Do you feel that you are being held back in your career, even though you know more, perform better and are constantly innovative in your approach to getting things done at your company? Are there other people who are passing you by who don’t seem as proficient at their jobs as you are? Maybe what you lack is something that company executives hold in great esteem – A Master of Business Degree.
Tuck School of Business, part of Dartmouth College, conferred the first MBA Degree in 1900. Since then the degree has come to represent a high degree of skill level for successful candidates who are sought after for high level company positions, and wooed by every type of company around the world. MBA programs expose students to a variety of subjects, including economics, organizational behavior, marketing, accounting, finance, strategy, operations management, international business, information technology management and government policy.
Many programs allow students to specialize in particular areas, such as organizational behavior, marketing, accounting, finance, operations management, technology management, insurance management, strategy or international business.
Business schools and leading media announce on a regular basis the recruitment of MBAs by leading management consulting firms. The constantly evolving global economy dictates that candidates for international positions have an MBA because of the experience garnered during the degree program.
There are international MBA programs around the world, and programs that can be accessed online by distance learning or e-learning. One of those is the Open University Business School of the UK, which enrolls worldwide students. The European MBA programs are typically one year shorter than those found in the United States.
In the United States, by one estimate, the average cost of earning an MBA through an accredited full-time program (excluding room and board) rose from $124,000 in 1993 to $162,000 in 2017. The bulk of the cost shown is in the form of foregone earnings ($109,000 in 1993 and $124,000) in 2017). This same report shows that when accounting for the decrease in expected unemployment as well as the increase in expected wages and wage growth, the financial benefits to holding an MBA degree are the equivalent of an 18% rate of return on the cost of the degree.
Further statistics demonstrate that a starting salary for an MBA degree holder with no corporate experience is $75,000. And the salary of a jobholder who ventures out to obtain an MBA degree will increase 50%-100% when the degree program is complete.
Those statistics alone show the importance of a Master of Business Administration Degree, and its place in securing your financial future. Perhaps it is time for you to consider taking the first step to finding the perfect MBA program for you. It could be you sitting in the Executive Boardroom.