16 Reasons to Get an MBA This Year

There are many reasons to get an MBA but the real question is whether you should do it now or wait. Getting your MBA is a serious commitment and you are wise to hold-off until you have evaluated all of the issues. Don’t delay too long, as there are costs associated with waiting until the “perfect” time presents itself.

In the business world, those who rush ahead without due diligence tend to end up in difficult positions. However, those who over analyze their options often miss a window of opportunity. Warren Buffet refers to overthinking a decision as “thumb sucking,” and says that it is fatal to success. All deals expire.

Deciding when to pursue an MBA is no different from any other major business initiative that you might embark on. You have to weigh the potential upside against the opportunity costs of doing nothing. To be sure you have thoroughly looked at every angle, consider the following reasons to get an MBA this year.

1. Give yourself professional options over your entire career.

An investment in an MBA will provide benefits throughout your professional career. In a fast-paced global economy, professionals not only need the right skills to succeed but they also need the best options as to where to deploy those skills. Do not approach an MBA thinking it will help you secure a single position.

2. Increase your earning potential.

There is ample evidence from a wide variety of sources that an MBA will significantly improve your starting salary and open up new professional possibilities.

3. Take advantage of reimbursement from your employer.

Companies endeavor to maintain a workforce of talented, skilled employees and often provide professional development programs. Find out if your employer has a tuition reimbursement program. If they do, take advantage of it. Corporate reimbursement policies vary widely and change periodically so delaying your start might expose you to some unexpected financial risk.

4. Get that promotion.

Are you tired of watching colleagues move ahead even though you have more experience? An MBA prepares you to advance into executive positions with greater authority and more demanding responsibilities. Don’t short-change yourself.

5. Enjoy greater job security.

The days of spending your entire career with the same company are long gone. Few industries are being spared the destabilizing nature of technology’s advances and, when combined with an increase in global competition, it’s easy to see why job security is in decline. Most professionals expect to have multiple positions over their professional careers, perhaps spanning more than one industry. An MBA enhances your prospects by signaling to recruiters that you are prepared for any job function, in any industry.

6. Change your career.

It’s not uncommon for business professionals to seek a different managerial role or employment in a different industry altogether. Having the stature of an MBA will enhance your candidacy regardless of where you’re applying. More importantly, it will give you the confidence to explore alternative career paths. Some professionals worry that a nonbusiness undergraduate degree may be an obstacle when applying for an MBA. However, earning an MBA without having an undergraduate business degree is more common than you may think.

7. Start your own business.

Regardless of whether you plan to climb the corporate ladder or start your own business, you will need fundamental business skills to succeed. Entrepreneurs often start with passion and enthusiasm but they fail because they lack the business tools that might have kept their dreams afloat. In addition, it is not uncommon for entrepreneurs to meet their future start-up partners and launch innovative businesses right from the classroom!

8. Improve your leadership and management skills.

Pundits believe the financial crisis was due in part to a failure of leadership across many industries and oversight entities. Many of today’s MBA programs focus on leadership principals and spend a great deal of time analyzing the characteristics of great leaders.

9. Become a team player.

Dysfunctional and unproductive groups are the bane of any business manager. MBA programs with a leadership orientation tend to focus on interpersonal skills and group dynamics. In the new economy, companies are organized horizontally instead of vertically and require employees who can collaborate across departments and geographies.

10. Develop your communication skills.

Can you walk the talk? MBA programs teach students how to write and communicate succinctly, and to listen more deeply to colleagues. No matter how smart or talented you are on paper, managers look to hire those with the best communication skills.

11. Grow your professional network.

The only thing more powerful than business knowledge is business connections. Having a strong business network helps you to source candidate referrals as well as employment opportunities. Networks take time to build and are more valuable the wider their scope.

12. Become more informed on the big business issues in today’s economy.

Don’t let your daily routine cause you to become narrow-minded. Keep up on the latest advances and topics impacting your business and follow the thought leaders in your industry. Getting an MBA is a great way of getting out of your comfort zone and exposing yourself to the latest thinking in business.

13. Expand your world view.

Having an understanding of the global economy is no longer just a nice-to-have skill. We live in a global economy where many businesses either source material and/or sell goods overseas. Your MBA will teach you how to manage across geographies and cultures. Many programs include an immersion trip overseas for a firsthand look inside a global business.

14. Get an inside look at a real-world corporate challenge.

Some MBA programs include a capstone course where small groups of second-year students spend an entire semester consulting on a real-world project for a local business. The projects range in complexity but generally tap into the students’ marketing, financial, and corporate strategy skills. This course is often the culmination of the students’ learning experience, requiring the use of all their new skills.

15. Explore new business concepts.

The graduate classroom is best thought of as a laboratory where students explore business model advances and question theories of market behavior. E-marketing, driverless cars, and the rise of the sharing economy have forced experts to come up with new theories to describe today’s commerce. Advances in artificial intelligence and the proliferation of “robots” are spawning a new class of “robo-advisors” that are sure to challenge conventional wisdom in the healthcare and finance industries. Global warming and the push for sustainability are challenging managers to think outside the box and beyond quarterly financial returns.

16. Expose yourself to new challenges.

In describing advances across our society, Alvin Toffler, author and professor, once said, “The illiterate of the twenty-first century will not be those who cannot read or write, but those who cannot learn, unlearn, and relearn.” When you stop learning, you stop growing. There is plenty of research supporting the idea that those who challenge themselves tend to contribute more to their employer and are more creative and thoughtful in general.

While there are countless reasons to get an MBA, it’s a big commitment that you must be prepared to embark on. Still not sure? Attend an MBA Information Session or meet with an MBA Advisor to discuss your individual situation.

Categories: MBA