There are definitely reasons why people in certain professions may not need an Master of Business Administration (MBA) to succeed in their business careers, but the esteemed graduate degree is a source of both theoretical and practical knowledge that one may not find through real-life work experience. Earning an MBA is a big financial investment but well worth the expense for the knowledge you’ll get in return. Some individuals decide to earn an MBA degree after spending a few years in their prospective fields. They may want to change careers, advance in their current position, or are hoping to expand their business skillset.
Whatever your reason for deciding to go to graduate school, Widener’s online Master of Business Administration program offers students the flexibility to pursue their MBA while balancing work and family obligations. The program is accredited by the AACSB which places Widener among the top one-third of university business schools in the U.S. and Europe.
Students will learn from a leadership-focused curriculum and will have the option to take a customizable general administration track or will choose a concentration such as healthcare management or business process innovation. Students graduate with the communication and leadership skills that employers seek in their workforce – skills that can give organizations a competitive edge.
A recent study by PayScale found the median salary for MBA graduates with at least 20 years of experience was nearly $120,000. The study also found that CFOs with MBAs earned as much as $224,000.
Given that an MBA indicates you have what it takes to perform the functional role in your field, this makes sense. Skills gained range from accounting and economics to statistics, marketing, informational systems, financial management and business process.
These factors explain the tremendous growth in the number of MBAs earned in recent years. More than 150,000 MBAs are conferred annually compared to the 100,000 MBAs awarded just 15 years ago.1
Are there downsides? The leading drawback is cost, with some business schools charging as much as $100,000. There are more affordable alternatives, such as Widener University’s online AACSB accredited MBA program. Tuition is just over $32,000, which is under $1000 a credit hour. Widener’s online MBA program provides quality education at a more affordable cost and puts service, leadership and academics first.
Another drawback is getting accepted into a business school. Some programs require high Graduate Management Admission Test (GMAT) scores, in the 730 range out of a possible 800.2 Fortunately, there are many excellent business schools that will lean more heavily on an applicant’s academic credentials and professional experience in their admissions process. In fact, many modestly priced schools actually offer a faster return on investment than Harvard or Stanford.3 The challenge is selecting the right school for you.
When considering the pros and cons, the pros outweigh the cons. Most MBA graduates are glad they earned the degree. In the recent Graduate Management Admission Council survey of alumni perspectives, 83% of MBAs regarded their degree as essential for finding employment. The vast majority (94%) of respondents said they valued their degrees highly, and 79% said the education they received exceeded their expectations.4
Most important, nearly all the alumni (almost 94%) said they would still get an MBA if they had to do it all over again, which speaks to the value of pursuing an MBA degree.
To learn more about Widener University’s online Masters in Business Administration (MBA) program, call 844-386-7321 or complete the request more information form and a Program Manager will contact you right away.