November 13, 2012
Dr. Carlton Robinson
In today’s economy many companies are seeking individuals with an MBA. An MBA makes an individual more marketable and more valuable to an organization. This statement has raised controversy on whether obtaining an MBA carries more weight than on the job experience. This paper includes research and interviews that support this position.
Pursing a Master's Degree in Business Administration
Obtaining an MBA is an essential part of advancement in the world of business. An MBA is a very popular and versatile degree recognized as such all over the world. This degree prepares you with the knowledge and skills to successfully function as a leader in a business or starting a business of your own. It is an essential tool to an extremely fruitful and satisfying career. Earning an MBA makes you a very valuable asset to any organization.
An MBA makes you more marketable in any field of business from healthcare to finance. Earning an MBA will increase your chances of obtaining a high level managerial position. Most senior-level executives and CEO’s have an MBA. An individual with an MBA is more likely to make a higher salary than someone who does not have one (Passmore, 2012). Studies have shown that college-educated workers earn more than a worker with a high school diploma. According to the department of Education’s National Center for Education Statistics (NCES), individuals with a college degree earn 38% more than someone without a college degree (National Center for Education Statistics, 2012). Based on information from the US Census non-degree holders can earn a lifetime average of about $1.2 million, whereas an individual with a degree can earn a lifetime average of $2.1 million (US Census, 2010). An MBA makes an individual more competitive in today’s job market (Burnett, J). Obtaining an MBA increases your chances as an entrepreneur. It provides huge opportunities through networking with senior level personnel, business associations, and community affiliations. An MBA also enhances your personal life. Individuals feel a great sense of accomplishment, confidence, and the ability to communicate more effectively (Kapoor, 2009). Many employers prefer an individual with experience over someone that has an MBA (Wines, 2012). Many employers seek individuals with experience; however experience does not always have to be related directly to a specific job. Experience can be relevant to your targeted career or offer transferable skills that apply to your career field. Experience can be obtained through volunteering, internship, or self-employment. Pursing an MBA can be very pricey and there is no guarantee that after all the money spent and hours invested there will be jobs available. A two year MBA program can range from $80,000 to $130,000 (MBA Guide, 2012). Many individuals feel the investment is worth it. A study from the Graduate Management Admission Council supports this theory. According to their research three out of four MBA alumni reported they could not have obtained their job without their graduate degree. This study also reports “after 10 years post-graduation, alumni reported they nearly doubled their return on investment” (Byme, 2012). Many individuals fear there will be no jobs available after graduation because of the recession and the job market doing so poorly. The unemployment rate is at an all-time high. According to Bill Mcbride at Calculated risk, the economy is not in a recession and growth will pick up in 2013, although there are downside risks from Europe and the potential for a policy mistake in the US (Weisenthal, 2012). The unemployment