Should You Go MBA?

by Paul D. Rosevear

Does a master of business administration degree fit your educational, personal, and career goals? Here are five reasons why you might wish to pursue a business degree, even if you're traveling along a busy, already-successful professional path.

1. Boost your bottom line.

If you're a go-getter with the perpetual desire to succeed, chances are you've already made some significant education accomplishments along the way. So what role would an MBA plan in your scenario? Just ask Martin Ramey, an attorney at a California-based firm, who decided to work toward his MBA just as his law career was launching. He knew he wanted additional education, but was hesitant about sacrificing his experience as an attorney. Similar to many other MBA students, Martin wanted to use the additional business education to supercharge his career.

"Law school does not prepare lawyers to be good business people, and being able to relate to business people is critical," he says. "Secondly, a lot of the issues we deal with are business-related – a law firm is a professional service like anything else."

2. Put your own business first.

Jacqueline Grade Raffi, vice president for Shreve, Crump, & Low Jewelers (Boston, Mass.), wanted to build upon her professional prowess with an MBA, but couldn’t seem to find time to do so.

"After being out of college for more than 15 years, I often explored various MBA options, but they still remained on my life's to-do list," she says. The best option for her was finding an integrated approach to the MBA curriculum, one comprised of a blend of online and in-class experience. "The program I chose allowed me to apply the lessons learned while succeeding in business.”

Being able to maintain a dual life as both a student and a career-minded individual is something many distance learners find helpful. “The concepts I learned at NYU in my three years acted as a catalyst to apply theory to real-world problems,” says Dan Aptor, director of financial systems at NBC Universal. Dan had already earned an MBA in finance from the University of Pittsburgh in a traditional classroom, but decided to pursue another master’s using online learning at New York University’s School of Continuing and Professional Studies in an effort to gain theoretical knowledge in systems and project management directly relating to his job.

“I have significantly accelerated my career, as I have been able to bridge the gap between finance and IT.” Dan’s continual learning has led to simultaneous continued career success.

3. Specialize within a specialty.

For many professionals, it’s not just about getting their MBA that ensures success. It’s about making the most of their experience, and that means using advancements such as online learning to best equip them for their field of work – not just give them a reason to ask for a raise. The growing breadth of curriculum afforded to online MBA students affords them the opportunity to dig into their specialty. Degrees such as a master of business administration in health care management or master of business administration in media management deliver specialized training that is becoming more attractive to career-minded individuals than a general MBA.

The Physician Executive MBA at University of Tennessee’s College of Business (Knoxville, TN) is one such program. This MBA is specifically created for the business needs and hectic schedule of a working physician. “Students can learn whether they are in a hotel, a hospital, even traveling in an airplane,” explains Michael Stahl, the program’s director. Since most physicians are unable to leave their practices for two years to engage in traditional graduate school, an online program is often the only prescription for advancement.

“The thing about online education is it’s not a static program where you go sit in class for two years and then get an internship, and ultimately a job,” Michael explains. “You’re learning as you’re working and vice versa.”

4. Get the job just beyond your grasp.

For many professionals, earning an MBA is the key to opening a whole host of doors that would otherwise be locked to them. Deb Hagan, who gave birth to her third child in the middle of her coursework at the University of Phoenix Online, was willing to do whatever it took to gain access to those possibilities.

“I knew that an MBA could open up more opportunities for me,” she says. “I wanted to be able to take the next step.”

And the numbers show that earning the degree is becoming an increasing surefire way to access the position just beyond your reach. “All the signals are there for the best recruiting year since the irrational exuberance of the dot-com era,” says David A. Wilson, president and CEO of the Graduate Management Admission Council (GMAC). “MBAs are back.” In fact, the GMAC’s latest Corporate Recruiters Survey shows that the job market for MBAs is poised for dramatic improvement. This year’s estimated starting salary for MBA grads is $78,040, up from $72,021 in 2001-02. New MBA hires’ estimated compensation packages are currently $96,657 each.

5. Gain a network.

Beyond having the keys to access new avenues for career development, you’ll need positive and strong relationships with your peers and contacts to make the most of your new marketability. Luckily, the rapid advancement of online technology offers the same interpersonal skills training as a traditional two-year MBA would – plus a crash course in communicating in a digitized, global marketplace.

“Some of the latest trends in MBA programs are Web conferencing, electronic simulations, and virtual teams,” says George Lorenzo, author of “The Complete Idiot’s Guide to Getting Your MBA Online” (Alpha Books, July 2005). “With these tools, students can engage in real-world business challenges. They might role-play as a manager who has to price a new product, develop a marketing strategy, or implement a technology plan.”

Not to mention that students working with each other in private chat rooms actually prepares them for the real world, George adds. “If you’re working for a global corporation, you’re more than likely going to need to communicate with people around the world in these same virtual environments.”