by Laura Morrison, April 2014
There may be many ways for you to enhance your career. However, if you have your sights set on one day leading an organization, enrolling in business school may be one of your best options.
Working toward an advanced business degree, such as a Master of Business Administration, will take time. But after you complete your studies, you may have a collection of knowledge and skills you could put to use to pursue your career. Here are a few more in-depth examples of why going to business school could be a smart investment.
A strong foundation
Every MBA program has its own curriculum. However, most business schools tend to offer a group of core classes. During your time enrolled in these graduate programs, you're likely to take courses such as accounting, finance, marketing and management.
Of course, the subjects you focus on will depend on your concentration, but MBA programs are known for providing students with a foundation in business. With the knowledge you acquire in business courses, you can work toward taking your career to new heights1.
Lyssa Surface, owner of LillyBit and a graduate of an MBA program, spoke to Business 2 Community about the impact of her graduate degree.
"MBA students have training in multiple facets of business," Surface told Business 2 Community. An MBA graduate would bring a well-rounded point-of-view and would most likely help out in different areas, since small business employees wear many hats."
The right skills
While companies can certainly train their workers, they're more likely to prefer individuals who already possess an array of desirable qualities. Business 2 Community highlighted a few traits it said business school graduates tend to have, based on interviews with actual MBAs.
For instance, the news source reported that while in business school, students are taught how to lead and solve problems - something Megan LaBant Abrahamsen, owner of Blue Star Bazaar and an MBA holder, told the news outlet.
The news source also highlighted another trait business school graduates may possess - self-discipline. Scandle owner and MBA Christine White told the news outlet that individuals who are willing to continue their education beyond a two- or four-year degree are "motivated and determined." Of course, the same can be said of any student who chooses to enroll in graduate school.
Potentially higher salaries
The U.S. Bureau of Labor Statistics has data that shows the impact more education could have on your salary. According to the BLS, in 2013, workers with a bachelor's degree made $1,108 in median weekly earnings, while master's degree holders took home $1,329 in median weekly earnings. The figures for those who had a professional or doctoral degree were even higher, at $1,714 and $1,623 in median weekly earnings, respectively.2
For a greater sense of how much you could potentially earn after earning an MBA or another advanced business degree, you need only look at some of the positions business school graduates go on to fill.
Top executives, such as chief executive officers and chief information officers, often hold an MBA if they work for a large organization. According to the BLS, top executives number among the highest paid professionals in the country, with chief executives making $168,140 in median annual wages in May 20123.
Meanwhile, financial analysts in advanced positions are often required to hold an MBA. The BLS states that in May 2012, these professionals made $76,950 in median annual wages4.
1. www.business2community.com/human-resources/5-attributes-business-school-graduates-bring-small-companies-0793949#!B3zZK | 2. www.bls.gov/emp/ep_chart_001.htm | 3. www.bls.gov/ooh/management/top-executives.htm#tab-5 | 4. www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-5