“Is pursuing an MBA worth it?” is a question many entrepreneurs ask themselves when considering graduate studies.
While it may require financial resources and a substantial time commitment, earning a Master of Business Administration (MBA) is worth it.
Despite the pandemic as well as political, economic and global strife, the demand for MBA-level business professionals continues to rise across many industries.
Many companies and recruiters today consider candidates with MBA degrees an asset because of the skills and knowledge they’ve gained throughout their studies.
In fact, according to a 2021 survey by the Graduate Management Admission Council (GMAC), nearly 90% of employers are planning to hire MBA graduates.
For those interested in positioning themselves with significant career advancement opportunities, an MBA degree can help them with the knowledge, skills, resources and connections to achieve that.
Here are four reasons why an MBA is still worth pursuing in 2022 and beyond.
Increased earning potential
Despite economic uncertainty, MBA holders can expect to earn higher salaries compared to their counterparts without an MBA.
According to a recent survey, GMAC projected that MBA graduates would earn a median annual salary of $115,000, while non-MBA degree holders in the same or similar role were projected to earn much less – $75,000 for direct-from-industry hires and $65,000 for bachelor’s degree holders.
Career support and networking opportunities
Universities want their students to thrive, so they set them up for success with many resources and support services.
MBA students have unparalleled access to their university’s career services and opportunities, including recruitment and hiring fairs, executive coaching, resumé and cover letter support, mock interviews and more.
According to another GMAC survey, 67% of graduate business school alumni felt that their program offered opportunities for faster career advancement and 76% agreed that their MBA program developed their professional network.
Career advancement
While having an MBA degree is not a golden ticket to career advancement, it can lead to several new career opportunities for those looking for a change.
Graduates of MBA programs often receive roles that place them on an accelerated path into leadership, executive and C-level positions.
Credibility
Earning an MBA degree demonstrates to future employers a candidate who is well educated and has a deep understanding of the business and entrepreneurial world.
With the skills and understanding of the challenges facing modern businesses today, MBA degree holders can market themselves better amongst the competition.
Moreover, businesses and recruiters are more likely to invest and work with entrepreneurs who possess an MBA than those who don’t.
To learn more about UCW’s MBA program, visit ucanwest.ca/graduate-programs/master-of-business-administration.
Published on April 1, 2022.
