Is an MBA Worth It?

Whether or not to pursue an advanced degree, such as a Master of Business Administration (MBA), is a big decision. There are many factors to consider — personal, professional and financial — including the realities of a changing U.S. labor market.

Some of the best reasons for getting an MBA include:

• Having a recognized credential that can help you advance professionally
• Increasing your versatility and stability in the job market
• Experiencing a potential salary bump
• Growing your professional network

"An MBA is a professional master's degree that focuses on business leadership and it's many subdisciplines," said Dr. Karl Kammerer, MBA, associate dean of business programs at Southern New Hampshire University (SNHU). "It's designed to equip individuals with the knowledge, skills and tools necessary to excel and advance in a variety of business roles."

The pathway to earning this degree has traditionally meant enrolling full-time in a 1- or 2-year MBA program to attend classes on campus. But learners today can opt for the convenience and affordability offered by online MBA programs.

Why the Time is Right to Get Your MBA

According to Kammerer, the right time to consider earning your MBA may be when you're ready to make a focused effort to improve yourself and your career. "There are various times in life when we find ourselves with the time and motivation to commit ourselves to this sort of effort," he said.

One example is if you're trying to transition career pathways, Kammerer noted. Or perhaps your employer offers a tuition reimbursement program or opportunities for advancement.

"Whatever your 'why,' I just encourage MBA students to articulate that 'why' for themselves and use it as a motivating vision for completing an MBA," Kammerer said.

The flexibility of online MBA programs is particularly valuable for adults who are managing or balancing some combination of:

• Career ambitions
• Family commitments
• Financial considerations
• Personal goals and wellbeing
• Work responsibilities

While you may have to balance your education with other areas of your life, an online MBA degree program can offer the flexibility to do your assignments wherever and whenever works best for you.

Earning a degree online also empowers you to set your pace; how long it takes to get an MBA is based on your goals and schedule. If you take two classes at a time, for example, you could finish an MBA from SNHU in just over a year. If you'd prefer to take one class at a time — that works, too.

And it’s not just individuals who benefit from online learning opportunities — businesses are also seeing the return on investment that can come with what MBA programs teach.

Kammerer noted some of the skills you can learn in an MBA program include:

• Financial management: Understanding financial statements, budgeting and risk management.
• Human resources: Acquiring knowledge of employee recruitment, training, development and performance management.
• Leadership: Developing leadership skills, including communication, motivation and team-building.
• Marketing management: Learning about market research, consumer behavior, branding and sales strategy.
• Operations management: Understanding supply chain management, quality control and process improvement.
• Strategic management: Developing the ability to analyze business situations, identify opportunities and formulate winning strategies.

Does an Online MBA Increase Your Salary?

An MBA is a highly regarded qualification providing you with advanced business knowledge and skills. These attributes can give you a competitive advantage in your career and potentially increase your salary.

According to a survey conducted by the Graduate Management Admission Council (GMAC) in their 2024 Corporate Recruiters Survey, the median salary for MBA graduates in the U.S. was $120,000 (GMAC PDF source).* This is a significant increase compared to GMAC's projected $69,320 in 2024 for those who have earned only a bachelor's degree.*

A few other factors are often considered, such as job performance, level of experience, what industry you work in and the overall job market. But MBA holders are currently sought after across many industries. According to GMAC’s 2024 Corporate Recruiters Survey, 71% of U.S. employers expect to hire the same or more MBA graduate in 2024 than in 2023.*

Is an Online MBA Respectable?

Online learning continues to make inroads in higher education. The number of college students taking distance education courses has increased over the last few years. In the fall of 2018, 6.9 million post-secondary students participated in distance learning, and by the fall of 2022, 53%, or 10 million, post-secondary students were enrolled in distance education courses, according to the National Center for Education Statistics (NCES). That's a growth of 3 million students in four years.

Some believe online options are the future of education.

