Going to college is likely to be one of your biggest lifetime investments. Yet over the course of recent years, graduates have been finding it increasingly difficult to enter the workforce even with a prestigious diploma in their back pockets.
What about a Bachelor’s degree?
Truth of the matter is, a Bachelor’s degree is no longer a gateway to lucrative occupations. To really stand out in today’s competitive labor market, graduates are often expected to extend their stay at university over a supplementary Master’s degree. According to Adzuna’s data, this holds especially true for the business and finance sector, where applicants with an MBA are almost always given a preference for higher-paid and more senior roles.
Do you need an MBA to get into business?
With tuition fees continuing to skyrocket, and some of the best programs costing as much as $100,000, many have questioned the merits of pursuing a specialist graduate degree. To get a sense of just how advantageous an MBA is, we have looked at thousands of business-related jobs at Adzuna’s career database. Our findings reveal that education does matter significantly, and can play a decisive role for those aiming at higher paid positions.
Based on the the roles we see currently advertised on adzuna.com, it can be said that, while an MBA is not crucial for landing an entry level role or an associate position, it becomes key for future progression and career development. Moreover, the 2017 Corporate Recruiters Survey of the Graduate Management Admission Council (GMAC) revealed that there has been a substantial increase in the number of employers looking to hire MBA graduates over the past few years.
What are employers really looking for?
But why exactly are MBAs more sought after than other candidates? To answer this, we asked Lily Valentin, the US Country Manager at Adzuna. Being a business major herself, she observed that “Above all else, employers seek individuals capable of critical thinking, and who possess the ability to solve complex problems or even anticipate them before they occur. In the eyes of many bluechip corporations, MBAs possess these qualities through proven theoretical and practical experiences gained while still in school.”
What also speaks in favour of getting an MBA, is the fact that it not only facilitates a more thorough understanding of business ins and outs, but it also counts towards many companies’ prerequisite of at least two years (sometimes three) of professional experience. So by the end of their studies, MBAs possess all the necessary tools which allow them to grow professionally.
So while an MBA is, undoubtedly, a costly investment, it is an important stepping stone which will eventually lead up to management roles or even business ownership.
Adzuna is a search engine for job ads used by over 11 million visitors per month that aims to list every job, everywhere. We search thousands of websites so our users don’t have to, bringing together millions of ads in one place. By providing smarter search options and powerful data about the job market, we give jobseekers the information they need to take control of their careers.
Adzuna was founded in 2011 by Andrew Hunter and Doug Monro, formerly of eBay, Gumtree, Qype and Zoopla, and is backed by leading Venture Capital firms Passion Capital, The Accelerator Group and Index Ventures.
Adzuna’s mission is to be the best place to start looking for a job. We love using the awesome power of technology to help match people to better, more fulfilling jobs and keep America working.