7 Key Benefits of an MBA
1. Increased Job Prospects
The MBA is one of the most versatile degrees available. Many fields have a strong need for well-rounded leaders who understand everything from data-driven decision-making to business ethics. MBA graduates can unlock passion-driven career paths across numerous industries, leveraging their unique blend of skills, interests, and experience to thrive in fields such as:
- Healthcare
- Biotechnology
- Marketing
- Hospitality
- Finance
- Information technology
- Nonprofit
- Manufacturing
- Human resources
2. CareerAdvancement
The MBA can help improve career trajectories, leading to promotions or more fulfilling opportunities. Increasingly, graduate-level degrees are either required or strongly preferred for middle-management and senior roles, with the MBA helping aspiring leaders get a foot in the door.
From there, the skills and contacts developed through an MBA program can facilitate further advancement to help ambitious professionals move into high-level roles such as general manager, director, or vice president. In some cases, the MBA even serves as a precursor to entering C-suite roles such as:
- Chief Financial Officer (CFO)
- Chief Information Officer (CIO)
- Chief Human Resources Officer (CHRO)
- Chief Marketing Officer (CMO)
- Chief Technology Officer (CTO)
In addition to securing high-level roles, many MBAs leverage their skills and vast professional networks to help them succeed in entrepreneurial efforts. This may involve launching a startup or working as a consultant — both attractive options that promise plenty of autonomy.
3. Increased Earning Potential
Since the MBA is often viewed as a stepping stone to higher-level roles, significant increases in salary can follow. With increased responsibilities comes the potential for a higher salary or even substantial bonuses.
Promising insights from the Graduate Management Admission Council indicate that, upon earning an MBA, professionals enjoy a swift and sizable boost in salary, followed by additional wage growth as they gain additional experience and continue to climb the career ladder.
The increased lifetime earning potential can be considerable, but immediate salary improvements are also worth considering: Median anticipated earnings of $125,000 for MBA graduates, as revealed by GMAC’s 2023 Corporate Recruiters Survey, show that this career path is one with notable financial benefits.
4. Skill Enhancement
While pursuing an MBA, students work hard to develop a wide range of in-demand skills, which in turn help them embrace workplace challenges and perform well on the job.
Many MBA candidates seek skill enhancement for professional purposes, but accompanying personal rewards also deserve consideration. Simply put, it is exciting and gratifying to learn and develop new skills. This can provide a boost in confidence while instilling a passion for professional development and continuous learning — both essential in today’s quickly evolving business landscape.
Hard Skills
Hard skills reference the clearly measurable competencies that many employers cite as priorities during the hiring process. These skills are front and center in many MBA courses, which help develop proficiency with many tools, technologies, and quantitative or data-driven techniques.
By acquiring these skills, future leaders can gain a clear competitive edge, especially if these competencies are fully integrated with soft skills (discussed in more detail below). Essentials covered through MBA coursework include:
- Quantitative and analytical skills – Revealing how to leverage statistics and large volumes of data to drive impactful business decisions, the MBA delves into the nuances of accounting, process analysis, and other quantitative essentials to help future leaders make better investment and managerial decisions.
- Technological skills – Today’s leaders draw on numerous software solutions to enhance efficiency and drive innovation. MBA programs can familiarize students with many of these tools and technologies while also promoting technological adaptability so that it is easier to navigate or embrace new solutions as they become available.
- Risk management – Every sector, business, and initiative incurs some level of risk. Therein lies the need for risk management, which helps professionals and companies plan for and deal more effectively with inherent risks. Bringing a systematic approach to identifying, assessing, and mitigating these concerns, risk management qualifies as a hard skill and also encompasses other technical skills such as quantitative analysis.
Soft Skills
The MBA is unique in that it places an equal emphasis on hard and soft skills, both of which are vital to success in today’s competitive market. Soft skills determine how leaders relate to team members, stakeholders, clients, and even the public while helping these leaders whether a range of challenges with ease. Soft skills developed through pursuing an MBA include:
- Communication
- Emotional intelligence
- Time management
- Collaboration
- Critical thinking
- Cultural competence
- Conflict resolution
- Teaming
5. Career Resilience
As the workforce evolves, the enduring value of an MBA becomes abundantly clear. Workplace trends may come and go, but there will always be a strong need for competent and inspiring leaders, who can uncover exciting business opportunities while navigating the field’s greatest challenges.
6. Expanded Professional Network
An indispensable component of career success at the management level, networking can unlock powerful opportunities while providing access to a vast pool of resources.
MBA programs provide a wealth of networking opportunities while making the actual process of networking deeply enjoyable. Every class functions as a networking experience, with students encouraged to develop solid relationships through teaming opportunities. These experiences allow students to apply critical concepts in a group setting while navigating the challenges of collaboration and learning how to navigate complex team dynamics.
Connections forged through MBA courses can prove impactful years later, providing valuable insights into emerging opportunities while boosting overall visibility in the business community. Many MBA graduates are eager to get involved with robust alumni networks, which can yield personal and professional opportunities long after graduation.
7. Enhanced Knowledge of the Global Market
Today’s management professionals are increasingly expected to work with team members or clients from numerous backgrounds — including those based thousands of miles away. These interactions call for cultural competence, with leaders expected to adjust their communication style to reflect the nuances of different goals, personalities, or backgrounds.
A far-reaching understanding of global markets and supply chains is also key. Coursework should tackle international business from diverse perspectives, including the intricacies of global economics, while using case studies to better illustrate complex international concerns.
Decide If an MBA Is Right for You
For those eager to embrace exciting leadership opportunities, Boston University offers the opportunity to realize the benefits of an MBA, all while studying 100% online. Our integrated MBA curriculum provides powerful, real-world takeaways and can prepare you to make your mark in the opportunity-filled business landscape. Request more information or sign up for an advising appointment today to discover if this program is right for you.
