Top Reasons to Pursue an MBA

An MBA can open up many lucrative opportunities. For one, the starting salaries for MBAs graduating from the top 30 B-schools can be upwards of $175,000. But the degree isn’t meant for everyone.

Stacy Blackman, founder of Stacy Blackman Consulting, recently discussed the key benefits of an MBA and the type of people who should pursue it.

WHO SHOULD PURSUE AN MBA?

There are a few industries that are intrinsically tied to the MBA. These fields typically include consulting, investment banking, or private equity. For many of the workers in these industries, an MBA makes sense as a path to level up.

But these aren’t the only people who can pursue an MBA. Blackman says applicants who are “experience outliers” can also be a good fit for B-school.

“These people are either on the younger or older side of the applicant pool,” Blackman says. “Those with less than two years of experience need to consider why they don’t think gaining a little more career and life experience first will benefit them and their classmates. Those with more experience than the average candidate need to have a good reason for why it makes sense for them to pursue an MBA at this later stage.”

LEARN CRITICAL BUSINESS SKILLS

An MBA can be a good investment if you’re hoping to familiarize yourself with other functional areas or industries of business.

“If you’ve spent your whole career in marketing but have dreams of leading a company one day, you will need to understand financial statements and how companies run overall,” Blackman says. “On the flip side, if you’ve only worked in banking or a particular sector in financial services, you might have yet to gain exposure to digital strategy, operations, or organizational behavior. Maybe you’re coming from the military or the nonprofit world or have had an untraditional career path. These applicants looking to pivot into the corporate sector may have yet to encounter almost any business functions.”

DEVELOP LEADERSHIP

If you feel stagnated in your career and are looking to pick up next-level skills or experience, an MBA may also make sense for you.

“One of the main focus areas of any MBA program is leadership,” Blackman says. “All schools are going to cover case studies and have guest speakers. You’ll also do role-play exercises and have experiential learning opportunities to help you understand leadership’s different aspects and discover your leadership style.”

GAIN DIVERSE VIEWPOINTS

One of the biggest benefits of an MBA is the network and community that you surround yourself with in B-school.

“For those who have stayed in the same function or industry or have never had any international exposure, an MBA will provide you with a graduating class full of interesting people from all over the world,” Blackman says.

Gaining a global perspective can be especially beneficial for those looking to compete in a global business landscape.

“Very few organizations don’t need to think about things on a global scale these days or consider a global customer base,” Blackman says. “The business school experience will open your eyes and prepare you to help your future employers compete in the global business landscape.”

Sources: Stacy Blackman Consulting, P&Q