Getting an MBA started back in the early 20th century when companies needed people with the skills to lead their operations during the era of industrialization. Harvard was the first one to offer an MBA degree in 1908. However, its concept was more of management in the perspective of science. It recognized that there needed to be specific skill sets to create a regular regiment of training in the field.
The MBA has now improved and evolved into having diverse and inclusive programs. It is now intended to expand the skill set of students to include soft skills while allowing them to pick their path. Finance, marketing, accounting, and international business were the traditional specializations in MBA. Now, schools are offering a specialty in other areas or mixing traditional specialties.
Why Should You Pursue An MBA?
It can help you in getting a career in this economy as it provides you with the necessary advanced skills needed for business and management. Employers give applicants with an MBA degree more preference because an MBA gives you advanced skills, experience, and knowledge.
Median Salary Master’s Degree Type
Master of Accounting – $58,186
Master of Management (MMgt/MM)- $70,000
Master of Business Administration (MBA)- $71,483
The benefits you can get will still depend on your goals. MBA is useful if you’re considering being an expert in your current field or if you’re planning on a career change. MBA can improve your background in business. If you don’t have one but are planning on starting your own business, you can also use this to gain skills. Regardless of the educational background, you need to have work experience to be accepted. Undergraduates who don’t have the expertise yet can still be considered, but those with work experience will probably be more preferred.
Careers For MBA Graduates
You can advance your position in your current career, change careers, and find new opportunities. An MBA will indeed put you on the map with employers. The soft skills you can gain from it like effective interpersonal communication skills are what employers want. There are endless opportunities for people with MBA degrees.
Tasks involved in this are preparing and examining financial records and taxes. You can get a job as an accountant with a bachelor’s, but it’s usually entry level. However, employers still prefer those with MBA degrees and specialization. With how tax systems are becoming complicated and the economy growing, accountants will be in demand even in the next decade.
Chief Financial Officer
They oversee the operations in finances of a company or even the financial teams in mid-levels. The latter usually happens if there are high-level responsibilities included in it. Since this is an executive position, most of the time having an MBA is a qualification.
This job usually requires you to supervise the operations in the marketing department like the executives, supervisory, advertising, and promotions. This job will be under the scope of marketing. Those with advanced degrees have six-figure salaries.
Vice President Of IT
Vice presidents supervise both the internal and external functions happening in the company. They give directions on how the operations should work like budgeting and allocation, and meeting up with the board and shareholders. People with this position usually hold one of the highest salaries in the US.
The Salary For MBA Graduates
The salary of people who have MBAs varies as there might be other factors that affect it. Schools often use the return of investments to track the wages of their students after graduation, to the middle of their career, and up to their long-term profession. A starting salary of an MBA from $51,795 could go up to $71,483 as their experience increases. The average salaries can also vary with the specialization and field. It can be clear that those with MBA can earn higher than the average graduate with an increase of 30.6% or $19,000 on their earning potential.
Median Salary Master’s Degree
International Business- $60,700
Accounting- $60, 433
Your potential earning does increase if you have an MBA as compared to an ABA, or BBA. MBAs earn not only the highest salary compared to an undergraduate degree but also the highest increase in pay. The starting salary may not be immediately high, but as your experience increases, your salary can increase to almost $20,000 for the next two decades as compared to those with BBAs who will only experience a $10,000 raise.