The Real Value of an MBA
Is an MBA Worth It?
If you are contemplating earning your master's in business administration (MBA), there is a lot to consider before making the decision to enroll. One of the questions that is likely top of mind is, “Is getting an MBA worth it?”
If you are in business, management or have your own business, your return on investment of an MBA is potentially high. It can increase career advancement opportunities in your current position or help you get a better job. It can also provide a path for more significant salary growth throughout your career.
However, many graduates will tell you the actual value of an MBA increases beyond any monetary worth. MBA graduates cite numerous benefits including personal and professional growth, along with developing a lifelong network of meaningful relationships in the business industry.
When it comes to determining if an MBA is worth it, there are several factors to consider. Let’s dive into them further.
What is the Monetary Value of an MBA?
The answer to this depends on a lot of variables. For example, what business school will you earn an MBA from? What part of the country will you be working? Which industry and specific field? Choosing an area of concentration can give you a competitive edge over your peers when applying for job, which typically leads to a higher MBA salary.
Where you obtain your business education can make a big difference when it comes to compensation. MBA graduates of Creighton's Heider College of Business, for example, report an average annual salary that is 20 percent higher than that of MBA graduates from other universities.
Research by Payscale indicates that MBA graduates earn salary increases faster on average than those with an undergraduate degree. In addition, they earn the highest salary of all degree levels for the duration of their careers.
Your earning potential will also be impacted by the specialty you pursue. Generally speaking, the concentrations leading to the highest MBA salaries are strategy, general, strategic and financial management, corporate finance, operations management and operations and supply chain management.
A Closer Look at MBA Concentrations
Most MBA programs are made up of core courses that provide a foundation for the key principles applicable to all areas of business. Examples of these include:
- Leadership and Organizational Behavior
- Survey of Business Intelligence and Analytics
- Business Policy and Managerial Action
- Business, Ethics and Society
In addition to these, MBA students may opt to concentrate on a specific business area by taking multiple courses in a specialized subject. At Creighton's Heider College of Business, these concentration areas include:
- Business Intelligence and Analytics
- Financial Psychology and Behavioral Finance
- Personal Financial Planning
What is the Personal and Professional Value of an MBA?
When it comes to personal and professional growth, graduates say the benefits of getting an MBA are numerous. Creighton alumni often say the true value of an MBA degree comes from the networking opportunities and relationships developed during the program and the lifelong alumni network. These connections will serve as a valuable source of personal and professional support throughout your career. Additionally, you'll find that Creighton's respect and solid reputation in the community and throughout the country will help facilitate career opportunities over your lifetime.
Creighton's MBA program caters to high achievers. It provides you with advanced leadership skills and a big-picture understanding of business that can help you advance into management and move up the ranks. You will experience many aspects of business that will help you excel as an executive and strategic thinker.
These proficiencies go beyond basic book knowledge and focus on the 21st-century skills employers are looking for in leaders. These skills include:
- Critical and strategic thinking
- Business writing
- Negotiation skills
- Process improvement
- Human resources management
As a Creighton MBA student, you will master valuable communication skills that will allow you to make persuasive and compelling presentations and business proposals. You'll learn how to effectively manage groups of co-workers and perfect your ability to inspire and motivate people. These are critical tools for handling challenging business projects that require collaboration and teamwork. After graduating from the MBA program at Creighton University, you will have the confidence you need to be an effective, efficient and strategic business leader.
What Should I Consider Before Choosing an MBA?
As with any major venture, you need to anticipate your return-on-investment. There is a lot of data that suggests your post-MBA salary will be significantly higher than if you just stay the course with a bachelor’s degree and field experience. And while other graduate degrees also provide value, the MBA is the gold standard for professionals in the business world.
Where you earn your MBA is also an important consideration, because not all programs are created equally. As you research options, think about the following questions:
- Are the faculty seasoned experts in their respective fields?
- Is the program flexible enough to fit into your already busy life?
- What kind of reputation does the school and program have compared to others?
- Where are graduates employed and what kinds of job titles do they have?
A survey conducted by the Graduate Management Admissions Council found that being part of a thriving, business-focused alumni network can be an invaluable opportunity for graduates. An overwhelming 95% of alumni surveyed said they would recruit an alumnus of their university for a job.
So Is an MBA Worth It?
Each individual has to determine their own value of an MBA. Research and graduate testimonials both suggest earning this advanced degree can have a positive effect on compensation levels, job opportunities and advancement potential. If any these align with your personal and professional goals, then earning an MBA from a reputable university may be the right choice.
Earning an MBA from the Heider College of Business at Creighton University will prepare you to lead with integrity and make a meaningful difference in the business world. Learn more about our nationally ranked program by visiting our MBA program page.
Curious what an MBA can do for your career? Forecast your future today!