(5 Minute Read)
The return on investment (ROI) of a master’s degree in business administration depends on your personal objectives, varying from person to person and often going beyond financial gain.
Some apply for an MBA program seeking a promotion within their current company, an entrepreneurial journey, professional growth, to stand out to recruiters and employers during their job search or personal accomplishment.
“Soft” Returns of a Master of Business Administration Program
An in-person MBA will help you develop some of the most sought-after skills companies are looking for: soft skills.
Soft Skills Often Taught in an MBA Program Include:
- Analytical and Critical Thinking: The ability to engage in analytical and creative processes to solve problems, make decisions and evaluate ideas is essential to business advancement and success.
- Communication: Whether you are in customer service, engineering, marketing or sales, communication skills provide the necessary interpersonal skills to succeed in a team. A business leader needs to be able to read the audience, deliver messages, and take feedback in ways that are effective and efficient.
- Negotiation: Business schools teach students how to negotiate with different people and in different scenarios. It’s important to know the right approach for each situation to turn conflict and disagreement into shared objectives.
The Financial Return of an MBA: New Salary or Career
Although the cost of an MBA program is a large factor to consider, starting salaries and promotions remained high overall in data reported to the U.S News and News Report in 2021. The average salary paid to graduates among the 131 ranked full-time MBA programs was $105,684.
Results from a 2021 Boise State Professional MBA graduating student survey showed that 75% of students reported a salary or total compensation change during the program.
However, the real return on investment of an MBA lies in your lifetime earnings. An analysis of salary data collected through Poets&Quants and PayScale shows MBA graduates will earn $5.7 million after graduating and working 35 years, $2.3 million more than individuals with undergraduate degrees.
For those searching a lifetime of meaningful, high-impact work, data clearly shows a compelling return on investment.
How to Maximize the Return on Investment of an MBA
For students who are wary of costs and potential long-term returns, earning a Master of Business Administration can be more feasible if you can reduce out-of-pocket expenses.
- Pick a high-quality, AACSB accredited and affordable MBA program: Boise State’s Professional MBA program is accredited by the coveted AACSB International accreditation. This speaks to the quality and rigorous standards of our educational offerings, all for a total cost of less than $20,000 for in-state students.
- GI Bill: In most circumstances, veterans may be eligible to fund their MBA tuition under the GI Bill benefits while active duty members can receive Federal Tuition Assistance (TA).
- Tuition Reimbursement: Many companies offer their employees assistance by reimbursing some or all of the cost of your tuition. Check with your employer and look out for requirements related to how long you have to work there and required to stay if using those benefits. See more on tuition reimbursement and how to use it here.
Thanks to the wide range of tools available to help students manage up-front costs, as well as Boise State’s high quality, low-cost program, it is easier than ever for full-time working professionals seeking an MBA to make a successful transition into graduate school and maximize their ROI.
Learn More About Boise State Professional Master of Business Administration
The Boise State Professional MBA program is our part-time, evening program designed specifically for mid-career working professionals looking for advancement and opportunity.
Graduate in 24 months with this affordable degree with three starts in May, June and August. Ready to get a lifetime return on investment?
This article was adapted for Boise State’s Professional MBA. Read the original article here.