What Are the Benefits of an MBA?
If you are considering pursuing an MBA, you should note that there are several benefits to attaining this degree. The first, and probably the most important benefit—as the MBA degree is not cheap—is the projected increase in income.
The Graduate Management Admission Council (GMAC), a nonprofit educational organization affiliated with the GMAT exam, reported that the average starting salary recruiters plan to offer new MBAs this year is $80,508, nearly twice the $41,860 average salary that those only holding a bachelor's degree can expect to receive. Furthermore, 59 percent of U.S. companies plan to offer signing bonuses to new MBA recruits in 2010.
Those seeking employment in the U.S. financial services industry should do even better. In this sector, an MBA degree garners workers 141 percent more per year in earnings than non-MBA grads with four years of experience, according to a report cited in In Magazine.
The benefits of an MBA are not just monetary, however. Thomas MacKay, Assistant Director of Information Technology at Christopher Newport University, listed 10 reasons in CIO magazine as to why one should get an MBA. Although intended for information technology professionals, the advice is relevant for non-IT workers as well.
The degree "gives you credibility with your business peers," MacKay wrote. "Having an MBA demonstrates your commitment to the business because you've invested...substantial time and energy...to obtain the degree."
It's also "your ticket to the inner circle," as the skills you acquire will enable you to contribute to upper-level-management decision-making meetings.
In addition it "gave me the tools, techniques and resources I needed to run IT like a business—things like risk management plans, performance plans, project management methodologies, steering committees, process maps and marketing plans."
