Earning a Master’s in Business Administration (MBA) degree offers great opportunities in the business world, whether you’re new or a seasoned professional. It can be your key to getting promotions, a higher compensation, or allow you to start your own business.
Studying for an MBA degree, however, can cost you almost $100,000. A survey shows at least 40 percent of MBA graduates from top-ranking business programs, including Duke, University of Michigan, and University of Chicago, have incurred a minimum of $100,000 in debt to fund their education.
This raises the question: is getting an MBA degree worth it?
The Rewards of an MBA
When studying for your MBA, you invest a significant amount of money as well as your time. But after finishing your studies, you’re likely to enjoy its benefits. A survey by the Graduate Management Admission Council shows what graduate business programs alumni think about their business school education, wherein:
- 94 percent find it personally rewarding
- 89 percent said it was professionally rewarding
- 73 percent said it was financially rewarding
Additionally, MBA degree holders may also receive a higher starting salary than those with a bachelor’s degree in business. You’re likely to stay employed, as well. According to the data, 89 percent of business school graduates are employed; 79 percent are for business and 10 percent are self-employed.
Once you’ve finished your post-graduate education, you can explore several opportunities.
Career Opportunities for MBA Degree Holders
The business world offers a lot of opportunities for young and seasoned talents. These include the following:
Business Brokerage
Being a business broker is a rewarding profession. You work as an intermediary during the sale of a small business. Your duty includes providing valuation, advertising, and negotiation services with due diligence to downstream clients. A report by IBIS World says the industry has expanded from 2013 to 2018.
An MBA is not a requirement to qualify for the job, but it can be an advantage. The qualifications to be a business broker include:
- Broker certification
- Real estate license
- Business degree
- Valuation analyst certification
Financial Management
Companies depend on the expertise of financial managers to thrive. As a financial manager, you’re in charge of overseeing the financial activities and transactions of your company. Your responsibilities include:
- Handling cash management and investment activities
- Creating financial procedures
- Managing the budget process
You have higher chances of acquiring this job if you have an MBA with a concentration in finance. The average annual salary of financial managers as of 2017 is $121,750.
Investment Banking
An investment banker helps companies, organizations, and government agencies raise money in the capital markets. You will also give strategic advice about financial transactions, like mergers and acquisitions. Candidates with strong educational backgrounds like an MBA, with a concentration in finance, have an advantage.
Pursuing a post-graduate education is an added expense and will require most of your time. But education is always a rewarding investment in the long run. With higher learning comes higher wages, as most employers prefer or are more inclined to promote candidates with an MBA.