Welcome to Part One of our two-part blog series that explores 7 major reasons to consider pursuing an MBA now.
It’s no secret that the current decline in MBA application volume is due, in great part, to today’s robust economy. Many business professionals simply find it unthinkable to voluntarily leave their jobs in order to attend a full-time MBA program. However, objectively the major reasons for clinging to current employment makes a strong case for at least considering the alternative of pursuing an MBA now.
Here are the first 3 of 7 reasons that we will examine in this blog series. Which of these are most significant to you?
- Compensation
Corporate growth and profitability mean most professionals are paid well. Companies use raises and bonuses as a way to retain their best people. As compensation increases, employees become accustomed to a better lifestyle. So, foregoing two years of income in order to attend business school – with its six-figure tuition cost – can seem unthinkable. However, when you consider “projected lifetime earnings,” the value proposition for getting a top MBA now is quite compelling. According to researchers at Relish/TransparentCareer, based on more than 11,000 data points from MBA students and graduates before and after business school between 2009 and 2018, MBAs receive an annual salary bump of more than $36,000 compared to their pre-MBA comp. Assuming you maintain this differential over the span of a 35-year career, having a top MBA could mean making an additional $1.26 million. Not a bad ROI by any measure. - Advancement
Loyalty is a wonderful trait valued by most companies. Professionals who demonstrate dedication are more likely to be offered bigger assignments and coveted promotions. So, sticking with your employer and trusting that your devotion will be rewarded seems reasonable. However, successful companies can’t rely solely on advancing their juniors to sustain growth. Just consider the throng of recruiters who descend on business school campuses every spring to hire second-year MBA students with lofty titles, immediate responsibilities, large signing bonuses and a fast-track to leadership positions. MBA grads often start work in positions more senior than those of non-MBAs who have been serving loyally for many years. As a result, MBAs can get first consideration for higher-level roles over the course of their careers. - Relationships
Feeling comfortable with co-workers is a powerful magnet that can keep a professional at the same company for many years. Building alliances and fostering friendships at the workplace contributes significantly to overall satisfaction. That said, the relationships resulting from a top-tier MBA education are unrivaled. Not only are students surrounded by an amazing group of highly accomplished and gregarious peers, but they also engage with world-class faculty and, following graduation, join a powerhouse alumni network. More importantly, the unique culture and structure of MBA programs instill a sense of approachability and reciprocity that lasts a lifetime. When is the last time you heard of a company where its former employees network through local chapters worldwide, remain accessible through a private online directory, and reconvene every five years for massive reunions?
If you believe that getting an MBA sooner rather than later is right for you, The MBA Exchange is ready to help you succeed. Our expert team of former admissions officers, admissions committee members and alumni interviewers knows what it takes to win. And our proven, personalized, customized model can help you optimize your candidacy and produce stellar applications. We’ve helped more than 5,000 applicants achieve their goals over the past three decades.
However, if you remain unconvinced that attending business school merits immediate action or even consideration, let’s talk. At the very least, we invite you to get a free, expert evaluation of your background and goals to help you decide whether future MBA admission is a possibility and, if so, how you can make it a possibility when the time feels right.
In Part Two, we will look at 4 more reasons why you may want to Carpe Diem and get started on your MBA applications!
