Why should you get a Master of Business Administration (MBA) degree? It’s a question many business professionals grapple with when planning their career trajectory. An MBA can be a powerful catalyst for career advancement as it increases your earning potential and provides you with valuable networking opportunities. However, completing an MBA program requires both a time and financial investment. This blog explores what an MBA is, its benefits and what you can learn to help you determine if it’s the right choice for your professional journey.
What Is an MBA Degree?
An MBA represents the gold standard in business education. Since its inception at Harvard Business School in 1908, it has evolved into a globally recognized credential that signals both business acumen and leadership potential. Today’s business education landscape offers different types of MBA programs to accommodate various lifestyles and career stages.
- Full-time programs: These programs are considered traditional programs that often take two years to complete. Often, they’re offered in person and work best for students whose schedule allows for more classroom time.
- Part-time programs: These programs are ideal for those needing a flexible schedule who may already be working professionals. They allow for good work-school balance.
- Executive MBA (EMBA) programs: These programs are tailored for seasoned business professionals seeking to work at the executive level.
- Online MBAs: These programs are offered fully online, an option known for maximum flexibility and often more affordability.
Each format serves different needs, with program lengths ranging from 12 months to three academic years, depending on the format and intensity. For example, the MBA program at American College of Education (ACE) is offered fully online. Its students are dynamic individuals balancing careers and family commitments, making its flexible online format an ideal pathway to advance their education without disrupting their personal and professional responsibilities.
Why Get an MBA? Top Reasons to Consider
Career Advancement
An MBA serves as a catalyst for professional transformation. As a master’s degree, it opens doors to executive positions and empowers graduates to seamlessly navigate across industries – from established financial institutions to innovative tech startups. Beyond just theoretical knowledge, an MBA equips you with a comprehensive business toolkit that translates across any sector.
Enhanced Earning Potential
Among one of its many benefits, an MBA represents a strategic investment in your financial future. It’s known to open doors to higher compensation, with graduates reporting meaningful increases in their earning potential. Beyond base salary improvements, MBA holders often gain access to advanced compensation structures including performance bonuses, profit sharing and equity participation. This comprehensive boost in earning capacity typically delivers substantial returns over the course of your career, making the initial investment worthwhile for professionals across industries and regions.
According to the United States Bureau of Labor Statistics, the median salary for business and financial occupations was $79,050 in 2023, substantially more than the median salary for all occupations, which was $48,060.
Build Lifelong Professional Connections
MBA programs offer you the unique opportunity to build a community of other business professionals that can shape your career for decades to come. As you progress through the program, you’ll develop meaningful relationships with peers who bring diverse industry perspectives to every interaction.
Your network expands further through connections with experienced faculty who bring real-world insights to their teaching and industry leaders who actively engage with the program. These relationships can create a powerful professional network that continues to deliver value long after graduation, opening doors and creating opportunities at every stage of your career path.
Comprehensive Skill Development
Both hard and soft skills are essential in the business profession. Through your MBA courses, you’ll develop advanced analytical skills in finance, strategic planning and data-driven decision making – all while mastering the nuances of strategy and operations management.
Equally important, MBA programs cultivate the refined interpersonal abilities that distinguish exceptional leaders – from persuasive communication and skillful negotiation to effective team leadership and cross-cultural fluency. Beyond traditional business competencies, you’ll also learn about sustainable business practices and social impact management. This prepares you to make strategic decisions that balance business success with societal benefit.
What Does an MBA Teach You?
MBA curricula provide both theoretical knowledge and practical business skills that equip graduates for higher-level business roles. It builds upon what an individual learns with an undergraduate degree by providing deeper dives into specific areas.
Leadership and Organizational Management
Two of the most important skills you’ll learn in an MBA program are leadership and organizational management. The ability to lead and manage set you apart and catapult your success in the business world. Sometimes courses in these areas help you identify your leadership style and understand the various approaches to leading projects and others.
Financial and Analytical Skills
MBA programs often focus on preparing graduates to make data-driven budgetary decisions. This involves learning about financial and managerial accounting principles as well as statistical analysis.
Strategic Thinking
Approaching decisions and challenges strategically is paramount to successful business leadership, particularly as it pertains to generating visions, plans and goals. MBA programs often focus on this skill as it applies to many components of business, including financial management, human resources, marketing and more.
