Enrolling in a Master of Business Administration can open the door to many opportunities. As you research programs, keep in mind that pursuing an MBA requires a commitment of time and money.
Here's the good news. It is possible to receive a faster return on investment for an MBA. The way to do that is to consider an online MBA program.
Earning an MBA online delivers financial benefits in the following four ways.
1. Increases Salary
PayScale reports the average yearly salary for someone with an MBA degree is $86K in 2019. This represents the average for all employers and jobs. Various factors can affect the salary range. The biggest ones include geography, job responsibilities, industry and years of relevant experience.
Graduate Management Admission Council research reports the median base salary for MBA grads is $105K per year in 2018. Across the board, MBA graduates who start at a low base salary will most likely earn more than someone with only a bachelor's degree.
2. Advances Careers
The benefit of an MBA is more than monetary. MBA grads can qualify for many different roles. A general MBA program covers business management fundamentals and solution-based decision-making in an evolving global market. Students can apply their knowledge and skills to a variety of jobs.
Most online MBA programs offer electives or specialties for those who want to explore specific topics. For example, the University of Northern Colorado offers an MBA with an emphasis in healthcare administration and one with a focus on human resources management. The program also provides electives in business law, organizational change and more. Because you have more opportunities for advancement or a career change, your chances of seeing a salary increase are greater.
3. Grows Your Network
Graduate school affords you the opportunity to build relationships and expand your network. Yes, this is true even in an online program. Students get to know each other through discussion boards and group projects, and professors may bring on guest speakers with varying business backgrounds.
Networking can make a big financial impact on someone with an MBA. People find out about jobs through their network. And it may be someone from that network who vouches for you with the hiring manager.
4. Enhances Transferable Skills
An MBA program equips graduates with valuable transferrable skills in a number of areas including accounting, decision-making, finance, communication, global business and marketing. Acquiring these skills can lead to a career change, a promotion or a lateral move, which could all factor into additional compensation in the form of a raise or a bonus.
Save Money by Enrolling in an Online Program
The average cost of a two-year MBA is $60,000, according to ThoughtCo.com. With no campus commute or on-campus fees, some online programs offer significant savings, and at $21,492, the total of tuition and fees for University of Northern Colorado's accredited MBA program is significantly lower than average.
Employer demand for MBA grads is strong. An online MBA program from an accredited school will more than satisfy the educational requirement by employers while delivering a quicker ROI for candidates.
Learn more about University of Northern Colorado's online MBA program.
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