It is well-known that the more education you have, the greater your earning potential and job options will be. Individuals who hold an MBA degree typically earn 40 to 80 percent more per year than those with only a four-year degree; in keeping with this, more and more talented professionals are seeking to increase their career choices and salaries by pursuing an MBA.
Here are just some of the factors that will contribute to your ability to earn more money with a masters degree in business administration.
Your job experience in your field counts for a great deal when it comes to estimating how much you will earn. The GMAC (Graduate Management Admissions Council) suggests that MBA candidates who have some professional experience will earn significantly more than those who enroll in an MBA program right after completing their undergraduate work.
Type of MBA/Field of expertise
There are numerous types of MBAs offered, and the area you choose as your specialty will have some impact on your eventual earning potential. According to the GMAC, MBA graduates who work for investment or consulting firms, the IT sector, or not-for-profit/government jobs tend to earn the highest salaries.
Where you live
If you live in a major city, such as New York or Chicago, you can expect to earn exponentially more than individuals living in areas where there is less demand for professionals who hold MBAs. However, keep in mind that the cost of living in urban areas is typically much higher, as well.
Your ability to make connections in your field
Your own networking ability can have a major impact on your earning potential; in many cases, getting ahead depends on who, not what, you know.
Before you decide to invest in an MBA program, it is important that you take all of these factors into consideration in deciding which MBA program fits best with your personal and professional goals.
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