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Is An MBA A Worthy Investment? 95% Employment Rate Says Yes
It's impossible to browse the education section of a news site without stumbling across a higher education pessimist who thinks advancing one's education isn't worth it. For some degrees, they might even be right, but there are very few business school graduates who would be quick to agree with them.
The Graduate Management Admission Council recently conducted a survey, and its findings were promising: nine out of every ten MBA holders who graduated in 2013 had found employment come September. While in 2009 the employment rate for those with two-year MBAs was at 85%, that number has climbed to 92% this year. On top of that, a significant portion of MBAs who were still unemployed in September were in Europe. The United States business school graduate trumps when it comes to employment rate: 95%.
The report took into consideration the responses of 915 business school graduates who attended 129 business schools around the world and were in the Class of 2013.
That's not the only good news: the base salary, especially in the United States, is on the rise as well. This year, the median starting annual salary for a full-time, two-year program graduate is $90,000, which is a $3,300 increase from last year. This number was generated from a sample of a wide range of business schools; those who attended the most prestigious schools earned a much higher base salary.
Furthermore, the one-year MBA and the one-year Master's of Management degrees are quickly earning, and living up to, the title of "short-cut degrees." They require taking out smaller (or fewer) loans, being out of the work game for a shorter period of time, and little previous work experience for success. In comparison with the full-time two year MBA, the full-time one year MBA has an 82% employment rate this year – a solid statistic for the cost and time investment.
The majority – about 22% -- of MBAs use their degrees in the finance and/or accounting fields. Next most popular is a tie: consulting, and marketing/sales.
With such hard-hitting numbers, it's safe to say that it's not whether students choose to further their education; it's how they choose to do it. For prospective MBA students who want to raise their (already high) chances of gaining employment after graduation, remember the importance of studying for the GMAT. Taking an online GMAT prep course, learning schools' requirements for GMAT scores, and exploring all your potential school options are imperative steps.