What Can I Do with a Business Administration and Business Management (MBA) Degree?

An MBA is often a career accelerator across a number of industries, and graduates usually earn higher salaries, take on more responsibility, and gain more leverage in obtaining work/life balance. All of these qualities can add up to greater job satisfaction and quality of life for the MBA graduate. It is said that education is a good investment during an economic slowdown, and MBA degrees are seen as a safe haven during a tough job market. Although having an MBA will set you apart, it does not mean that the graduate might not have to carve his or her own way in the business world. When the economy is bad, even having an MBA is no guarantee of obtaining a lucrative job offer, but the number of MBA degrees awarded has seen explosive growth over the last few decades and should continue in like fashion because so many are hoping for higher pay, moving into management, exploring changing careers, or looking to add credentials.

An MBA, or a Master of Business Administration degree, requires one to two years of graduate-level university study that provides training in the theory and practice of business management. It is essentially a document that certifies that one has a general competency in the major functional management roles found in the modern business or corporation. It can also be a requirement to certain job postings, but many opportunities that open up to MBA graduates are the ones that they create themselves. With their understanding of business, MBAs are more likely to go on to become entrepreneurs than are other degree programs.

An MBA may allow a salary increase of about $10,000 to $30,000 a year over a bachelor's degree. Factors that can affect salary include the amount of relevant experience, the industry or geographical location, the type of job sought and the level of demand for workers, and even the reputation of the graduate school attended. However, the average cost of graduate study leading to an MBA is about $40,000, with some being lower and some much, much higher for total tuition and expenses. Of course, as with any graduate program, the choice of where to go may depend on the availability of sponsorship or scholarships. If possible, it is always cheaper to let someone else pay for your education.

Graduates of MBA programs learn management skills needed to work in administrative and leadership positions within a diverse range of fields, leading to more career mobility and the possibility of advancement beyond what undergraduate degrees allow. Candidates with MBA degrees look for positions with a wide range of employers in areas such as financial management, consultancy, pharmaceuticals, industrial or manufacturing work, healthcare, engineering, the recording industry, education, and even the public and voluntary sectors. Some even choose to start their own businesses as entrepreneurs, making the degree an even more important and personal asset.