Workers are constantly on the move.
At one given time, millions of workers are thinking about switching jobs. In fact, a survey from Pew Research Center found that 1 in 5 workers were “very or somewhat likely to look for a new job in the next six months.” While not all job-changers are necessarily considering a complete career change, others are hoping to jump fields.
But one major concern career changers face is figuring out how to actually do it. Luckily, an MBA can help. The degree can largely help individuals advance or pivot careers—or even launch an entrepreneurial endeavor.
With MBAs now being offered in a variety of flexibility forms other than the traditional, in-person experience, including being part-time and/or online, a career pivot can be practical for working adults. Individuals can quickly be on a path toward gaining practical skills—like strategic thinking, communication skills, and versatility—to eventually transition.
And if you aren’t convinced yet, look no other than forums like Reddit, where thousands of people have shared their experiences using an MBA for a career change. One user pivoted from a technical engineering role to consulting. Another jump from insurance to finance.
“The initial exposure to a new field can often give them an incentive to change to a new industry as well and polishing their entrepreneurial skills might prompt some to start their own business where they need a very broad set of skills to navigate the complexities of leading an entire organization,” explains Clemens Kownatzki, associate dean for full- and part-time programs at Pepperdine University’s Graziadio School of Business.
Overall, more than 90% of graduate management education alumni viewed their experience favorably, and over 85% noted a positive return on investment, according to a study by the Graduate Management Admission Council (GMAC). Furthermore, over three-fourths of students reported that the education increased their employability, earning power, and professional network.
Online MBAs serve professionals looking to grow in various industries
Overall, MBA grads flock to sectors such as finance, consulting, technology, accounting, and industrial products and services after completing their degree. At the University of Chicago Booth School of Business, part-time MBA graduates are most likely to enter roles in finance and consulting, according to data from an alumni survey.
MBA programs that typically incorporate at least some type of an online component see many graduates enter into fields like technology or healthcare, and business school administrators say both fields offer considerable growth opportunities for professionals with the degree.
Online and traditional MBA programs can serve professionals looking to pivot to a new industry or transition to a leadership role, according to Walter Davis, professor of management at the University of Mississippi School of Business Administration.
“We see a lot of healthcare professionals, ranging from doctors to nurses, who have an interest in healthcare administration and see a value in this type of degree,” Davis says.
Many professionals with degrees and experience in marketing, financial management, and project management make up a large percentage of MBA students at Ole Miss, Davis says. But there’s a rising cohort of students with backgrounds in military service, engineering, and other fields unrelated to business management.
“We’re seeing many students who don’t have a traditional business background, and they’re wanting a business degree,” Davis says. “It can be a really good option for someone with a specialized background, perhaps other than business. But they want to move on or move up within their organization. This is their chance to do so.”
MBAs help build networks—leading to career changes, career advancement
While online MBAs are growing in popularity among all adults, the flexibility of online programs typically attracts an established professional. The average online MBA student is usually in their late twenties to mid-thirties and holds a full-time position.
With an increase in online MBA programs prospective MBA students must do their research to find a reputable program that works for their individual needs—and is accredited. The three top accrediting agencies for MBA programs are the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP), and the International Accreditation Council for Business Education (IACBE).
But no matter the format, MBAs emphasize networking. Kownatzki says by meeting other business leaders like executives in workshops, guest lectures, and company visits as well as alumni, career changes can be enabled.
“The MBA is therefore a door opener to a tightly knit network of like-minded professionals who could be the differentiator for finding your next career opportunity,” he says.
Beyond someone’s next direct career opportunity, MBA programs oftentime provide students with lifelong benefits, including access to alumni and events as well as course auditing.
The takeaway
Ultimately, while an MBA cannot guarantee success by itself, the degree puts students on the right track toward a career upgrade, whether that be in the same field or new one.
“An MBA is an eye opener as it gives students a broad exposure to the functional areas of a business. Someone may have functionally worked in marketing but may not have had any exposure to finance,” Kownatzki explains.
When it comes to applying and picking an MBA program, it is important to have a career destination to mind. This not only will help you narrow down which schools and format you may be a best fit for—especially if you plan to pursue a concentration or specialization—but also having a plan can help you stick out during the admissions process.
Frequently asked questions
Can an MBA help me switch careers?
Yes, an MBA can certainly help you switch careers, especially if you are looking to get into areas like tech, finance, marketing, consulting, healthcare, or supply chain. The degree provides students with the necessary and up-to-date skills to apply to problem solving and critical thinking in the world of business.
Will an MBA change my life?
An MBA can certainly help alter your career trajectory, but it depends on what you put in and get out of the program. A majority MBA graduates report that the degree helped to enhance their employability, network, and earning power.
Is an MBA worth it after 30?
It is never too late to pursue an MBA. In fact, most traditional, full-time MBA students are in their late 20s, and in online and part-time programs, it is more common to see older adults who need the added flexibility to continue working or take care of family members.
How will an MBA help my career?
An MBA will indicate to employers that you are a prime candidate to be a business leader, oftentimes leading to promotions and new opportunities. The average salary for MBA graduates is about $120,000, according to a survey by GMAC.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
