Today's guest post is from Anthony Benedict. Anthony has been freelancing on behalf of OnlineMBA.com for over 4 years. In this post, he talks about salaries. I'm sure this will get your attention.
The MBA (Master of Business Administration) is a postgraduate degree for students who have attended and passed the required classes to be considered masters in the study if business. It is considered one of the more prestigious degrees one can obtain, and is a very valuable asset for anybody who is looking to increase their salary and desires upward mobility in business. Because of the high demand for professionals with MBAs, graduates of an MBA program will find that there are a far greater variety of employment opportunities available to them than there was with just a bachelor’s degree.
Recently, many schools have popped up online that offer MBAs in a variety of different disciplines by taking classes over the internet. While an online MBA was initially not viewed as favorably as a traditionally obtained MBA through classroom learning, it is now becoming mainstream and is enjoying a far better reputation in the business field. And right now, many are opting to obtain an online MBA because they can keep their full-time job and fulfill their studies in their free time. During the current recession, with President Obama encouraging everyone to return to school and get a specialized degree, online MBA programs have seen a 38% increase in applications compared with just two years ago.
But what can an online MBA do for you? Quite simply, an online MBA can increase your salary potential and advance your career. More education will result in higher pay range potential, especially in business. According to a Graduate Management Admissions Council (GMAC) survey, MBA graduates in 2005 could expect to earn an average salary of $106,000 and would find themselves in high demand once they graduated. While the current economic climate has changed the forecast for business in general, an MBA still holds a lot of prestige and stature among employers. Many times, an MBA is required to even be considered for upper management and executive positions.
There are three main variables that you must manipulate to ensure that your online MBA takes you to the higher income bracket you desire. These variables are as follows:
1. The concentration you choose to get your MBA in is crucial. With almost 20 MBA concentrations to choose from, including MBAs in Accounting, Finance, Marketing, and Strategic/Risk Management, the concentration you choose to focus on should put you in a field that will offer you a greater salary. For example, MBA graduates who decide to work for financial consulting firms and investment banks can expect to have a higher salary than MBA graduates who decide to work for public relations and marketing firms. However, if your chosen MBA concentration is in Marketing, then you will probably be passed over for jobs in investment banking or consulting firms in favor of those whose MBA concentrations were in Finance and/or Economics.
2. The prestige of your school is looked at heavily by employers when they are hiring people with MBAs. Your online MBA must come from a school that is not only accredited, but also has a good reputation in the business world. A good way to find out the prestige of the school you are obtaining your online MBA from is to check on businessweek.com.
3. Where you live is a pretty cut-and-dry facilitator of how much you can make with your online MBA. Living in a major metropolitan city such as New York City or Chicago will afford you a greater salary than living in rural areas will. You may need to be willing to relocate to maximize the earning potential of your online MBA.
While these are just three of the variables that you must navigate to make the most of your online MBA, they are the three most important details you must pay attention to if you wish to make the most money possible.
This article was written by Anthony Benedict of OnlineMBA.com. Anthony has been an active freelance writer for the past 4 years.