Have you been thinking about earning your Master of Business Administration degree?

James Dorris, Ph.D., dean of the School of Professional Studies at Westwood College, explains below why an M.B.A. is valuable, no matter what undergraduate degree you have.

Young business woman

OK, so you’ve read the Bureau of Labor Statistics (BLS) and know that people with undergraduate degrees earn more over their lifetimes than do people who have no degree. And you know that people who complete graduate degrees earn even more over their lifetime.

Since you are obviously not at the end of your lifetime looking back and counting your money but reading this note instead, you may wonder how this information applies to you specifically right now.

Obviously, if you believe the numbers, the sooner you get your degree, and the more advanced that degree is, the longer you have to accrue those lifetime earnings touted by the BLS.

So, why not start accruing now?

But it’s not just about money, is it? Obviously, you should pursue a degree in a subject about which you are passionate; if it will also enhance your wealth and contribute to your personal growth and development, so much the better.

Go for that B.A. in English or B.S. in business right now. Don’t put it off.

But what if you have that English or business degree and are now looking into graduate schools, again for your personal satisfaction, but also to start accruing that lifetime wealth you’ve heard so much about.

If that is the case, I believe you should seriously consider a Master of Business Administration degree.

Why get an M.B.A.?

First, people with M.B.A. degrees are versatile, equipped with the knowledge and skills to lead startup companies, manage and grow existing companies, and become leaders in professional business organizations.

Second, the M.B.A. is a distinctly U.S. degree that is recognized and respected by people world-wide, providing opportunities for careers that cross national borders. Between 2005 and 2009 interest in graduate business degrees grew 75 percent in Asia, 30 percent in North America, and 43 percent in the Middle East and Africa (Chronicle of Higher Education, November 12, 2009). This global interest in graduate business degrees signals opportunity.

No matter what your undergraduate degree was in, the knowledge and skills related to an M.B.A. are valuable. Go for it.

Still need convincing?

The following chart shows the relationship of income to educational attainment:
chart

1Bureau of Labor Statistics, 2009. Quartiles and selected deciles of usual weekly earnings of full-time wage and salary workers by selected characteristics, second quarter 2008 averages, not seasonally adjusted.
2Source: Bureau of Labor Statistics – Unemployment by Education, 2007