Assessing the value of an advanced degree, particularly a Master of Business Administration (MBA), requires a clear understanding of return on investment (ROI). In the context of an MBA, ROI isn’t just about financial gain. It’s about considering both the financial and non-financial benefits professionals receive from the program in relation to the costs involved, including tuition, fees and the opportunity cost of not working full time. Benefits include potentially earning a higher salary, having better job prospects, developing valuable skills, building a strong network and career advancement.
Advanced business programs like the Eastern Washington University (EWU) online MBA with a General Business Concentration explore core business disciplines like finance, accounting, marketing, operations and leadership. Through rigorous coursework, case studies and real-world simulations, students understand how businesses operate and develop the skills to succeed in management roles. MBAs are highly regarded in the business world and are often pursued by individuals seeking to advance their careers, transition to a new field or gain specialized knowledge to excel in their current roles.
Why Get an MBA Degree?
The decision to earn an MBA degree is a personal one, driven by an individual’s professional goals. An MBA opens doors to various career paths, ranging from corporate management to entrepreneurship. There are numerous reasons why an MBA can be a transformative opportunity:
- Increased earning potential. Information from GMAC’s Corporate Recruiters Survey shows that MBA graduates can command significantly higher starting salaries, as much as $125,000 annually, compared to peers with bachelor’s degrees, who typically receive about $75,000. This translates to a faster ROI as increased earning power offsets the online degree program’s cost.
- Improved hard and soft skills. An MBA hones analytical and problem-solving skills, equipping graduates to tackle complex business problems. It also cultivates crucial soft skills like communication, leadership, teamwork and negotiation, making graduates more well-rounded professionals.
- Increased job security. An MBA signifies a commitment to professional growth and positions individuals as a valuable asset to any organization. This can mean greater job security and stability in a competitive job market.
- Expanded professional network. MBA programs often foster strong connections among classmates and alumni. This network of like-minded people can open doors to new opportunities and mentorships.
- Boosted credibility. An MBA from a reputable institution adds weight to a resume and enhances an applicant’s credibility in the eyes of potential employers. It signals expertise in business basics and sets an applicant apart from the competition.
- Flexibility. Online degree programs like EWU’s MBA with a General Business Concentration allow working professionals to pursue their education at their own pace while still managing work and family life.
While an MBA’s financial ROI is compelling, the benefits extend beyond a higher salary. Intangible benefits like improved skills, increased confidence and a broader professional network contribute to a more fulfilling and successful career.
An Online Business Degree: A Modern Approach to Business Education
Online MBA programs provide a convenient and accessible way to obtain an advanced business degree. EWU’s online MBA with a General Business Concentration program offers a flexible format that caters to working professionals. This allows students to continue their career advancement without compromising their current responsibilities and preferences.
By making a strategic investment in an MBA, students are investing in their future. The knowledge, skills and network they gain empower them to navigate the field of business and achieve their full professional potential. For business professionals looking for a rewarding career path, an MBA program like EWU’s online general business option can be the key to unlocking their success.
Learn more about EWU’s online Master of Business Administration with a General Business Concentration program.
