It is no secret that an MBA can uplift your career and positively impact your lifetime earnings. Some employers look to hire specific MBA graduates for senior leadership roles, while others have used their MBA to break out of their career rut, gain entry into executive management, or even pivot into a new industry or role entirely.
However, an MBA comes with not just financial considerations, but also an investment of your time - regardless of whether you pick a part-time or full-time program. The rigor of an MBA curriculum, together with practical real-world projects, will require you to commit a significant amount of mental focus and time.
Is an MBA then worth your investment? Most graduates who have been through the experience will say yes, and here are some reasons why.
Salary Increment
The first step to determine whether an MBA will be worth your financial investment (tuition fees, accommodation and potentially salary if you choose to pursue a full-time MBA) is to consider how it can impact your earnings ability upon graduation.
The 2020 QS Employer Insights Report shows that employers continue to pay MBA graduates a salary premium vs. those with a bachelor’s degree, and that 20% of employers specifically recruit graduates from business schools. Globally, almost 70% of such employers surveyed intend to target recent full-time MBA graduates.
The GMAC 2020 Corporate Recruiters Survey results show that MBA graduates continue to command a higher salary premium (USD) than their non-MBA peers.
As salary differs across industries and roles, an interactive MBA ROI calculator like this one can help you to project how your life can change financially in the future.
Exciting New Career Opportunities
Aside from an increased salary potential, an MBA can open up new opportunities in your career, such as gaining entry to executive leadership, an offer in a different industry or country, or even a promotion to your existing role.
An international business school with a strong history and extensive alumni network like ESSEC, which is ranked 5th for entrepreneurship and alumni outcomes in the QS Global MBA Rankings, can also benefit your career, as it helps you to meet and interact with a diverse group of high-flyers, entrepreneurs and business owners from various industries, where you can also gain access to exclusive job postings and more.
Look for an MBA that gives you opportunities to explore business projects across different countries or cultures, such as an international residency or real-world consulting projects for firms. Such a portfolio then becomes a powerful talking point when you interview for your next job or negotiate for a salary increment, as the 2020 QS Global Employer Survey report findings continue to show that many employers value candidates with an international student experience.
MBA Graduate Prospects in Post-COVID World
If you’re thinking whether now is the right time to pursue your MBA, you can take heart in the knowledge that MBA hiring is expected to increase in 2021. In fact, among recruiters surveyed in June to July 2020, employers maintain high confidence in the ability of MBA graduates to navigate the challenges of technological disruption brought about by the crisis, which is now becoming increasingly important for organizations to succeed in the future.
Based on the responses, the salary premium for MBA talents have held steady throughout the pandemic, and are relatively less likely to soften even in 2021.
Personalized Coaching
Leading business schools, like ESSEC, also offer personalized career coaching and mentorship to help their participants gain a competitive edge upon graduation. Paired with an industry mentor, students learn how to develop themselves professionally to succeed in their career of choice.
At ESSEC, you can also expect resume reviews, interview skills and salary negotiation techniques being taught to help you stand out from other applicants. Participants are also taught how to engage in personal branding in a 60-second elevator pitch, so as to make full use of any chance opportunities with their prospective employer(s).
An MBA Can Transform Your Career Prospects
In short, an MBA continues to be highly valued by the majority of employers today, and the trend looks set to continue even in a post-COVID world. Accredited programs that are highly ranked internationally can open many doors for your future career, such as ESSEC’s Global MBA which is ranked #2 in Asia and #27 worldwide by QS Global MBA Rankings 2021.
To determine the ROI that an ESSEC Global MBA can have on your professional life, check out our brochure here.
Interested in the ESSEC Global MBA?
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