If you want to improve your career prospects and earning potential, getting a good education is usually the best place to start. Of course, not all courses are equal when it comes to climbing the career ladder or advancing your pay packet, but if you want to aim high, studying for an MBA could prove highly lucrative.
Here's how an MBA could positively impact your job prospects.
Climbing the Career Ranks
An MBA can help you advance in your career, especially at a managerial level. A study conducted by the Association of MBAs has shown that within one year of completing an MBA, 25% of survey respondents had climbed to senior management level within their careers. In fact, for many top-ranking firms, having an MBA is a prerequisite for applying for senior-level positions.
Stand out from the Competition
In a competitive graduate careers market, it can be hard to secure a decent job after university. Even getting a top grade is no longer a guarantee of instant career success. Completing an MBA can, however, put you ahead of the competition when it comes to applying for jobs.
Quite simply, employers favour candidates who have an MBA under their belt. In fact, a survey by the Graduate Management Admission Council (GMAC) has found that an MBA is the most sought-after postgraduate qualification among employers. In 2015, 84% of employers had planned to recruit MBA graduates, while 92% of students who graduated with an MBA in 2012 secured a job within three months.
Getting a good education is often key to earning a better income, and those people who do not attend university can earn up to £12,000 a year less than university graduates. Over an average working life, this discrepancy can equate to £500,000 less income for non-university graduates.
An MBA can steer you in the senior management direction, but it also has the potential to add numbers to your salary cheque, with the average base salary for MBA graduates tending to be much higher than the national average.
Research conducted by the Forte Foundation has discovered that, on graduation, MBA students can expect to see a 35–45% increase in their salary. This figure jumps to a 55–65% pay increase five years after graduating.
Over their entire careers, MBA graduates can expect to earn well over £2 million on average, according to the same research study.
You don't even have to change jobs to benefit from a pay rise after completing an MBA. A survey conducted by the GMAC found that even those workers who stay with their current employer can expect to earn 39% more after studying for an MBA.
How much more you earn following completion of an MBA can vary depending on the sector you work in. The GMAC survey concluded that those working in products or services saw a 59% salary increase post-MBA, while government sector workers enjoyed a 45% rise and those employed in the energy/utilities sector experienced a 24% increase in salary. Although this figure varies from one sector to another, the survey highlights that financial gains are a feature across all sectors and industries for those who have qualified with an MBA.
Even if you can't afford to study for an MBA full-time, many people find that they are able to continue with their current employment and do so part-time, such as by taking an online course through Aston University as part of their continued professional development.
This flexible approach to learning means that studying for an MBA can help to enhance existing job prospects and build up academic qualifications and skills without giving up your current role. It may also be in the interests of employers to give staff the opportunity to train part-time for an MBA, to bring wider benefits to the company.
Wider Skill Set
An MBA gives students an in-depth insight into management strategy and analysis, covering key areas such as business, management, finance and accounting. The skills gained from a master’s degree can be of huge benefit in any business setting, and are very transferable. This offers greater career scope for MBA graduates.
The variety of skills gained from an MBA means that students are often exposed to new job areas upon graduation that they may not have considered before. Even students who have a specialism in another area, such as a medical or engineering background, could find that an MBA allows them broader opportunities.
Opportunity to Network
Studying for an MBA doesn't just allow you to build up your academic qualifications. It also offers you an invaluable opportunity to network with like-minded peers and industry leaders, who could prove useful contacts when it’s time to search for a job. Even if you take an online MBA, your tutors and lecturers may still be able to put you in contact with leading industry professionals. This networking potential alone could prove significant in boosting your career prospects.
Building up your academic qualifications, whether starting at GCSE or A level, has the potential to boost your earning potential. Those who opt to study for an MBA can further increase their value significantly within the jobs market.
Have questions? Call +44-808-168-5253 and one of our admissions advisors can answer any questions you may have.