Steve Jobs famously dropped out of college and went on to become the founder and CEO of the most valuable company in the world. Here is a list of ten other people who also became ridiculously successful after dropping out, or skipping school altogether. Many have even managed the feat by dropping out of high-school. Unfortunately for you, these are outliers. You are neither Steve Jobs nor Richard Branson. They are the exception that proves the rule: Stay in school!
If you hope to run a multi-billion dollar business, you will either have to build it yourself, or have one heck of a resume. Speaking of resumes, you might as well get used to it. You will need to take your application and interview process seriously if you plan to get into a good program.
A better role model for you to emulate would be Patrick Byrne, CEO of overstock.com. He is a far more realistic example of what it takes to get ahead and be successful in the business world. There are many benefits to choosing the more difficult degree path.
Here are three:
It Is Required for the Job You Want
By far, the best reason to get an MBA is that it gets you where you want to be. If you envision yourself as a C-level employee, a Veep, or as some level of upper management, you are going to need an MBA. Flip through the want ads and job boards and find your dream job. Notice that requirement of a Master’s degree? There is simply no getting around it. If you are after the kind of job that includes high-level management of assets and personnel, you will need that MBA. These days, even if you work full-time and can’t physically go to a college campus, you can pursue an online MBA. Bottom line, if you want it bad enough, you can do it!
Examples of jobs that include high-level management of assets and personnel are:
- Computer and Information Systems Manager
- Chief Technology Officer
- Financial Analyst
- Investment Banker
It Provides the Income You Want
How much money do you want to make? Few people actually have a dollar figure in mind. To paraphrase Mr. Burns from the Simpsons, most people would probably give it all up for just a little more. At a practical level, the real answer to the question is the amount at which you no longer have to think about money. It is the amount that allows you to pay your bills, have the luxuries you want, enjoy the entertainment you want, and put back enough for a rainy day. All of that can be achieved on an MBA salary.
Based on the most up-to-date information from PayScale, the average salary range is between $50,000 and $150,000. The bottom can be a little lower. But the top can be a lot higher. Keep in mind that your income will also depend on where you live and how much experience you have. Once you have an MBA, there are not a lot of income brackets that are closed to you.
It Enhances Everything You Want to Do
Even if you are not interested in a high-powered career in business, you can still benefit from having an MBA on your resume. In a tough job market, it makes you more marketable because you stand out. Only 30% of the population has a Bachelor’s degree. The number drops precipitously for Masters Degrees. Even if you have to apply for a job downmarket, you have the advantage.
You may not think you are in business, but you most certainly are. I doesn’t matter what you do for a living. Writers, poets, musicians, painters, plumbers, doctors, and accountants are all in business. The more successful you are at managing your business, the more successful you will be.
When you apply for a job as a school teacher, it is great that you have your teaching degree. So does everyone else applying for the job. But teaching is also about managing a classroom. If you ever want a promotion, it is about managing a school, or a school district. When you are ready to move up, you don’t have to decide if you want to go back to school. You just need to fill out the application. While others are filling out student loans and figuring out part-time schedules, you are interviewing for the job.
You may not achieve the full upside to an MBA right away. But if you are like recent MBA graduates, you will be very glad you did the two extra years of school. There are no downsides to getting one. During good times and bad, an MBA is still the one to get.
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