If you’re thinking about getting your MBA, you are probably already aware of ROI (Return on Investment). It’s an essential calculation as you plan your education and subsequent career goals. The entry salary of an MBA is, on average, 38% higher than that of a B.A. And this advanced degree often opens up leadership roles. Those can all deliver significant ROI.
However, many students make a fatal flaw in their MBA ROI calculation. They don’t consider that even while their working toward the MBA, they have the potential to earn more ROI.
As you consider your MBA future, it’s an important number to evaluate. After all, you may be working on your MBA for two years—or more—and you don’t want to put your life on hold to do it. It’s nice to see some of that ROI showing up in the short-term.
We have seven surprising ways you can earn ROI while completing your MBA.
1. Experience Preemptive Career Advancement
Most people work full- or part-time while getting their MBA. It’s not like high school where you’re in class seven-to-eight hours a day. There’s time for both work and an education.
Once you start working on your MBA, you will want to tell people. Many will be impressed by your commitment to self-development. One of the people who should definitely know is your employer, including your direct manager and their manager.
Those in leadership know that you are learning a lot while working on your degree. You will be applying that as you go, so when all else is equal, you have more to offer your employer. They also want to keep you in the company after you get your MBA.
For these reasons, they may consider you for positions where an MBA is preferred, even though you’ve yet to earn it.
2. See More Interest from Potential Employers
Interest doesn’t pay the bills. At least not this kind of interest, but there is still a return on investment to consider here.
People who put MBA in progress on LinkedIn earn extra notice from recruiters and employers who use the site to scout out talent for their businesses. That’s especially true if the school listed is well known in the area, like The University of Tennessee Chattanooga.
This means more people want to network with you, which gives you some social credibility. And it’s very common to start getting some inquiries for jobs from employers who appreciate your ambition and want to bring you in now so they can start working with you as you’re learning.
You can leverage this engagement in two ways for extra ROI. Either accept a better-paying job if you get an offer. Or use the fact that you’re getting job offers in negotiations for higher pay from your employer.
You’ll be putting into practice what you’re learning. After all, “negotiation” is an important skill you learn while working on your MBA. Even if you don’t feel equipped to have this conversation now, you will.
3. Have More Time on Your Hands
This one seems contradictory and it often surprises people. How do you have more time when you’re working and studying for an MBA?
One of the vital skills you learn while working on a Master of Business Administration is how to manage time more effectively. Although you may be doing more, it feels like you have more time to do it. Even if you think you’re already good at this, know that you’ll get even better. The longer you’re in the program, the easier it becomes. It seems like you have more time for school, family, work, a personal life, and all important “me” time.
What you do with this time is up to you. You can use it to work on your relationships, build partnerships, volunteer for a cause you care about, accept an important internship, or work more hours. All of these can deliver ROI.
By the way, the University of Tennessee Chattanooga offers flexible MBA programs, so if you need more time, you have it.
4. Access Exclusive Support Services
Being a student also has its perks. You may have access to extra resources like:
- Career coaching
- Online student resources
- Online scholastic libraries
- Free industry-specific workshops and classes
- Mentoring professors when you have questions about your current job
- Discounts on things like business cards, resume writing, proofreading, computers, etc.
To get the highest ROI, be sure to see what resources your university offers and take advantage of them.
5. Get a Jump Start on Networking
Networking is another essential skill you’ll pick up in your studies. Networking is more than connecting with people on social media. You’ll build partnerships and meet people who are really good at different things. You’re also great at some things that others are not. You may have regional, cultural, or industry knowledge others don’t have. Nurture these partnerships by demonstrating that you’re also a valuable person with whom to network.
6. Become a Better Listener
There are a number of important so-called soft skills that you’ll learn in an MBA program. One of the extremely valuable life skills you’ll learn when working on your degree is active listening.
Active listening is an art that most people, especially busy people, do not possess. When you listen actively, it’s easier to follow the flow of conversation and respond at the right times with the right words. You better understand what the other person needs from you in the conversation and what body language is telling you. This can help you in:
- Home relationships
- Job interviews
- During performance evaluations
- Asking for a raise
Since you develop these skills as you go, you don’t have to wait until you’ve completed your MBA to earn this return on investment.
7. Get Employer Benefits
Many employers will pay some, or all, of your college tuition if you agree to work there for a prescribed period of time. This is free money you may be missing out on, and yet another ROI to pursuing your MBA.
Why Wait to Start Earning ROI for Your MBA?
ROI earning potential awaits you. Start earning ROI quickly by enrolling in The University of Tennessee Chattanooga’s flexible, 100% online MBA program.