useful to budding entrepreneurs. Comprehensive coursework can make an otherwise steep learning curve feel more manageable, even preventing future business owners from making potentially costly mistakes.

Personal Growth

There is great intrinsic value to seeking an MBA. While this may not attract as much attention as career-oriented benefits, many MBA graduates enjoy a significant confidence boost, made possible by the simple joy of learning. Through this program, students become not only more confident but also more empathetic and emotionally intelligent. Soft skills clearly matter to employers, but these abilities can contribute to better relationships with friends and family members, too — not to mention many other personal benefits.

Flexibility of Career Paths

As a broad-based degree program, the MBA provides valuable preparation, regardless of your preferred career path. Skills gained while seeking an MBA can also facilitate career transitions, boosting adaptability and resilience — both of which are key in a quickly evolving job market. Electives and concentrations can further enhance this flexibility by encouraging students to explore concepts relevant to their specific career goals.

Enhanced Credibility and Reputation

The MBA carries a powerful reputation, and these three letters alone convey a great deal. Employers take notice when resumes reference MBAs and when job candidates reference this degree during interviews. This should not be the only reason you pursue an MBA, but it can make this program appealing and your decision easier.

Navigating the MBA Journey

If, based on the advantages highlighted above, you feel compelled to seek your MBA, be prepared for an exciting but rigorous journey. This begins with researching various programs to determine what might fit your needs and preferences — then applying to programs that stand out.

H3: Choosing the Right MBA Program for You

As you assess potential MBA programs, be mindful of accreditation. When in doubt, opt for a program with AACSB (Association to Advance Collegiate Schools of Business) accreditation, as this is widely viewed as a mark of excellence in management education. Additionally, take a close look at the curriculum to verify which concepts it covers and which skills are emphasized. Comprehensive coursework is essential, including in-depth coverage of core areas such as accounting, economics, finance, and business analytics.

Networking also matters. In addition to interacting with faculty members, you'll want to cultivate close relationships with fellow students, who can form the basis of your professional network. Look for a program that encourages meaningful interactions via class discussions and group projects, but also pay attention to alumni networks, which will help you keep connected following graduation.

Application Tips for MBA Programs

You've found the ideal MBA program and are eager to apply. What's next? MBA admissions can be competitive, but you may increase your likelihood of acceptance by following these suggestions:

• Develop and articulate your vision for the future, clarifying your career goals and how your MBA program will help you meet them. Such insights will prove valuable as you craft a personal statement and enhance your resume.
• Be mindful of deadlines and, if possible, apply early. Take time to understand college-specific admissions procedures to ensure that your admission meets all requirements.
• Be authentic as you reveal what makes you a distinguished candidate. While it can be helpful to align your resume and application with the culture of the program in question, it's important to remain true to yourself; inauthenticity can be easy to detect.

 

Is an MBA Worth It in Today's Job Market?

There is no singular answer to this question, but for many aspiring leaders, the MBA remains a worthwhile pursuit. This program's unique blend of skill development, networking, and pure prestige can be difficult to replicate — and for those hoping to develop a management mindset, these qualities can be truly compelling.

Embrace the Possibilities of an MBA With the University of Memphis

Ready to make your mark in the evolving business landscape? As you prepare for a bright future, consider leveling up your skill set and pursuing an MBA with the University of Memphis. Offered through the Fogelman College of Business & Economics, our MBA program provides a global focus and a flexible learning environment. Request more information to get started today.