Are you interested in re-focusing your talents and launching a new business career? Whether you aspire to a leadership position within your company, a new role in your industry or a lateral move across sectors, pursuing a Master of Business Administration online can be your catalyst. According to U.S. News & World Report estimates, two thirds of MBA graduates use the degree as a means to a career change.
Hiring and Compensation Statistics
Hiring demand for MBA graduates is strong, according to the Graduate Management Admission Council (GMAC). When you calculate your potential ROI for an MBA online, consider the hiring statistics from the 2015 Year-End Poll of Employers:
- 96 percent say that hiring MBA graduates creates value for their companies.
- 75 percent expect to hire MBA graduates in 2016, with most projecting hiring increases.
- 69 percent say recruiting MBA graduates is a priority in their hiring plans.
- 57 percent say their companies are “expanding and growing.”
- 56 percent plan to increase starting salaries at or above the inflation rate.
Compensation trends look just as promising as hiring expectations:
- The median base salary for all MBA alumni in the U.S. is $125,000.
- 77 percent of online MBA alumni say the degree increased their earning power.
- The median annual wage for management occupations was $98,560 in May 2015 — the highest of all the major occupational groups.
- Salaries climb to $75,070 with 5-9 years of experience and $98,323 with 10-19 years — according to January 2017 Payscale data.
Self-Transformation: From the moment you apply to an MBA online program to the moment you graduate, the experience changes you. It gives you opportunities to reflect on your career experiences, focus on professional development, and explore a variety of business fields. The process can change your perspective and your priorities, bringing new long-term career goals into focus.
Broad Business Knowledge: Take advantage of the opportunity to step outside of your role and your industry to learn about the global economy and macro business concepts. MBA students receive a well-rounded education in organizational structure and business planning, as well as functional concepts in operations, supply chain, finance, marketing, accounting and business law.
Transferable Leadership Skills: You may have limited opportunities in your current role to develop a range of executive-level leadership capabilities. Employers value these skills, which transfer across functions and industries, enabling you to assume roles of greater authority. They include team building and management, communication, intellectual creativity, problem-solving, critical thinking and cultural awareness.
A Professional Network: In an MBA online program, professors and peers from across the country and around the world challenge and support you. You have opportunities to meet and learn from accomplished executives and business leaders. These interactions can lead to lifelong friendships and business relationships. Many MBA graduates look back on the contacts they made as one of the most important benefits of their education, proving the maxim that it is not always what you know that matters; often, it is who you know.
A Career Change
Once you decide that an MBA online is the change agent you seek, research a variety of industries and business functions and focus on the attributes of people who are successful in the areas that appeal to you. Are their personality types, talents and skills similar to your own?
If they are, think about your career accomplishments and how you may have demonstrated these attributes. Look for career opportunities with strong projected job growth that rely on these attributes.
In this economy, it is hard to find someone who stays in one job or one industry for the duration of his or her career. Trends change, businesses evolve and the global economy demands that professionals update their knowledge and skills to keep pace.
MBA online graduates often enjoy more leadership opportunities, greater financial security, and the satisfaction that comes from successfully changing careers. By leveraging your talents and career experience with a cutting edge business education, you can catapult your career in a new and more exciting direction.
Learn more about the Boise State online MBA program.
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