| Why Go to Graduate Business School? |
Why is a master's in business, and the MBA in particular, so popular?
The main reason is that it is so highly regarded by the business world. Business firms are anxious to hire these graduates, and they are willing to pay higher salaries to those who have the degree. In a growing number of major firms that have extensive management development programs, such programs are open only to those with a relevant master's.
Businesses are concentrating more and more on these graduates because they find that graduate business training gives them valuable background and sophistication in business subjects. Companies have discovered that these graduates learn new jobs more quickly, are able to shoulder responsibilities sooner, and earn promotions faster than those lacking graduate business preparation. Therefore, with a variety of candidates having business backgrounds to choose from, many business firms would rather hire someone with a master's in business than someone with only an undergraduate degree in business.
Going to a graduate school of business is a considerable investment of time and money. For a full-time student, the cost will be anywhere from $15,000 to $60,000 for two years of study.
Despite the cost and time involved, a growing number of students feel that attending graduate business school is worthwhile. About 275,000 students are enrolled in MBA courses. Each year 100,000 or more students receive a master's in business-more than any other advanced degree except for the master's in education. Applications for admission to graduate business schools continue to increase.
Graduate business students also learn the latest theories in finance, organizational structure and behavior, marketing theory, international trade, and dozens of other subjects that have immediate or future application in the business world. Companies want people with backgrounds that include such knowledge.
Looking at a master's in business from a student's point of view, here are the advantages:
- The courses give you a broad background and training in business skills and sophisticated business
skills
- In a tight job market, you might have an advantage in finding a job that a person with only a bachelor's degree does not
have and also expect to draw a higher salary
- If you are interested in being chosen for a management development program by any of the country's top corporations, it is very advantageous to have a relevant master's
- If you are interested in going into your own business, you will find that your graduate courses will help you very much in your own
business
- If you are interested in getting chosen for a "fast track" program at some companies-which permits you to bypass or speed through the typical entry-level jobs-you will find a master's degree quite useful in most
cases
- Business is under considerable pressure to hire women for managerial posts, and companies are looking mainly for those with graduate business degrees. Currently more than one third of all MBA students are women. Women who have graduate business degrees will find job and pay opportunities much better
today
- If you aren't seeking a career in the business world, but plan
a career in law, health administration, public administration, or a variety of other fields, possession of an advanced business degree and the knowledge it represents can be
valuable
- There are also a growing number of situations where "career changers," individuals who decide they want to make a major career change in their 30s and 40s, are enrolling as MBA students. A number of doctors, lawyers, and other professionals, as well as artists and teachers, have decided that entering the business world is a smart
move
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