BEYOND MONEY THERE WERE PERSONAL AND PROFESSIONAL REWARDS
Of course, getting an advanced degree, even a professional degree such as an MBA, isn’t only about the money. The survey found that the the majority of graduate business school alumni find their education to be rewarding personally (93% of respondents), professionally (89%), and financially (75%). Nearly all (95%) rate their degree as a good, excellent, or outstanding value. What’s more, GMAC said that the value proposition is strong across all degree types. Full-time two-year MBA alumni were most likely to indicate that their degree increased their earnings power, provided opportunities for quicker career advancement, and improved their job satisfaction compared with alumni of other graduate business programs (see above).
Graduates of full-time two-year MBA programs are, in fact, the most likely to find their degree financially rewarding compared with alumni of other degree programs including the full-time one-year MBA (82% of respondents vs. 74%). Master of Accounting alumni are most likely to find their degree professionally rewarding (94% of alumni). “The findings of this survey are further evidence that a graduate management education delivers strong personal, professional and financial value to alumni,” said Bob Alig, GMAC executive vice president for school products, in a statement. “The ROI numbers illustrate that a business degree is an efficient investment in terms of recouping costs and an effective asset for accelerating alumni careers.”
The study found that the willingness of alumni to recommend their graduate business school to their peers is further evidence of the strong value of graduate management education. “If business schools are brands, then their alumni are their most loyal customers,” according to the study. Using the Net Promoter® (NPS®) system for gauging customer loyalty, alumni across all graduate program types were asked the simple question: “How likely is it that you would recommend your graduate business school to a friend or colleague?” on a scale of 0 [Not likely at all] to 10 [Extremely likely].
Their overall NPS score of +45 is a strong indicator that they are very likely to recommend their program to their peers as not. By program type, NPS scores ranged from +29 for Master in Management to +48 for full-time, two-year MBA programs and a high of +57 for Executive MBA programs. By alumni currently employed, scores ranged from +22 for entry-level employees to +63 for corporate executives (c-suite). Any score over zero is good; a score of +50 is excellent. Even among unemployed alumni, the NPS score (+2) is still positive, although substantially lower.