Does a business career with high employment rates and a six-figure starting salary sound good? If the answer is “yes,” a Master of Business Administration (MBA) may be the way to get there.
The value of an MBA is well-established. While many companies hit the brakes on large-scale hiring during the beginning of the COVID-19 pandemic, the years since have seen a stark rebound in hiring and economic growth, so much so that job applicants with advanced credentials like an MBA have a great deal of leverage in the hiring process. According to the Graduate Management Admission Council (GMAC) 2022 Corporate Recruiters Survey, 92% of corporate recruiters plan to hire “newly minted” MBA grads. GMAC also reports the median 2022 starting salary for MBA grads to be an impressive $115,000.
Clearly, earning an MBA can be a worthwhile investment for aspiring management professionals. Northwest Missouri State University offers an online MBA in Management with beneficial options for both applicants and students. Students can complete their coursework in as few as 12-18 months to prepare for high-level careers across diverse industries.
What Options Are Available to Applicants?
Anyone thinking about applying to an MBA program has probably heard of the GMAT exam (Graduate Management Admission Test). According to GMAC, more than 7,700 graduate programs worldwide use the GMAT exam as part of the admission process. The GRE Test (Graduate Record Examination) is another widely accepted test.
It’s important to note the fees associated with both the GMAT and the GRE. For example, as of May 2023, the GMAT exam fee was $275 in the United States. Need to reschedule within 14 days of the test date? Plan on paying an extra $165! Then there are fees for score reports, rescoring options and cancellation. An online delivery version of the GMAT is also now available, though it is somewhat more expensive and offers fewer additional scoring options. Overall, the GRE is somewhat less expensive, but the test costs still add up. Test prep courses can add hundreds more.
It’s easy to see why the GMAT and GRE may be a dreaded first step in the MBA application process. Fortunately, Northwest waives the GMAT/GRE requirement for applicants who meet a few basic requirements. Applicants who do not meet the GMAT/GRE waiver requirements have the option of submitting either GMAT or GRE scores.
What Options Are Available to Students?
Interested in starting a business and being your own boss? Northwest’s MBA in Management allows students to choose electives that provide the background and training to succeed in a business startup. Other elective courses help students concentrate on in-demand management specialties.
Students have the option to choose electives that focus on popular areas of interest, such as:
- Human resource management
- Compensation and benefits management
- Innovation and entrepreneurship
- Training and development
- Data mining for business applications
- Business analytics and decision-making
Salaries in management careers vary depending on the industry and other factors. However, the U.S. Bureau of Labor Statistics (BLS) reports that median salaries for management occupations as a group are the highest of all major occupational groups. In 2022, for example, human resource managers earned a median annual wage of $130,000. Those in the 90th percentile earned more than $224,000.
Northwest’s MBA in Management program provides additional options that many students find helpful, such as:
- Multiple start dates throughout the year allow students to choose the most convenient time to begin their online studies.
- Students also have the option to pay by the course, which may make financing an MBA less stressful (also potentially saving money on loans).
Earning an MBA may be a salary-boosting move, but it can be much more. At Northwest Missouri State University, an MBA in Management can prepare students for careers that are a match for individual areas of interest. Whether turning a great idea into a successful business, deepening HR expertise or gaining cutting-edge business analytics skills, MBA graduates have a world of options.
Learn more about Northwest Missouri State University’s MBA in Management online program.