According to Forbes, a business degree is third on the list of majors with the highest starting salaries, coming in at $54,000. The gains for an MBA are even greater, with the average first-year salary clocking in at between $50,000 and $75,000 — and about 40% are above the $75,000 mark.
If you’ve been thinking about getting an MBA, now is the time to do it. The economy is picking up after the recession, and employers are getting back to hiring. Getting a degree in business now starts you in the right place for having a challenging career, and a good salary, for the rest of your life.
It can often feel like the college admission checklist is a very vast and unending scroll. However, there are a few things you can keep in mind so that you progress in the right direction — toward your future business degree. Here are three things you should keep in mind regarding getting a degree in business.
Getting Into an MBA Program
Getting into a good business school isn’t easy, and competition is high. On average, MBA applicants spend between 40 and 60 hours preparing four to eight applications. One of the most important parts of the application to prepare for is the GMAT — it heavily influences which schools will accept you into their program. According to industry experts, applicants who showcase a consistent story of themselves through their essays, career history, etc., and who can prove why they are a good fit for that particular school, often have the best chance of succeeding.
Are International Business Degrees Valuable?
They definitely can be, though like with a U.S. institution, you should do extensive research to evaluate where the school rests in terms of ranking and whether it is a good fit for your career goals. Studying abroad for business can help students interested in working with multinational companies get ahead. Employers are looking for future employees who can understand how to interact with business leaders from other cultures, who may have a different perspective on how a business deal should be properly closed.
Is it Really an Advantage to Get Accepted by a Top Business School?
There is a statistical correlation between the top ranking schools, and the overall career salary worth of their graduated students. According to Bloomberg Businessweek data, the difference over the first 20 years of employment amounts to $1 million. This number is tempered, though, by the simple reality that students who get into high-ranking schools are often already overachievers who would likely perform better no matter what MBA program they are accepted to.
Are you thinking of getting a degree in business? Let us know in the comments. Read more blogs like this.