Are you considering an MBA but still not sure whether it is the right move for you? Or perhaps you think you want one but still do not know what you will do with the degree once you graduate? Either way, you have come to the right place.
Every year, Personal MBA Coach works with clients who began the business school application process asking: “Why should I get an MBA?”
While there can be countless reasons for why an MBA might be the right fit for you, today Personal MBA Coach would like to share the top 10 reasons for considering an MBA.
1. Career stagnation
Have you stretched yourself as much as possible in your current role? Do you need an MBA or advanced degree to reach the next level? If you are bored at work and feel that you have learned all you can in your current role, this is a good sign an MBA might be right for you. Even if you feel you are close to plateauing, now could be a good time to start researching MBA program as it might still be another 18 months until you are likely to enroll.
2. Close specific skill gaps
To gain specific knowledge is one of the top reasons to get an MBA. While naturally MBA programs are great opportunities to strengthen core skills including finance, accounting and marketing, top MBA programs offer courses across broad industries and functional areas, allowing students to learn the fundamentals from industry experts.
In recent years, top MBA programs have begun to offer more unique courses. From Harvard’s Risks, Opportunities, And Investments In The Era Of Climate Change to Kellogg’s Influencer Marketing , MBA hopefuls have access to an array of classes in emerging fields.
3. Develop soft skills
The “soft” skills that you will gain in business school are just as important as the technical skills you will develop (if not more important). MBA programs strongly emphasize skills including leadership, communication, and teamwork both in and out of the classroom. Naturally, these are all key skills for young professionals, preparing them to become future leaders.
On top of this, various volunteer programs and travel opportunities give students the chance to further develop personally and professionally.
4. Explore career paths in an open and trusting environment
While Personal MBA Coach advises all clients to apply to business school with clear MBA goals and future plans, no one will actually hold yourself to these goals. Instead, MBA programs foster a safe environment to explore classes or programs in other fields and intern with companies in diverse industries. This exploration can lead students to find new passions or solidify their desired career path.
5. Receive a “holistic” business education
If you are wondering “Why should I get an MBA instead of a specialized master’s degree?” Personal MBA Coach encourages you to think about your ideal career path. Although specialized masters’ programs can be a great way for folks to advance their careers, for those with broader aspirations, an MBA can open more doors.
For instance, a master’s in marketing might be ideal for someone who wants to focus on marketing expertise and rise via a narrower path. However, an MBA can teach the marketing skills needed to succeed in most companies as well as advanced leadership skills to help you assume higher level roles within an organization.
6. Expand your professional network
Business schools provide students with stellar networking experiences on campus and beyond. While peers provide great learning experiences in classroom settings, alumni are also powerful resources, especially as students start the job search.
Alumni not only offer a wealth of insider information, but they also often extend a helping hand to fellow alums who are interested in their companies. Thus, these networks are another reason to get an MBA. Alumni can also serve as partners, mentors or even investors.
Harvard Business School is particularly known for its powerful alumni network. The school has 85,000 alumni in 173 countries, making the network a truly global resource. Many other top business schools have substantial worldwide networks as well. Wharton, for instance, has alumni in 153 countries.
7. Switch careers
While some MBA graduates return to the same industry after their studies, pursuing an MBA is a great way to switch careers and break into a new field. Since post-MBA students often start at similar levels to each other, business school also can serve as an equalizer.
8. Open a door to your dream job
Through alumni networks, career service departments and on/off campus recruiting programs, business schools play a key role in helping graduates find their dream jobs. This is particularly true for fields that rarely recruit candidates without MBAs.
9. Increase your salary
If the question “Why should I get an MBA?” has still not been fully answered for you, the increased salary potential may be the most compelling incentive. It is no secret that MBA students receive high salaries after graduation. According to the Graduate Management Admissions Council, the median salary of MBA graduates ($115,000) is 77 percent more than those who have a bachelor’s degree ($65,000).
Of course, an MBA is quite costly. However, most candidates look at an MBA as an investment in themselves. Plus, on average, Personal MBA Coach’s clients make money working with us since they receive far more in scholarships than they would on their own. Last year, our clients collectively earned an industry-leading $6.5M+ in scholarships!
10. Gain credibility and marketability
While Personal MBA Coach does not encourage applicants to say in their MBA applications that they are applying to business school to “check the box,” it is no secret that having an MBA (particularly from a top program) will increase your credibility and professional marketability. In a strong job market, this may not be as crucial, but keep in mind the MBA is a degree you will have throughout your career. If you are looking for a job in a weaker market or after taking a break from the workforce, having an MBA will without a doubt make you a more attractive candidate.
Have you established your reasons to get an MBA but are not sure if now is the right time? To help determine whether now is the best time to apply to business school, ask yourself if one or more of the following rings true for you.
If so, now may very well be the time to begin the application process. Visit our comprehensive packages to learn how Personal MBA Coach can help set you up for success.
About Personal MBA Coach:
Founded by a Wharton MBA and MIT Sloan graduate who sits on the Association of International Graduate Admissions Consultants Board of Directors, Personal MBA Coach has been guiding clients for 14 years and is consistently ranked #1 or #2 by leading sources including Poets&Quants.
We help clients with all aspects of the MBA application process including early planning, GMAT/GRE/EA tutoring, application strategy, school selection, essay editing and mock interviews. Our team includes former M7 admissions directors and former M7 admissions interviewers.
Last year, our clients earned more than $6.5M in scholarships!