An article published by Bloomberg on July 23, 2013 highlighted the reasons why the tight job market is here to stay, delivering some intriguing findings regarding the current state of employment in the U.S.
For example, older Americans hold on to their jobs longer than previous generations held on to their jobs, mostly because retirement accounts have sharply declined since the financial meltdown of 2008. Employers have cut costs by extending employee hours into overtime, thus avoiding the need to hire new employees. The continued trend of outsourcing has caused considerable layoffs and discharges. All of these negative trends can appear daunting to recent college graduates who aspire to achieve thriving business-related careers. However, earning a Master’s of Business Administration provides not only the advantage of enhancing career prospects, but also several other benefits that should prompt both recent graduates and business professionals to pursue MBA degrees.
The first benefit of earning an MBA most career counselors refer to concerns career outcomes. Completing an MBA opens more career doors, as well as providing for quicker upward mobility. Graduates possess the academic qualifications to pursue upper management and leadership positions, expanding their field of relevant jobs. An estimated 70 percent of MBA graduates throughout the world work in senior manager positions or hold a board of director seat. Professionals that seek to obtain upper management and executive positions typically require an MBA to pursue such opportunities. Earning an MBA also helps you gain access to the professional networks that actively recruit business leaders.
MBA graduates earn much higher salaries than business professionals that possess undergraduate business related degrees, such as in marketing and finance. Companies pay a premium for business professionals that enhance their business acumens. On average, MBA degree holders earn a median salary of $100,000 per year. The extra earning power an MBA provides more than makes up for the cost of pursuing further education.
Over the past decade, most MBA programs have transformed curriculum to focus more on the global economy. Advanced technology has created an interconnected world that requires business professionals to assimilate the business practices of other cultures. MBA programs recruit international students to provide a competitive advantage for enrolled students in the job market. Moreover, contemporary MBA graduates possess the knowledge required to negotiate deals, promote products, and manage finances for projects that include with foreign business professionals.
The Convenience of an Online MBA
Completing an online MBA offered by an accredited institution can provide the same rigorous, relevant curriculum as an in-person program, but with the convenience and flexibility of coursework that can be done on the student’s schedule. Students can continue to work full-time, procuring work experience while studying to further their career.
Developed for working business professionals, the online MBA at Lawrence Technological University (LTU) allows students to explore new career opportunities and develop their professional leadership skills. As a student of the program, you can also specialize your degree to focus on project management, non-profit management, or information systems.
Click here to learn more about the online Master of Business Administration degree program.