JoshBusiness Insider recently published a harrowing piece on the future of the MBA and how it didn’t have the cachet it used to with some employers. It also stated how getting an MBA could not protect graduates from change and that continued education was key to securing their future until retirement.
While some of this might be true, graduates with MBAs still earned more in 2017 than those who didn’t have a master’s degree; $7000 more per year to be exact. So, it’s clear that the MBA is still relevant and still an attractive and sought-after qualification on any resume. The face of the MBA is changing, as well as the type of student it attracts. It’s also adapting to meet the realities of the current market. Let’s take a closer look at why having an MBA is still a game changer in 2019.
How the MBA Evolved
Traditionally, MBAs were, and still largely are, sought out by students looking for a career in finance. The most common specialization for MBAs remains finance, closely followed by accounting according to recent data from the U.S. World and News Report. But MBAs today work in a wide variety of fields, and more recent alumni are working in fields as diverse as technology, products and services, and healthcare.
We’re now seeing MBA programs with specializations such as social entrepreneurship and fashion and luxury, for instance. MBAs are constantly changing and evolving to meet market demands. Many programs are now putting more emphasis on things like data analytics since today’s professionals are required to be able to process large amounts of data and apply it to their field.
Online Learning is Changing the Face of the MBA
Online learning has greatly evolved since it was introduced and the MBA is one of the most sought-after online degrees. Online MBAs are also highly recognized by employers. The nature of the MBA makes it easily adaptable to online learning and most companies today regard MBA graduates with online degrees from accredited institutions as highly as any other.
Online programs are incredibly flexible and allow students to complete their online MBA degree much faster, which is why it’s so popular with professionals. And while many courses are conducted 100% online, students still get the networking opportunities of a traditional MBA while some programs will offer optional travel seminars that allow students to make the world their classroom.
The Return on Investment on MBAs
According to a recent piece published by the Financial Times, salaries for MBAs are higher than ever and are continuing to rise. As a matter of fact, salaries for MBAs after three years in the workplace have increased at a rate higher than any other major.
But the ROI on MBAs can not only be calculated in terms of salary, but recognition as well. About half of the country’s top 25 schools now have 40% or more women enrolled in their program compared to only three schools five years ago. Having an MBA allows women entering this male-dominated field to get an instant boost of credibility and have their competence and ability respected and recognized.
As you can see, MBAs are still very relevant and will continue to be for years to come. MBAs can open doors in a wide variety of industries and are adapting to meet new demands. If you were still on the fence about getting one, we strongly suggest you look at what an MBA could offer and whether it’s truly the best option for your career.