As a person questions his or her future, he or she may wonder if earning an MBA is worth the expense. This list of frequently asked questions can a person decide if furthering his or her education in business administration is worth it. These answers can help a person decide the answer to the question, “Is an MBA worth it” for him or herself.
What Career Options Do You Have With an MBA?
If a person wants to know, “what can an MBA for you,” he or she may wonder what career options are available. One of the main options is advancing in a current business and becoming part of the management team. If a person is already a manager in a branch of a company, he or she may be able to advance to a general manager.
If an individual has an idea to start a business, the skills learned in an MBA program can help them achieve their goals.
Accounting, corporate recruiting, management consulting, management analyzing, and marketing directing are other options with an MBA.
A person who is asking, “what can an MBA do for you,” doesn’t have to limit himself or herself to the world of business. He or she can teach business courses at a community college. Additionally, a person may take on freelance roles with an MBA. If a person wants to work from his or her own home on his or her schedule, he or she can enter into the world of freelance. Copywriting, marketing management positions, and social media management are just some of the options a person has with an MBA.
How Much Can You Make with an MBA?
If a person wants to know the answer to “is an MBA worth it”, he or she may want to know the salary potential he or she has.
Although there is no guarantee that you will make more money, an MBA salary is likely higher. However, the exact amount you earn is very dependent on the job you do and the business school you graduate from.
The amount a person earns varies based on his or her state, the company itself, his or her position, and various other factors. A study published in BusinessWeek stated that the average entry-level MBA salary was $105,000. Someone who graduates from Harvard Business School can expect their entry-level MBA salary to be around $134,000 per year.
Those who graduate from a school such as Arizona State can expect their MBA entry-level jobs salary to be around $72,000. Fortunately though, with experience, a person can earn over $100,000 per year, even with a degree from a second-tier school.
As mentioned above, the MBA entry-level jobs salary varies based on the job and will increase to a higher average MBA salary after five years. For instance, an accountant tends to make around $77,920 per year, which is the same as $37.46 per hour. Marketing managers are one of the highest-paying jobs for MBA graduates. They tend to make around $135,900 per year, which is the same as $65.34 per hour.
A financial manager is another one of the highest-paying jobs for MBA graduates. A financial manager makes an average of $129,890 or $62.45 per hour.
In states like New York, New Jersey, and Delaware, financial managers make even higher salaries. In fact, the average financial manager in New York earns an average of $210,240 per hour. In New Jersey, a person earns an average of $177,410 per year or $85.29 per hour.
Are the Job Prospects for MBA Graduates Good?
Fortunately, many of the jobs for MBAs are expected to grow over the course of the next several years. For example, the job openings for marketing directors are expected to grow by eight percent from 2018 until 2028.
On the other hand, positions for financial managers are expected to grow by 16 percent, which is much faster than average, from 2018 until 2028. Jobs for management analysts are also supposed to grow faster than average. The BLS notes positions for this job will grow by 14 percent from 2018 until 2028.
Basically, any position a person takes on with an MBA is expected to grow over the course of eight years. some faster than others. Therefore, a person will have an easy time finding a job with his or her degree in business administration. A person has to understand how to market his or herself to find these positions though.