"The online learning environment has become the most popular delivery method for giving working professionals convenient access to MBA programming," Kammerer said.

For Theresa Dominguez '21 '23MBA, balancing her career while earning her MBA was an important decision. But she knew that earning her MBA online degree would be worth it. “It definitely made sense," she said, because she felt it would help boost her career path.

After completing her program, she leveraged the skills she developed during her studies to support her career growth.

There are several benefits to earning an MBA, according to Kammerer, including:

• Developing critical thinking and problem-solving knowledge, which can help you make more informed decisions in complex business environments.
• Gaining a broad range of skills, such as strategic thinking, financial analysis, marketing, human resources and operations management.
• Opportunities to connect with other professionals, allowing for the creation of valuable networks for future collaboration.

There are many types of MBAs to choose from, too. Whether you want to focus on a particular aspect of business or stay more general, some of the 15+ concentrations may include:

• MBA in Accounting
• MBA in Business Analytics
• MBA in Finance
• MBA in Human Resources
• MBA in Operations & Supply Chain Management

Earning your MBA can signal a level of dedication and hard work in addition to the mastery of interconnectedness of business functions, process and people.

What if I'm 30? Is an MBA Really Worth It?

It depends, of course, on your goals, priorities and financial situation, among other considerations. But for Benjamin Hulefeld '19MBA, “the answer is unequivocally yes,” he said.

After finishing his undergraduate degree in international affairs and Spanish, Hulefeld “graduated right in time for the 2008 recession,” he said. Although he landed a job with a financial company, he quickly realized that work in the financial sector wasn’t for him. So, Hulefeld moved to the Dominican Republic where he had an opportunity to try his hand at work that was more aligned with his undergraduate studies.

During his 10-year sojourn abroad, he worked for an environmental nonprofit and then a healthcare startup before being recruited by Ochsner Health System to do business development work throughout the Caribbean.

“My boss at Ochsner told me that if I wanted to rise through the ranks, I needed to have those three letters – MBA — after my name,” he said.

Hulefeld said he was an “unlikely online MBA student,” partly because of a learning disability that made standardized testing difficult and caused him to question his ability to succeed in an online learning environment.

When researching potential online MBA programs, it was important for him to find an affordable option at an established nonprofit institution with a robust academic and student support system. Optional GRE or GMAT scores were another plus.

At age 31, he enrolled part-time in SNHU’s online MBA program.

During the two-and-half years it took for him to complete his online MBA, Hulefeld continued working full-time in the Dominican Republic, got married and became a father, lost his own father and also began investigating the prospect of a career working for the U.S. Department of State as a foreign service officer.

“My goal was honestly to get in and get out with a degree,” he said. “But the experience ended up being so much more for me. I became very active in extracurricular groups, especially the Student Advisory Board (now the Student Engagement Council). That was a tremendous additional and unexpected benefit of my degree — to be part of an engaged learning community.”

In short, he said, “I was able to balance life, work and school — and I learned a lot.” Meanwhile, his program advisor called monthly to check-in and ensure he stayed on track to succeed.

“There were times when it wasn’t easy to keep going,” he said. “But the message I got from the faculty, my advisors and fellow students was the same: Education opens doors for you. It can change your life, especially in a competitive job market like we’re seeing now.”

Hulefeld had his MBA degree conferred on November 1, 2019. Within that same month, the State Department offered him a job as a foreign service officer. The position came with a significant salary bump based on his years of relevant professional experience and on his highest degree earned.

He now counts himself among the approximately 14% of U.S. adults who held an advanced degree in 2022, according to the U.S. Census Bureau.

“This degree ended up being exactly what I needed at this point in my life,” Hulefeld said.

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.

Nicholas Patterson ’22 is a writer and alumnus of Southern New Hampshire University (SNHU), where he earned his bachelor’s degree in English and creative writing. He is currently honing his craft further as he pursues an MFA in Creative Writing from SNHU. Connect with him on LinkedIn.