When is an MBA worth it?
Timing is everything, and trying to determine when to earn your MBA is no exception. While a lot of variables come into play when making the big decisions about going to graduate school, we’ve found that our most successful Master of Business Administration students are those who do their research and understand when earning an MBA is worth it. After doing some research of our own, we found that most students believe an MBA is worth it when:
Return on investment is arguably the biggest concern when it comes to determining the right time to earn an MBA. Researching various aspects of the job market such as average salaries and the demand for MBA graduates in the workplace is essential when determining when you should earn your MBA. Studies show that an MBA offers a direct path to leadership opportunities. According to U.S. News & World Report, students with MBAs are more likely to stand out amongst other applicants, because their education sets them up to manage multiple departments within a company.
When discussing salaries, the Graduate Management Admission Council (GMAC) noted that median starting salaries for MBA graduates reached an all-time high in 2019. Furthermore, current research from U.S. News & World Report shows that average salary projections for 2020 MBA grads will be $79,043 (more than $20,000 more annually than students with a bachelor’s degree). The University of Tennessee Chattanooga (UTC) Flexible and Online MBA programs are an affordable way to increase your annual salary for years to come.
It Offers Specific Concentrations and Career Support
While applicants with MBAs are more likely to stand out, studies show that they may be even more desirable candidates when they have skills geared towards a specific field. In this case, it’s important to seek programs with competitive concentrations so that you’re gaining top-notch, relative information and skills. At the UTC Gary W. Rollins College of Business, we are proud to offer concentrations in finance, healthcare administration, and business analytics in addition to our general MBA. According to U.S. News & World Report, concentrations in financial services, health care, and technology are some of the most desired specializations that a company seeks.
Additionally, many students say that having adequate support through a university or college career center can be a game-changer when seeking and landing job opportunities. At the Gary W. Rollins College of Business, we are fortunate to house our own career development services and a dedicated career coach for our MBA graduate students, which allows us to give individual attention to each and every student’s career goals.
It Lands You a Promotion/Job
It is important that students know exactly why they want to earn their MBA degree. Some students pursue their MBA in order to change careers, while other students are continuing their education to advance their existing careers. Regardless of which category you may fall into, it’s important to have a firm grasp on your own career goals, so that your MBA program may best benefit you. When students have identified promotions in their current lines of work or have pinpointed specific careers that they wish to pursue, they are in a great position to start their MBA program. These students are able to gear their coursework, projects, and conversations towards their own personal career goals, which helps them to maximize the benefits of their MBA and gain experience that can be discussed in a job interview. At the UTC Rollins College of Business, our Graduate Career Coach is ready to help you reach these goals through one-on-one career coaching, resume reviews, interview and career seminars, and a plethora of career resources to answer all your questions.
It Helps You to Build Your Network
According to Poets & Quants, hiring managers are more likely to hire graduates from their alma maters. Furthermore, research shows that applicants with broader networks are more likely to land their desired jobs than applicants who do not have an inside connection. Poets & Quants recently interviewed several students who indicated overall satisfaction with their MBA programs because it expanded their overall network and led them to opportunities that they may not have had access to otherwise. Enrollment in the University of Tennessee Chattanooga (UTC) Flexible and Online MBA programs provides students with the opportunity to build professional rapport with their colleagues, professors and community business leaders through networking events and professional programming which can ultimately lead to an expansion of career opportunities.
Each person’s academic and career goals are unique. That’s why research in several capacities is imperative when determining when an MBA is worth it. At the UTC Gary W. Rollins College of Business, we’re proud to offer our students competitive concentrations, exceptional career development services, and constant support and guidance. By doing so, our students are able to successfully complete their programs and thrive in their careers.