Global and Digital Perspective
MBA graduates are uniquely equipped in international business relations. Further, MBA programs often include courses that cultivate a global perspective, reaching consumers and conducting business with international stakeholders. Additionally, they equip graduates with digital business competency, a critical skill in today’s evolving technology space.
Practical Application
An MBA is not the kind of degree that leaves you unprepared for real-world scenarios. Many program courses emphasize practical application through assignments like case study analyses, business simulations, problem-solving exercises, strategic plan development, applied data analysis and more.
Is an MBA Right for You?
Pursuing an MBA attracts diverse professionals united by their ambition to create meaningful impact in the business world. Many successful candidates come to the program with several years of professional experience, looking to accelerate their career trajectory or transition into more influential leadership roles. Some are technical professionals who seek to complement their expertise with more business acumen. Others are innovative entrepreneurs ready to scale their ventures with sophisticated business principles and strategies.
Whether you’re a mid-career professional seeking to advance within your organization, an industry expert looking to pivot into a new sector, or a business owner aiming to expand your enterprise’s operational success, an MBA can provide the network, knowledge and skills to achieve your goals.
The ideal candidate brings not just professional experience to the classroom, but also a vision for how business can better serve society. They’re ready to engage with complex challenges,eager to learn from diverse perspectives, and committed to developing the skills needed to drive meaningful change in their organizations and communities.
How Much Does an MBA Cost?
The cost of an MBA depends on factors like course delivery (in-person or online), institution, location and program length. The average cost is $56,850. Such high costs have resulted in the growing popularity of fully online, accelerated programs that are often far more affordable.
For example, the fully online MBA program at ACE has a total cost of $8,675 that can be paid through a variety of payment options that help even further with affordability. Compare this to the in-person MBA at Harvard Business School, which costs $118,854 for single individuals and more if you have a spouse and/or family.
Common MBA Myths Debunked
Myth 1: “MBAs are only for finance careers.”
Reality: Modern MBA graduates work across industries including technology, healthcare, nonprofit and entrepreneurship.
Myth 2: “You need a business background.”
Reality: MBA programs value diverse backgrounds, with many successful MBA students coming from engineering, humanities and sciences.
Myth 3: “Online MBAs aren’t respected.”
Reality: Many top business schools now offer highly regarded online programs with identical curricula to their in-person counterparts.
Making Your Decision
Deciding to pursue an MBA is a significant step in your professional journey and completing the program offers a distinctive path forward. You’ll want to think through both the costs and benefits to determine whether it’s worthwhile and whether it will contribute to your long-term goals. What excites you about getting an MBA? What is potentially holding you back?
You might be concerned about both the time and financial commitments. Today’s evolving higher education landscape is designed to meet you where you are in a flexible and affordable way. At ACE, you can earn an MBA without breaking the bank or dismantling your professional and personal obligations.
With a fully online format and multiple start dates throughout the year, you can complete your MBA when it best suits your schedule. The five-week course structure allows you to focus intensively on one subject at a time, making it manageable to balance work and study. Plus, with tuition under $9,500 – far less than traditional MBA programs – you can advance your education without taking on substantial debt.
ACE’s MBA is especially valuable if you’re seeking to develop your leadership capabilities in today’s evolving business landscape. You’ll learn not just how to manage teams and operations, but how to lead with purpose and drive organizational change. The program emphasizes evidence-based decision-making that prepares you to tackle complex business challenges while considering their broader societal impact.
Key Program Features of the MBA From ACE
Format and Flexibility
- Online delivery for accessibility
- Multiple start dates throughout the academic year
- Flexible scheduling options to fit student needs
Program Focus
- Strong emphasis on data- and evidence-based approaches
- Integration of business management and leadership skills
- Culmination of various business elements, including marketing, human resources and more
Course Delivery
- Structured five-week terms
- Clear deadlines and milestones
- Built-in flexibility with multiple entry points
Alternatives to the MBA
An MBA is not the only degree that can cultivate the leadership, organizational management and strategic thinking skills you need to excel in business. There are alternative advanced degrees that have focuses within a specific industry or a sector. Here are just a few:
- M.S. in Organizational Leadership
- M.S. in Business Analytics
- M.S. in Finance
- M.S. in Engineering Management
- M.S. in Data Analytics
- M.S. in Marketing
- Master of Healthcare Administration
- M.Ed. in Educational Business Administration
American College of Education’s flexible and affordable online business programs can help you advance your career. Explore our MBA and our M.S. in Organizational Leadership degrees.
