An MBA is often referred to as a terminal degree, or the highest educational level one can reach in any particular field. Generally, people go back to school to get their MBA for one of two reasons: They are looking to earn more money in their chosen profession, or advance to a higher level that is unattainable without an MBA.
Regardless of the reason, the MBA is now the most popular degree in the country. According to the U.S. Department of Education, the number of people who hold an MBA has increased by 43 percent since 2002. At present, there are more than 16 million people with this advanced degree. This number represents about 8 percent of the U.S. population.
Advancements in technology are likely a contributing factor to the overall growth of individuals who hold an MBA. Being able to earn your degree online offers a measure of convenience that people enjoy. The two-year time commitment is often much more palpable when you don’t have to attend on-campus classroom sessions, while also managing a day-to-day career and other responsibilities that require both time and attention.
Another positive for students thinking about getting an MBA is that job prospects are abundant because companies are actively looking for MBA grads. Poets & Quants, citing research conducted by the Graduate Management Admission Council, wrote that 72 percent of employers participating in the GMAC poll stated that they were looking to hiring candidates with an MBA in 2015.
On top of that, the GMAC study revealed that 18 percent of employers polled stated that they expected MBA salaries to be higher than the current inflation rate, while 47 percent believed that salary increases for those with an MBA would be in line with anticipated inflation.
Either way, this is yet another positive and motivating factor for prospective students to enroll in an MBA program. The time commitment to complete the degree is well worth the investment considering the aforementioned data. Whether online or on-campus, going back to school and getting an MBA should be seen as worthwhile commitment toward your future.