Will Earning an MBA Boost Your Income? What You Need To Know, According to Erich Squire
There’s no way around it: earning an MBA can be expensive, and it’s smart to carefully consider whether earning your graduate degree will actually increase your earning potential within your chosen industry. Here, Erich K Squire explains key points you’ll want to think about as you decide whether it makes sense for you to pursue an MBA.
Consider Online School to Boost Your Salary
You might be trying to decide whether it makes the most sense for you to choose an online, traditional, or hybrid program for your MBA. It turns out that the method of delivery doesn’t matter much when it comes to getting your MBA.
Instead, you’ll want to think about your schedule and what type of program makes the most sense for your availability. If that means taking an online program instead of a traditional or hybrid program, that’s fantastic.
Your Industry Matters
Erich Squire stated that Statistics from the Ohio State University Fisher College of Business show that the industry you’re planning to use your degree in has a much higher impact on your salary than the way you get your degree. Ohio State’s statistics show that graduates who worked in operations and logistics had the highest-paid salaries, with graduates in industries including IT, marketing and sales, and management following close behind. According to Ohio State, financial services, healthcare, and consulting positions also carry high salaries for MBA grads than other industries.
Think About Networking
While earning your degree online doesn’t have any bearing on your earning power after you graduate, you may want to consider whether you’ll be able to successfully network in an online environment. For many professionals, one of the draws of business school is forming connections that can help boost your career. This can mean getting to know your classmates and professors and learning about opportunities in your industry. If you decide to go with online classes, be sure to find ways to connect with your peers.
Consider Your Location
It’s important to think about where you’re currently working and whether you’re open to moving somewhere new when you’re deciding whether an MBA is worth it. If your company currently has high-level management openings that make sense for your career path and require an MBA, it may make sense to make the move and begin your degree program.
If you’re in an industry where you’ve hit the top of the ladder and you’re interested in getting an MBA, it may be time to explore whether there are opportunities that would make sense for your career goals in your area. If not, consider whether you’d be willing to move before you decide to shell out the cash for your degree.