Edited by Zee
What does an MBA really give you?
It’s no secret that an advanced degree is beneficial in almost any industry, and an MBA is no exception. Hiring rates for an MBA candidate are projected to grow 16% by the end of 2014, and most MBA graduates see an increase in salary anywhere from 53%-81% post-MBA.
According to GMAC data, 96 percent of MBA graduates rate the value of their degree as outstanding, excellent or good and would recommend a graduate management education to others. Three out of four graduates say they could not have obtained their current job without their graduate business education.
In the past, MBA candidates have been unable to attend top-20 programs due to factors like geographic limitations and work obligations; foregoing a full-time salary, moving across the country, and (perhaps) leaving a family behind, just wasn’t a viable option.
However, as technology advances and online MBA programs from top-20 schools become more robust, many professionals are considering going back to school. As a result, there has been a shift in the demographic of online MBA students who, historically, would have opted for an EMBA program or a part-time program.
Online MBAs: best of both worlds?
Pursuing an online MBA program while working full time reaps both short-term and long-term benefits. In the short-term, MBA candidates are more valuable to their current employer, as they are able to apply new skills they are learning the very next day. In the long-term, not only does an MBA empower candidates with the acumen that is required to function at the C-suite level, but it also gives candidates the tools and know- how to create their entrepreneurial venture.
This infographic below by UNC Kenan-Flager provides current data on the ROI of an MBA. MBA@UNC, Kenan-Flagler’s online MBA program, has seen an increasing number of well-seasoned executives apply to the program, as it is flexible yet rigorous, and self-paced yet collaborative (via synchronous live class sessions). At MBA@UNC, high-level executives are able to get the same education as they would get in an on-campus program, regardless of their location.
Editor: A popular reason among finance-related MBA students is that it helps them break into a particular financial industry (investment banking, private equity, venture capital, etc). And especially if the firms you’re targeting recruit from your school, this is undoubtedly true. But do weigh the cost of an MBA with aggressively cold-calling and networking, and have a think about which would actually work better for your situation.
Would an MBA or online MBA work for you?
But what do you think? Do you think going for an MBA, or an online MBA, works for your situation? Sophie, being an entrepreneur, obviously sees less value in an MBA personally, as she writes in her article here. But we’d love to know what you think – let us know in the comments below.