Proactive career planning starts with knowing where your path to business school can lead.
While it’s most important to make sure you feel personally rewarded in your academic future, we know that prospective careers and salaries will figure prominently in your thinking about the path to a business degree and what’s next for you.
Depending on how far into the MBA admissions process you are, you may find that you still have a lot of research and preparation to do.
Career planning for what’s next
Maybe you’ve been working out your educational and career planning for years. Maybe you’re just out of undergrad and want to boost your marketability out there in “the real world.” Perhaps you’ve been out of school for awhile, and the job market is not what you had hoped it would be for a degree holder in your field. Or, maybe you absolutely love your job and wouldn’t dream of leaving, but you want to go after a particular promotion—or your company has offered to chip in for your MBA.
Whether you’re ahead of the game, right on track, or narrowing down your options in search of the right business school program—an MBA or a specialized business degree—all you need is a plan and a bit of guidance. This starts with knowing your career options and gaining a realistic picture of your future.
Researching MBA careers and salaries
People choose to get business degrees at all points in their career and education—and they often do it to boost their income. So, how much are MBAs projected to make after business school?
Students earning their MBAs at the age of 24 and under can increase their salaries by up to 137 percent three years after graduation, while students who are 27 – 28 years old tend to increase salaries by around 89 percent. Graduates 31 years and older might see only a 63 percent increase. Older students, of course, might already be starting with a higher base salary due to more years in the workforce.
Choosing a path through business school
People also go to business school for more than just an MBA. While the MBA is still the most popular degree pursued among prospective business school students, more than a quarter of them go for either a Master of Finance or a Master of Accounting, and some also earn part-time MBAs or MBAs combined with master’s degrees. These degrees can all advance your professional growth and earning potential, and choosing which is right for you may depend on your particular goals with respect to different careers and salaries.
But whatever—and whenever—you choose to study in business school, you’ve got to start somewhere. If you’re business-school bound but still gaining momentum, maybe you’re looking longingly at classmates or colleagues who are dotting their i’s and crossing their t’s on applications. Don’t get discouraged. There’s something nice about having your options still open to you. Use it as an opportunity to tackle career planning decisions the right way in the first place without succumbing to common pitfalls.
Find out what’s next for your future with our five-question quiz—and unlock tools to help you look ahead, like career and salary info for those who earn an MBA.
The post Careers and Salaries for MBAs: Deciding What’s Next appeared first on Business School Insider.
