If you’re contemplating how best to advance your career, you’ve probably considered an MBA degree. Many people dismiss the idea, thinking it’s only for top-level executives or too expensive to pursue. Others believe MBA programs are math-heavy, involving complicated calculations. 

In reality, an MBA degree is an excellent career move for professionals in a variety of industries and occupations, including those whose favorite subject isn’t math. This guide will explain what an MBA degree is, salary and career outcomes, and whether pursuing an MBA is the right choice for you.

What Is an MBA Degree, Really?

The letters MBA stand for Master of Business Administration. This graduate-level degree typically takes two years to complete. However, many universities offer online, part-time, or weekend programs designed for working professionals, often known as an Executive MBA or EMBA. 

An MBA degree prepares candidates to advance their careers with leadership, strategy, and cross-functional business skills. Typically, entry requirements include having a few years of work experience under your belt. That said, some programs may accept students who have just completed their undergraduate degree.

In addition to general business and leadership-related coursework, most MBA programs also include specialization options. This builds knowledge and skills in a field of interest, such as health care, marketing, finance, technology, operations, or entrepreneurship. Additionally, more unique options include real estate, sustainable business and innovation, and entertainment and media.

What You Actually Learn in MBA Programs

The core curriculum usually includes the following main business areas:

  • Finance & accounting fundamentals
  • Leadership & management
  • Strategy & operations
  • Marketing & analytics

Not only will you cover best practices and theory, but MBA programs are well-known for their use of group projects, case studies, and capstone projects. Through these projects, which feature real-world scenarios, you’ll build your decision-making, leadership, and communication skills. Additionally, you’ll complete coursework related to your specialization, which may include a deeper dive into one of the areas above.

MBA vs. Master’s Degree: What’s the Difference?

As you explore an MBA, you’ll also likely run across other master’s degree programs, such as an MS in finance, marketing, or management. In general, when compared to specialized master's degrees, MBA programs tend to offer more comprehensive curricula that prepare candidates for a wider range of positions. 

Other master’s degrees tend to offer more specialized coursework, honing in on only one aspect of business, such as accounting, marketing, or finance. Although an MBA may have a specialization, the coursework also requires candidates to have a strong understanding of all elements of a business, maximizing career flexibility. 

When considering your career journey, building a strong network is essential. In my experience, forming strong relationships with fellow students and professors can open the doors to employment opportunities. MBA programs may put you at an advantage in this area. 

Typically, MBA programs require candidates to have a minimum of a few years of work experience. This means the majority of students in these programs have already developed a professional network, while other master’s programs may have a larger number of students without professional work experience.

Pro Tip: Choose an MBA for more flexibility in your career or to position yourself for a leadership position. Opt for a specific master's degree, such as a Master's in Cybersecurity,  if your career goals require specialized industry expertise.

Is an MBA Degree Worth It? Salary & Career Outcomes

Before you dive into a degree, you’ll understandably want to know what your expected MBA salary will be and what opportunities are available. Here's what you need to know:

An Overview of an Average MBA Salary 

Overall, higher education pays off, with master’s degree holders earning about $600 more per week than the average worker. MBA graduates are eligible for a variety of well-paying positions, such as executives, management analysts, and health service managers. Professionals in these positions often earn upward of $100,000 per year, according to data from the Bureau of Labor Statistics. 

A wide range of factors impact salaries, including your experience level and the university where you complete your degree. Graduates from top-tier universities are often approached by recruiters from well-known companies in retail, finance, consultancy, and more. 

Location is another key factor. An MBA can prepare you to become a marketing manager, a position that typically earns an average wage of $171,520 per year. However, those living in California may earn upwards of $200,000, according to BLS data. 

Benefits of an MBA

Beyond a boost in salary, an MBA can help you stand out as a candidate for leadership positions. Or, you can use your new expertise to break into a different industry. For example, if you're currently working in technology, an MBA could help you pivot to business operations and strategy.

Earning your MBA can build up your network and enhance your career mobility. In addition to interacting with your professors and fellow students, there may also be opportunities for internships, which can further widen your professional circle and even lead to job offers.

Career Outlook for MBA Graduates

According to the BLS, demand for many business occupations is growing quickly. On average, all occupations are growing at 4%. However, roles like medical and health service managers are expected to grow by 23%, and management analysts are projected to grow by 11%. 

Who Should (and Shouldn’t) Consider an MBA?

How do you know if an MBA is right for you? This degree is best for motivated professionals who have a clear goal in mind. Some signs that an MBA is a smart choice for you include:

  • You want to make a career pivot
  • You want to step into a leadership role
  • You’re an entrepreneur or manager looking to excel
  • An MBA is listed in the requirements for your ideal job role
  • An MBA fits into your long-term career goals

An MBA offers you flexibility, preparing you for a variety of business roles. For example, if you work in health care and you want to move into hospital administration, an MBA can help you build the business acumen required to make the move. Similarly, an MBA can complement your expertise with leadership skills, giving you the boost you need to advance.

Before diving in, take some time to assess your goals and options honestly. One question you might ask yourself is, “What would I like my career to look like in five years?” If your answer aligns with completing an MBA, then it may be a good fit. 

If you need help gaining clarity about your professional goals, consider seeking out a mentor or your local community’s career services. Talking through your strengths and interests can help you define your career aims and make an effective plan to achieve them. 

Determining if an MBA is Right for You

Are you ready to take the first step in determining your best next move? Take the quiz to learn more about MBA degrees and discover which business career is the best fit for your experience and interests.