For many professionals, doing an MBA is considered an excellent opportunity to acquire essential skills in business management and receive a promotion. But is it worth it when you already have a high-paying job?
MBAs and high-end salaries
The value of education is undeniable. Doing an MBA in particular is still a prestigious venture in high demand, even amid the ongoing pandemic. With its potential to teach students vital business topics, create valuable social networks, and provide high pay opportunities, the business sector is highly appealing to a wide range of professionals looking for new ways to grow.
One of the main reasons for completing an MBA is the high chance of landing a high-calibre position. Data presented by MBA.com shows that MBA graduates may be hired with a starting salary of $115,000, while those with a bachelor’s degree report a medium starting salary of $65,000. MBA alumni from top-tier universities like Harvard (US) working in reputable companies can begin their careers with an even higher salary. Many see MBAs as financially worthwhile as they also bring bonuses and other perks.
Do the benefits of the business sector end with higher income opportunities?
While for many students the financial factor is crucial, especially given the high tuition fees for MBAs, the benefits of pursuing an MBA do not end with finding a secure and lucrative career.
Along with the positive returns on investment reported by MBA graduates, Investopedia has reported that the experience of students across the business sector is highly positive. In fact, 96% of MBA students said their degree was of excellent value and 90% would pursue an MBA again given the choice (as per the Graduate Management Admission Council).
So, do you need an MBA when you are financially secure?
While not all MBAs are created the same, business degrees have one thing in common: they come with numerous benefits, even for those with highly-paid occupations. Business degrees teach valuable skills and provide real case studies to help students get a feel of the actual business and management sector. Such skill sets can equip students with the expertise needed for their careers and help them move up the corporate ladder. Interestingly, figures provided by Heidrick & Struggles show that more than 40% of CEOs in the top 100 Fortune companies hold an MBA. In comparison, 27% of top chief executives in the UK and 24% in France chose an MBA.
But things don’t end here. An MBA is worth it even if you already have a high salary because it provides knowledge on different levels. MBAs teach transferable skills that can lead to a fresh start and help alumni switch career paths – usually across financial, consulting and business fields, but also in healthcare, consumer goods and education. Business degrees also equip students with soft and communication skills, boosting creativity, decision making, time management and self-discipline. Besides, MBAs can help you build robust networks, which can be beneficial not only professionally but individually. In today’s changing world, many agree that having diverse and reliable social networks can enrich one’s understanding of different cultures and world views. So let’s be honest! Although money is necessary, the individual benefits that an MBA can bring cannot be bought even if you already have a high salary.