You have enjoyed a successful stint in the workforce and learned a lot along the way. You’re ready for a change, however, and you need additional training and credentials to prepare you for a strong professional future. A graduate-level education could make all the difference; now, you must select a program that aligns with your new career objectives.
A great option? The Master of Business Administration (MBA). This highly esteemed degree program facilitates a fresh start in the professional world while still allowing you to leverage your unique skills and experience. It represents the ultimate win-win scenario, equipping you with targeted skills while also conveying to employers that you are willing to put in the work to better yourself as a person and a professional.
The decision to pursue your MBA may seem simple, but you will need to make critical decisions that could set the trajectory for your new career: which business school to attend, which concentration to pursue, and how to leverage this opportunity to ensure a seamless transition.
We’re here to help. For those who have wondered, “Can an MBA help you change careers?”, this guide makes it abundantly clear that the answer can be an emphatic yes! Furthermore, we discuss how to change careers and what you can expect when going to school for business.
Can an MBA Help You Change Careers?
Every graduate student has a different reason for pursuing an MBA. Often, this is regarded as the most reliable strategy for scoring a promotion and advancing into leadership roles. A wealth of research indicates that, upon earning this highly respected degree, professionals in all fields are able to command far higher earnings.
Results from the Graduate Management Admission Council’s (GMAC) Corporate Recruiters Survey suggest that, on average, MBA graduates enjoy average starting salaries that exceed bachelor graduates’ earnings by up to 40 percent. With median starting wages of $115,000 (and plenty of room for salary growth), there is no denying that—even from a strictly financial perspective—this is an attractive path.
What if you aren’t content to merely move up in your current career? If you’re ready to enter a whole new field, the MBA could be your ticket to success. Much depends on which concentration you pursue and how you utilize transferable skills, but with a little strategic planning, you could almost certainly count on the MBA to open doors to a completely different career trajectory.
Should You Get an MBA to Switch Careers?
The MBA is an excellent path to seeking a new career, but it’s not the only path. Various graduate programs are available, and depending on specific skills required in your future field, other degrees may prove more relevant to your unique goals. That being said, few are as versatile or as respected as the MBA, so based on reputation alone, this could be a solid fit for your new resume. Consider the below assessments to determine whether an MBA career change is right for you:
Assesses Your Career Goals and Motivation
After a few years in the workforce, it might be easy to lose sight of what exactly ignites your personal passion. Dig deep to determine what makes you feel alive on the job and in your personal life—then craft career goals that align with these interests. Ideally, you would arrive at a few compelling goals that make you feel motivated to take the next step in your career.
5 Questions to Ask Before Making a Career Shift
You are interested in changing careers but not entirely confident it’s the optimal move at this time. Perhaps you are still trying to decide which field you want to enter or which steps to take to prepare for a career shift. Self-reflection can help, so ask yourself these five questions before you move forward with the process of changing careers:
1. Am I Passionate About My Current Career?
What is it about your current career that makes you eager to try something new? Are you struggling to find work or dealing with stagnating wages? If, despite these concerns, you still feel passionate about your field, it may be better to plan for moving up the career ladder rather than seeking a lateral shift.
Otherwise, you could also identify the specific qualities you love about your current career and aim for a field that shares these key attributes. However, if you are feeling ambivalent about your career, it might be time for a change.
2. Is There Room for Growth and Advancement?
Think carefully about advancement opportunities within your current sector as well as in your potential new field. Once you score that first big job opportunity, will you be capable of advancing as you gain more experience? It might not be prudent to dedicate considerable time and effort toward entering an area if there are limited prospects for the future. This holds true even if you’re driven by passion.
3. Do I Have a Clear Vision for My Desired Career?
Specifically, what do you want to achieve as you embark on a new career path? This can be difficult to envision at the outset, but goal setting remains essential. If you have clearly defined objectives, you can select your degree program and concentration accordingly. This also helps you identify which skills you lack and develop a targeted plan for acquiring them or otherwise expanding on your current skill set.
