No, you do not need to have a bachelor’s degree in business to enroll in a Master’s in Business Administration program. Your career background can be in teaching, the military, copywriting, technology, science, etc.
According to the mba.com Prospective Students Survey Report, 54% of full-time MBA students held a non-business degree, compared to the 46% who held a business degree. With the rise of flexible, online MBA programs, non-business professionals can benefit from business coursework in a myriad of ways.
Whether you’re thinking about pursuing entrepreneurship, changing careers or moving up to a leadership role, an MBA will help you achieve your goals.
An MBA Sets the Stage for Entrepreneurship
If you’re thinking about starting your own business, then you’re not alone. About 24 million people were self-employed in 2019, according to Freshbook’s annual Self-Employment in America Report.
It’s tempting to jump from employee straight to entrepreneur, but without a strong foundation of business knowledge and support, you may find yourself floundering before your new business cards arrive.
For a non-business professional, an MBA opens doors to experiences that directly impact the success of your entrepreneurial journey.
Consider these ways an MBA impacts success:
- You’ll hone your leadership skills in critical business areas such as finance, marketing and management
- You’ll gain essential business knowledge and insight from a robust curriculum
- Your MBA shows potential partners and investors your credentials and experience
- You’ll learn from experienced business professors who can become mentors in your entrepreneurial journey
- Your peers bring experiences from vastly different backgrounds and can help advise, collaborate or even become future customers.
Considering the benefits an MBA provides to aspiring entrepreneurs, it’s not surprising 85% of MBA students are keeping in mind entrepreneurship after graduation. If you’re serious about running your own profitable business in the future, then an MBA program is the first place to start.
An MBA Helps Change Careers
For both non-business and business professionals, changing careers is not an uncommon thought—especially given recent events.
According to a Washington Post-Schar School poll conducted in July 2021, nearly 1 in 3 U.S. workers under 40 years of age have thought about changing their occupation since the pandemic began, and 1 in 5 workers overall have considered a professional shift.
An MBA program sets the groundwork for a change of careers. If you know which career you want to transition to, a specialized MBA program gives you specific expertise in one area of study such as finance, project management or health care management.
However, some people remain concerned when applying to business roles (even after earning an MBA), if they have all non-business related jobs beforehand. No need to worry! All jobs have a set of transferable skills you can easily list on your resume that employers need to run successful businesses.
Transferable skills from previous jobs combined with the leadership and business skills you acquire in an MBA program help you land your dream job in a new career.
An MBA Prepares For Career Advancement
Of course, not everyone who pursues an MBA degree wants to leave their field of work or their current company. Earning an MBA prepares you for top management positions so you can advance in your career and earn a higher salary.
With one-third of Fortune 500 companies’ CEOs having an MBA degree on their resumes, it’s no wonder continuing business education is at the top of professionals’ minds.
MBA coursework builds a foundation of leadership, organizational, and managerial skills that lead to C-suite executive jobs such as the chief executive officer (CEO), chief financial officer (CFO), chief operating officer (COO) and chief information officer (CIO).
According to a recent higher education study conducted by the National Student Clearinghouse Research Center, in Spring 2021 institutions saw a 7.6% increase in MBA program enrollments. One reason people are pursuing an MBA degree is for the higher paycheck.
Salaries for MBA degree holders vary largely on location, company size and field of business. However, the average salary for MBA degree holders is $115,000 according to the Graduate Management Admission Council’s 2020 Corporate Recruiters Survey. The data is clear— those who choose to pursue an MBA degree see a great return on investment when it comes to career advancement and higher salary earnings.
Jumpstart Your Future With A Flexible MBA Program
In order to change your future, you must first start with education.
Concordia University Chicago’s robust online MBA program is designed specifically for working professionals who need the flexibility to complete their degree from home. The general MBA program consists of 36 credit hours and can be completed in as little as two years.
We also offer the following 8 MBA specializations:
- MBA, Accounting Specialization
- MBA, Chief School Business Official Specialization
- MBA, Digital Marketing Specialization
- MBA, Finance Specialization
- MBA, Health Care Management Specialization
- MBA, Leadership and Change Management Specialization
- MBA, Project Management
- MBA, Sports Management Specialization
If you’re interested in entrepreneurship, changing careers, or advancing in your current career, then visit Concordia University Chicago’s MBA program page to learn more about how we can help you today!