Why You’re Asking, “Is an MBA Worth It?”
Are you interested in a master of business administration degree but wondering whether pursuing an MBA is worth it? You’re not alone!
Whether you’re just getting started on your college journey or thinking of returning to school, it makes sense to wonder whether pursuing an advanced degree is worth the time, expense, and effort.
What matters is that the value you get out of it is equal to (or greater than) what you put in. You want to know what it takes to earn an MBA. But more than that, you need to know where your MBA can take you.
Earning an MBA requires three types of investment: time, money, and energy.
These are a few key questions to ask yourself to determine whether you’ll get a return on that investment (more back than you put in):
- Time: Pursuing an advanced degree requires making room for your studies and creating a new balance in life for as long as it takes to earn it.
Key Question: Will an MBA give you more options for what to do with your future?
- Money: Though financial aid helps, the decision to enroll in any business education program usually requires some personal expense.
Key Question: Will you be able to make more money after earning your MBA?
- Energy: You also have to put a fair amount of mental and emotional energy into the learning experience on the way to your degree.
Key Question: Will your life be more fulfilling with an MBA?
If you can answer “yes” to those questions, then an MBA might be right for you!
3 Reasons Getting Your MBA Is Worth It
A master of business administration degree offers far more than a string of letters (though it does feel good to add “MBA” after your name). It can change your life in several ways.
1. EARN HIGHER INCOME
An MBA should help you maximize your earning potential whether you’re looking ahead to a future career or already working and looking for a pay increase.
The Graduate Management Admission Council (GMAC) conducted surveys of corporate recruiters and MBA graduates in 2021-2022. The reported numbers reveal the earning power of the MBA (compared with a bachelor’s degree alone):
- 22-40% higher average starting salary
- 50% median compensation increase from pre-MBA to graduation
- 71% of recruiters said employees with business degrees earn more at their companies
GMAC reported that with a bachelor’s degree in business, students earned a median annual salary of $80,000. With an MBA, that number rose to $120,000, a clear return on the financial investment!
“Bethany College allowed me to grow into the person I once dreamt about. I have made relationships that will last a lifetime. The Business Department helped me grow into a professional that is well represented in the business world. I will be forever thankful for my experience at Bethany.” – Taylor Stinnett, Business, 2022
2. PIVOT CAREERS WHEN YOU WANT TO
Career flexibility is another strong benefit of holding an MBA. It’s a big reason why nearly nine out of 10 graduates say their MBA was worth it, as over half (51 percent) use their degree to change careers.
What makes MBA programs so valuable to career changers (and first-year college students intending to go all the way through to an advanced degree) is the versatile set of skills they teach. Here are just a few:
- Business Analysis
- Critical Thinking
- Human Resources
- Information Systems
That’s why your MBA will make you highly marketable in a variety of fields. Putting the time into mastering this knowledge gives you the freedom to do just about whatever you want to with your time afterward.
3. GROW AS A LEADER
For most business students, the energy that goes into an MBA program comes out of an inner sense of strong leadership potential. You know you have what it takes. All you need are the skills to channel that energy!
Business school admissions professional Bruce DelMonico has written about how, when this potential is molded in an ethical way, graduates develop the power to improve both themselves and society:
“You may have instincts now about how to handle the professional issues you face, but as you progress in your career you’ll need to turn those instincts into rigorous structures and strategies to have the impact you desire. An MBA is what will give you those structures and strategies.” – Bruce DelMonico, Assistant Dean for Admissions at the Yale School of Management
Also, consider the benefits of pursuing your MBA in a small-college setting. Among other benefits, you tend to get more one-on-one time with professors to help you make the kind of impact as a leader you want to have.
An MBA Is Worth It at Bethany College!
Here at Bethany, we firmly believe that the world needs more thoughtful, compassionate, and ethical leaders in positions of authority. Leaders like that are not only more successful. They make our world a better place.
And that’s exactly the kind of leader our MBA program is designed to help you become!
We also believe getting there shouldn’t cost any more, or take any longer, than necessary. That’s why our MBA “4+1” is designed to accelerate your business career from any point in your educational journey.
- First-Year Student? You can earn an MBA in just five years. Our accelerated program combines four years of undergraduate study with just one year of graduate study.
- Transitioning/Returning to College? You may be able to earn your MBA much faster. We’ll apply as many earned college credits as possible, whether from Bethany or another institution.
Learn about getting real-world business experience to advance your career, personal attention in small-class settings, MBA requirements, and much more today from Bethany College today! Learn and more and apply today!