The MBA: What can it do for you? (1)

The pursuit of an MBA is a huge investment in time and money. Besides the obvious loss of up to two years of income, it is oftentimes a return to corridors of learning you once swore to avoid forever. It begins with a rigorous application process, including the dreaded GMAT or GRE.

There are sleepless nights studying and writing essays that probe into your most intimate experiences and future ambitions. Then, there is the dreaded wait for a decision from the Admissions Board and, if you’re fortunate enough to get an offer, you have to find the funding (typically over $100,000 for a top tier US MBA programme) and then pass through the hurdle of a convoluted immigrations process and all this needs to be done in a matter of weeks.

Why then do hundreds of thousands of students the world over “put themselves through the wringer” and battle the odds (only about 1 in 10 will gain admission to the school of choice) each year to get into a top MBA programme?

Conversations with MBA graduates from top global programmes provide some insight:

Earning potential – An MBA dramatically increases earning potential. It is estimated that getting an MBA from a top business school can increase your earning power by over 150 percent, easily resulting in 6-figure USD starting salaries.

Job prospects – There is a high demand for MBAs in the growing global economy, and a greater appreciation for the skills and knowledge that MBAs bring to an organisation. Many organisations now have special “Leadership Development” programmes exclusively for MBA hires, which put participants on the fast track for senior management, and even greater earning potential.

Networking – Top business schools focus on creating a diverse student body. Different experiences, backgrounds and personalities make the MBA an exciting prospect for networking and building lifelong relationships. Business schools are notorious for bringing together ideas and money, or alliances that spurn cross-continental friendships and business relationships. It’s what you make of it.

Tosin has an MBA from Yale University and is the CEO of Total Ascent, a Test Preparation (GMAT/GRE/SAT) and Admissions Consulting company.