The skills gained in an MBA program can improve your problem-solving abilities, change management strategies and technical savvy. This will help you advance your career in a variety of industries.
An online MBA in general business can be a great option for seasoned professionals or those looking to switch careers. An MBA can increase your earning potential and provide many other benefits:
Expand Your Skills
Students who graduate with an MBA report earning tens of thousands more than their pre-MBA salaries. The degree also increases their lifetime earnings potential by 50%.
Whether you want to start your own business, move up the corporate ladder or work in the not-for-profit sector, an online MBA can help open doors. MBA programs teach valuable communication, organizational, leadership and tech skills across industries. Most MBA programs require applicants to have several years of professional experience. However, some accredited MBA programs online allow students to gain professional experience while pursuing the degree, and many schools have flexible application deadlines.
Students seeking an MBA should research program rankings, the types of courses offered and what they will be learning. They should also consider their financial situation when choosing a program. Some MBA programs offer financial aid, including private loans and grants, to make the program more affordable. In addition, some employers offer tuition reimbursement benefits to employees.
Boost Your Confidence
In addition to enhancing your career opportunities, an MBA can give you the confidence you need to stand out in a competitive job market. According to BLS data, professionals with a master’s degree earn 19% more than those who only have a bachelor’s degree. MBA programs simulate real-world business environments through team projects, case studies and other coursework. This allows you to build teamwork skills that can help you professionally, including when it comes time to start a company.
Entrepreneurship is a common goal for many professionals, and an online MBA in general business can provide you with the foundation to launch your venture. An MBA will teach you the fundamental concepts to turn a startup into a lasting institution, including creating a legal entity and securing commercial banking accounts. This knowledge can help you avoid mistakes that could cause your startup to struggle.
Increase Your Earning Potential
A general MBA program is a great choice if you are a career changer or want to expand your job opportunities. The degree can help you develop problem-solving skills and leadership practices that apply to many industries.
Additionally, you can use your MBA to launch your own business. For example, if you’re interested in opening a florist shop, an MBA can equip you with the skills necessary to maintain financial records and develop marketing plans. Many students also find that the MBA helps them land higher-level positions or secure jobs with larger companies. Many employers offer signing bonuses for new hires with an MBA. This influx of cash can significantly boost your lifestyle and increase your family’s financial stability.
Build Your Network
A strong network of fellow business professionals is essential to career success. Whether in your job search or for ongoing support, an MBA program is one of the best ways to build your networking skills and relationships.
Online programs often offer a variety of avenues for students to connect and collaborate, both in the classroom and beyond. In addition to traditional email, students may use discussion forums operated by their educational institutions or group messaging tools. Continuing these relationships through these channels beyond the MBA program can help graduates grow their networks even further. Those considering an online MBA might worry they won’t have as many opportunities to network with peers or professors. The truth is that online students have just as much potential to develop strong professional connections and networks as their in-person counterparts. You have to be strategic about how you approach the process.