One of the worst feelings in the world is the idea that you’re stuck in place. If you’ve been in the same job for a long time, with no real prospects for climbing up the corporate ladder, you might be feeling stagnated. The fact of the matter is that you can only go so far in your career without the right qualifications. You could have had your reasons for not getting an MBA earlier.
Maybe you felt like a bachelor’s was enough, or you couldn’t afford to stay in college. While those reasons might have been valid then, the situation is different now. You want to expand your professional options, and you might be wondering if it’s too late to get that degree.
This guide is here to help you figure out that answer.
You’re Not Alone
The first thing you need to realize is that you’re not the only one having these thoughts. Most professionals will try to obtain some extra qualifications or certifications after completing their education. Part of keeping up with the competitive business world is giving yourself as many tools as you can. You might have started in the business field, but your experience taught you where you want to specialize. Whether you wish to concentrate on becoming a consultant, financial analyst, manager, or something else, getting an advanced degree is the natural next step.
Is it Too Late?
Remember that you’re not working on anyone’s timeline but your own. If you’re determined to improve your education, a General Master of Business Administration Degree can be obtained both online and in person. Very few schools put an age limit in the eligibility criteria. Rather, the fact that you have decades of experience can bolster your chances of admission. Whether you plan to apply for a better job, negotiate for a raise, or improve your business acumen, an MBA is a worthwhile investment.
Each stage of life brings its challenges, and you need to consider your circumstances. If you can’t afford to leave your day job or take a break from work, a part-time degree or online degree makes more sense. It’s never too late; you need to be willing to figure out a solution.
How It Helps
You might be weighing the pros and cons of getting an MBA. You need to make sure you consider these points.
Connecting with the Younger Generation
Businesses are always looking to hire fresh graduates due to their first-hand market knowledge, up-to-date academic information, and familiarity with the latest technology. If you join an in-person college, you’d be able to build connections with these upcoming businessmen right on the ground floor.
While they might have a fresh perspective and a great understanding of the latest technology, you have experience and knowledge on your side. You can easily develop mutually beneficial relationships with many of your classmates. As you would be well aware by this point in your career, a lot of business success is attributed to knowing the right people. One of the most unseen yet important benefits of an MBA is building your network.
Revitalize Your Resume
Whether you’re dealing with your current boss or looking to join a new office, employers appreciate people willing to better themselves. The ability to put a new degree on your resume at this stage shows that you are dedicated to learning and improving your skillset. It is also a sure-fire way to demonstrate that you know the latest practices and have a passion for learning.
As technology has evolved, it plays a greater role in businesses, particularly account management, supply chain management, and financial strategy. Combining the latest knowledge with your existing work experience has you appear as a unique and desirable candidate. The degree could be just the boost you need to ensure you don’t hit a plateau and fall behind in the modern, fast-paced world.
Get a Higher Salary
If you obtain an online degree, you might be spending around $15-20,000 per annum, while an in-person MBA would cost even more. You want to make sure that this money isn’t being wasted. Well, the good news is that people with higher education tend to out-earn those with a simple bachelor’s degree.
The data shows that MBA holders earn an average of $92,000 per year. In fact, many people who enrolled in a program reported that they received promotions and raises while still completing their degree. Not only that but if you do get a new job after completing the program, there is a high chance that you would obtain a hefty signing bonus. In simple terms, the cost-benefit analysis shows that it makes way more sense to pursue the degree than not.
Take Control of Your Goals
The purpose of a degree isn’t simply to make you more appealing on paper but to empower you. You are learning a new set of technical and soft skills— while getting the chance to experience new business opportunities and build new connections. This gives you the ability to redirect your career.
At 40, you have a much better idea of what kind of work makes you happy. You can switch specializations to an aspect of business that is more satisfying. Not only that, but you can turn this into a jumping-off point to start your own business. If you’ve desired to control your career better or fulfil some lifelong goal, an MBA might be the tool you need to get the job done. Along with the satisfaction of completing the degree, you can get the joy of meeting your personal goal points.
There is no real force on earth stopping you from pursuing an MBA if that is your current goal. You might be scared to go back to college after all this time or worried about balancing academic life with your work and family. These can make the task troublesome but not impossible.
Whether it’s an online degree or a part-time program with flexible timing, it is easily possible to obtain an MBA after 40. You might find yourself rediscovering the joy of learning. As you can see, the qualification can truly help propel your career and open new doors for you. The only thing you need to decide is where to apply.