In a rapidly changing job market, it’s important to set yourself apart. Whether you’re looking to advance in your current field or break into a new industry, earning an MBA could be the right fit for you.
“There are so many specializations these days within MBAs that you really can choose a program based on what you want to either pivot into or what you want to grow into,” says Erin Wolfe, senior director of MBA programs at the Michael F. Price College of Business at The University of Oklahoma “If you’re pivoting into a different role within the same industry, you can really look at what specializations would work well for that. If you’re going to pivot into a completely new industry and a new role, same deal.”
Use an MBA to Advance in Your Current Field
Although an MBA can be a powerful tool for career advancement, the overall return on investment has dropped since 2024, according to Bloomberg’s recent MBA ROI calculator.
Rising tuition costs — combined with smaller increases in post-MBA salaries — mean today’s students need to be more strategic about how they use their degree. To maximize the value of an MBA, experts advise students to look for programs that offer hands-on learning opportunities and strong alumni networks.
Prepared MBA students come in with clear goals. “They’re ready to learn and ready to do those networking opportunities with the thought that they want to take what they’re getting out of the program and immediately apply it back to their jobs,” says Julie Storing, director of MBA programs at the University of Arkansas’ Sam M. Walton College of Business.
[READ: 6 Key Qualities of Successful MBA Candidates]
“Being open to diverse perspectives and trying to tap those in your current job is a biggie,” says Kasey Herrington, a graduate of the MBA program at the Wall College of Business Administration at Coastal Carolina University in South Carolina.
For many, those goals are directly tied to the potential financial return of the degree. A recent survey by the Graduate Management Admission Council found that the goal of 40% of MBA applicants is to get a raise or salary increase, and 37% aspire to manage projects after attending business school.
Ways an MBA Prepares You for Leadership and Promotion
One benefit of enrolling in an MBA program is gaining valuable leadership skills that you can apply to your current or future roles, experts say.
“The ability to go through and adapt to different situations, that is some of the benefits that can come from an MBA,” says Casey Schmalacker, vice president at New Frontiers Executive Function Coaching. These programs also expose you to “different scenarios and more generalized knowledge, but it’s important that you are leaning into those skills to get the most out of it.”
The average salary increase for MBA graduates is about $20,000 to $25,000 within six months, says Jill Pante, director of career services at the University of Delaware’s Alfred Lerner College of Business and Economics.
Recruiters and hiring managers see MBA graduates “as people who can progress in an organization quicker,” Wolfe says. “They’re not going to need to wait five years until they have enough experience.”
How to Use an MBA to Change Careers or Industries
Research indicates that students often use an MBA to pivot into a new industry or career. Twenty-nine percent of prospective MBA students want to earn their MBA to change careers, while 24% complete the program to change industries, per GMAC’s survey.
[Related:6 Hot Jobs for MBA Graduates]
“Sometimes having a nonbusiness background and then doing an MBA helps to differentiate you in the market,” Wolfe says.
Know what your career goals are before entering the program and look for opportunities to gain experience in that area.
“If you are going to go ahead and make that transition, then let’s try to find those ways in which you can get little pockets of experience to add on to your MBA program or your MBA degree,” Pante says. That can include participating in networking events, career fairs, internships and class projects.
Also, take time to speak with professionals in industries of interest.
“One of the things that can help arm them to be more successful is to do some of that research, tap into some of these informational interview requests to get a better understanding of what they’re really going into,” Schmalacker says.
Experts advise career and industry changers to immerse themselves in a full-time program.
Making a Successful Career Transition
Earning an MBA can be a tool to help you transition into a new career, but experts say you must put in the work to succeed.
Herrington, for instance, spent 15 years working as a director of administrative services before earning an MBA with a health care concentration, and leveraged the degree to transition to a chief operations officer role. Applying the skills learned from the MBA, along with having a thirst for knowledge, contributed to her success, she says.
[Read: How to Decide if an MBA Is Worth it]
Knowing how to market your skills and experience to recruiters is essential, experts say.
“You have to be intentional about telling that story,” Wolfe says, adding that career changers should consider how their education and career paths make them a “good candidate for a role or company.”
Is an MBA the Right Fit for Your Goals?
Before enrolling in an MBA program, experts recommend doing research to ensure you will get your intended return on investment, as that varies across programs.
“Really look at what types of hands-on opportunities the MBA program provides as well as the networking opportunities because essentially, you’re looking to fill your resume with some quality experiences that you can then talk about both in networking and eventually in job interviews,” Storing says.
Careful planning is the key to making the most out of your business school graduate degree, experts say.
Match up your “desired outcomes to the amount of time and commitment and costs that would go into it to make sure you’re making an appropriate decision for yourself,” Schmalacker says.
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How to Use an MBA to Advance in Your Field or Change Careers originally appeared on usnews.com