4. Am I Willing to Invest Time and Effort Into Transitioning Careers?
The transition process will always involve a learning curve, and depending on which field you hope to enter, it could prove surprisingly steep. MBA students often commit several years to this transition, although timelines vary from one person to the next.
Based on your personal circumstances, you may not currently be in a position to dedicate much time and effort to new career endeavors. Still, solutions such as online or part-time education can help you ease into this transition.
5. Have I Conducted Research on the Job Market and Industry Trends?
There is no perfect time to switch careers, but certain market conditions are more conducive to such transitions than others. In general, this shift is significantly easier during times of low unemployment. Faced with a tight labor market, employers are forced to consider job candidates with less experience. As unemployment rises and with increased competition, many will be pickier during the hiring process.
Keep in mind that this can vary drastically between industries. Even in a strong economy, some areas may stagnate as new technologies take over, while a weak economy can still spark substantial growth in other realms. The Bureau of Labor Statistics (BLS) can provide valuable insight into sector-specific trends, so take a close look at the anticipated outlook and other data to get a sense of how many job openings are expected in the next few years.
Self-Assessment Tools to Try
Self-assessment tools can offer practical insight into your career prospects. While these won’t provide a definitive answer, they help cut through the confusion and determine what you really think about numerous career options. Top assessment tools worth checking out include:
- Gallup’s CliftonStrengths
- CareerOneStop Assessments
- O*NET Interest Profiler
College-based career services or leadership departments can also provide valuable guidance. UTC’s Center for Career and Leadership Development, for example, offers a variety of resources for exploring your interests and how they relate to your MBA career change.
Weighing the Pros and Cons of the MBA Option
Sometimes, the most effective decision-making tool is a basic list of pros and cons. To that end, we’ve highlighted common pros and cons of an MBA, especially in the context of changing careers. Note that these advantages and challenges won’t apply to all students but are typical factors that play into the decision to attend business school.
Pros
The MBA is universally respected. This esteemed degree signifies hard work and commitment. It can give your resume a significant edge, even if you lack the specific types of experience that top employers seek.
There’s no denying the value of the MBA as a credential, but the cliche “It’s not what you know, but who you know” also holds a grain of truth. Thankfully, the MBA provides both: a solid business foundation plus the opportunity to expand your professional network. Through this program, you can develop relationships in your new field, which could then introduce you to job opportunities that might otherwise seem out of reach.
Cons
Simply put, MBA programs are rigorous and call for a great deal of commitment. If current concerns in your life would keep you from giving it your all, it might be worth waiting until you can give this degree program the attention it warrants.
Another potential downside is the cost of attending an MBA program. We’re not necessarily just talking tuition, fees, or study materials; if you temporarily scale back professional commitments so you can focus on coursework, there is also the temporary loss of income to take into account. As such, you want to feel confident your future career path could offset this with a boost in compensation and ample opportunities to advance.
Going to School for Business
If you are ready to proceed with a career shift and believe the MBA could propel you to new heights, it’s time to get focused and plan your business school experience. Throughout this endeavor, keep the end goal in mind: a new career you love.
The MBA Advantage
The concept of the MBA Advantage refers to the unique confidence MBA graduates carry and the impressive power this degree confers. As discussed, this credential highlights your elite status as a professional and your willingness to go the extra mile in search of excellence.
Choosing the Right MBA Program
Despite their near-universal acclaim, MBA programs can differ considerably from one college or university to the next. Do your research to determine which concentrations are available, which programs have the best reputation, and what type of timeline or format you can handle. Look into curricula, accreditation, and student feedback to get a better sense of what precisely each program involves. Take a look at online and hybrid formats, which better suit the needs of a working student.
Launch Your Career Change at UTC
Ready to embark on an exciting professional journey? As you plan a successful career change, look to UTC’s Gary W. Rollins College of Business for support. We are eager to help you advance your career or transform it altogether. Our MBA program can offer you a promising start. Reach out today to learn more or to begin the application process.
