Why Some People Pursue Their MBA Later in Life
3 Min Read
Deciding when in life is best to pursue an MBA is different for every individual. Many often find it more convenient to return to school later in life and pursue an MBA long after they’ve graduated with a bachelor’s degree. There are several compelling reasons to consider this path.
Employers May Help Foot the Bill
A study conducted in 2012 by the Graduate Management Admission Council reported that 77 percent of participants expected some form of employer funding to help with the cost of pursuing their MBA. Holding out for this type of financial assistance is a compelling reason to wait and pursue additional education later in life. Once you’ve established yourself at a company, you may find that your employer is willing to assist you with your educational expenses, if not cover them entirely.
Availability of Online Programs
Online learning today has changed tenfold from a decade ago. More and more schools are offering comprehensive online degree programs, allowing individuals to continue their education from the comfort of their home and obtain an MBA on their own time. In fact, online and distance MBA programs reported the greatest increase in applicants from 2011 to 2012.
Desire to Prepare for a Changing World
The Graduate Management Admission Council found that nearly half of all prospective MBA students were between the ages of 24 and 30 in 2013. An additional 23 percent were 31 and older. Consider the difference between Microsoft Office 2007 and the drastically different Office 2013 with cloud integration, and you’ll quickly see how much the world has changed in less than a decade. Professionals who want to keep up with rapidly changing trends in business and technology have much to gain by going back to school.
An Extra Boost for Future Promotions
While an MBA degree isn’t required for basic employment, graduates of these programs see a bright future of potential promotions, salary increases and job advancement with their new degrees. In fact, a QS survey reported that salaries for those with an MBA range between $90,000 to $115,000. Going back to school also signals to your employer that you’re ready to take on new challenges. The comprehensive education that you’ll gain through such a program can prepare you to take on many new responsibilities, such as in-depth understanding of vital aspects of running a business, strategic thinking and problem solving.
Jump Start a Career Post-Children
Women’s careers are often interrupted repeatedly when they choose to have children. These frequent interruptions are one of the reasons that their salaries are still typically lower than men’s when compared a few years into their careers. Ten years after graduation, women are 22 percent more likely to have experienced at least one career interruption. Once children are in school, it’s often easier for moms to juggle the dual demands of family and work. Receiving an MBA at this later point can offer a jump-start to getting back on track and boosting career performance.
Men seeking more fulfillment in their careers can also greatly benefit from obtaining an MBA. The reward of seeking such a challenging degree not only increases their salaries and positions at work, but it can also give a much-needed boost of personal confidence.
If you’re interested in pursuing an MBA degree online at Our Lady of the Lake University, take the time to request more information today. No matter where you are in life, there’s a program out there that can help you fit an MBA into your schedule.