Many people plan on returning to school to earn a graduate degree, but never find the time or money to invest in their education. A Master’s in Business Administration (MBA) can do wonders for your career. These programs equip professionals with the practical skills necessary to thrive in various fields.
Although earning an MBA can help improve your resume and qualify for higher-paying positions, these two-year degrees require time and financial resources working parents might not be able to expend. To avoid piling too much onto your plate, you’ll have to time your MBA program just right. Here are the three signs that it’s time to go back to school for your MBA.
Your financial fortunes have changed
Not everyone can afford to pay for an MBA program. For most aspiring MBA students, the only way to pay for a Master’s program is to dip into your savings. Unfortunately, it might take a while to build your savings up to the point that it can withstand these tuition costs.
Building a savings account that can fund your Master in Business Administration degree is even more challenging if you have other financial obligations to budget for. When you finally save enough money for a financial cushion, you should take the leap.
Whether the money comes from an inheritance, the lottery, or your spouse who just got a promotion, invest this extra money into your education by going back to school. You can also apply for scholarships using databases like CollegeData. In your search, focus on scholarships related to your area of expertise. Remember, every bit of help counts. If you aren’t able to land a full-tuition scholarship, you can combine smaller-percentage financial aid packages.
Planning a career change
Changing careers is more common than you may think. According to the Bureau of Labor Statistics (BLS), an estimated 6.2 million Americans switch career paths every year. Because the system entrusts first-year college students with pivotal career decisions, many working adults find out later in life that they chose the wrong field.
Fortunately, MBA programs accept students from all professional backgrounds. Enrolling in a specialty MBA program can give you the skills you need for your new career-of-choice.
People change career paths for a variety of reasons, the most common being a grass-is-always-greener mentality. Here are a few instances that may trigger a career change.
Looking for a promotion
Feeling stuck or stifled by your current position can be frustrating. What’s worse is witnessing other colleagues with similar or less-impressive skill sets get promoted ahead of you. Sometimes employers look externally for potential candidates, even when capable employees are working in-house.
According to a 2010 study, MBA graduates earn 50% more than undergrads. They are also more likely to rise through the ranks faster than employees without an MBA. If you’re tired of being overlooked for promotions, consider earning an MBA rather than complaining about the vetting process.
You want a higher salary
What happened the last time you asked for a raise? Your boss may have brushed you off or dismissed your concerns. He or she may have shrugged off your request and told it’s “just not a good time.” The harsh reality is that there’s never a right time to ask for a raise. If you believe you’re not adequately compensated for your labor, muster up the courage to request an increase in pay.
When starting a job, most recent graduates are excited about their offered pay grade. However, as you get older, your responsibilities increase, and your paycheck seems to get smaller when they’re responsible for mortgage payments, student loan payments, and a growing family. With these financial obligations in mind, a pay rise becomes necessary.
Often, an employer’s first instinct is to reject a raise request to accommodate budget cuts. Earning an MBA, however, will increase your worth to the employer and help you score the higher salary you deserve.
You have hit a glass ceiling
In the beginning, a position may be mentally-stimulating. Though, over time, the tasks you once found challenging become mundane. To keep your mind sharp and prevent stagnation, invest in an MBA program. These academics will prepare you to tackle more responsibilities at your current position or in a brand-new role.
While some enroll in an MBA program to prepare for a significant career change, pursuing a Master of Business Administration degree doesn’t necessarily mean you want to switch careers. Sometimes, all you need is a different employer. Unfortunately, your skills and experience may not be enough. To market yourself to employers in competitive companies, consider an MBA.
If balancing work and school responsibilities is a concern, executive MBA programs offer part-time classes for those who want to study part-time. With financial aid and part-time opportunities, there’s no excuse to forgo a graduate degree. An MBA degree could be your ticket to a better role with a more stimulating workload.
Your employer offers to pay
You would be surprised at the number of employers willing to invest in their employees’ education. Many companies have realized that funding their employees higher education benefits the company in the long-run. Even if an employee is well-versed in the company’s current operations and protocols, employers may notice that their employees’ motivation levels are plateauing or dwindling. To increase motivation, an employer may immerse their employees in an intensive MBA program.
In the long term, covering tuition costs is often cheaper than hiring an outside expert. Depending on a company’s policies, you can usually request a tuition reimbursement. If your employer hasn’t designated funds for tuition reimbursement, they might need a little convincing. To bolster your argument, mention the aforementioned long-term benefits. Even if they offer only to pay for half, this money will go a long way.
Make that step today
Going back to school can be intimidating. It’s tempting to wait for a sign or just the right time, but the sad truth is, there will never be a right time. The longer you procrastinate, the longer you’ll continue to miss out on invaluable opportunities. If you resonate with any of the situations listed above, earning an MBA can solve these work-related woes.
