Dear Matt: I'm considering pursuing an MBA but am not sure how this will help me progress in my career. How do I know spending the time and money to achieve this will be worth it and benefit me in my career?
Matt: Those who are looking to advance their business career often turn to an MBA (master of business administration) program. Obtaining an MBA can improve one's career growth and salary potential, but employers are still looking for well-rounded candidates who have both the education and skill set they're looking for, says Steve Kenney, regional vice president of Robert Half International (rhi.com) in Minneapolis.
"An MBA gives candidates a leg up on the competition when looking for a job," says Kenney. "They must also keep in mind that having experience in a particular industry or specialization is also extremely valuable. Experience, paired with an MBA and/or professional certification, will give candidates the best possible outlook for securing a job."
Research from Robert Half's 2011 Salary Guide found professionals who possess an MBA can receive starting salary offers 5 to 10 percent above the market average. A typical two-year MBA program can cost anywhere from about $30,000 to $100,000, depending on the school and the program. Will you be able to recover that over the course of your career? Often times, candidates who complete an MBA program expect a raise from their current employer and are upset when an increase isn't offered, says Kenney.
Expect that salary increase to happen over time as you apply the skills learned in your MBA program to your career and as you grow in your profession. An MBA can open up new job opportunities that may have previously not been there - and that's where the big salary increases can take place.
Kenney says management (and even family) support, flexibility (is an online program right for you or do you need to attend a more class-based program?) and understanding the time commitment should all be taken into consideration when determining whether an MBA is the right choice.
Having the backing of your supervisors can make the process of earning an MBA much easier. Before approaching your manager for support, prepare a proposal outlining how an advanced degree can benefit you and the company you work for. Also determine if you are able to keep your current job or if you will need to take a leave of absence to pursue an MBA.
"Pursuing an MBA is a serious commitment and will most likely require serious changes in your lifestyle and routine," says Kenney. "Individuals seeking an MBA should thoroughly research any program they may be considering, including issues such as proper accreditation and reputation. Employers and industry contacts are good sources for learning about a program's reputation."