While you can pursue a Master鈥檚 degree to get a more in-depth understanding of your chosen profession, it鈥檚 also worth considering an MBA.
An MBA can provide engineers with valuable business skills that make them more attractive to employers. Additionally, it can help them fill managerial positions and equip them with the entrepreneurial skills necessary to bring their engineering solutions to market, should they aspire to find a company.
This article explores how an MBA can aid your engineering career, so keep reading if you need help making an informed decision.
As an engineering degree holder fresh out of university, you possess problem-solving skills that grant you access to many entry-level engineering roles. Professional certification is the quickest way to stay afloat in a competitive job market, and once you鈥檝e obtained said qualifications, a comfortable engineering career will be yours.
However, advancing to a more senior position will take more than an undergraduate degree and professional certification. At this point, most engineers find themselves staring at the proverbial fork in the road. They can up their learning with an advanced degree in engineering or opt for an MBA, broadening their professional horizons.
The obvious path to follow is an advanced degree. You鈥檒l be gaining more advanced knowledge in your chosen field, which will help you become more marketable when seeking work with another employer. Meanwhile, the path less trodden is going for an MBA or acquiring business skills you鈥檙e not very familiar with.
However, if you choose to take the second path, you鈥檒l give yourself an edge over your fellow engineers who opt to take the first path. This is because you鈥檒l learn soft skills like negotiation and effective communication and technical skills needed for running a business. In other words, skills that鈥檒l make you more suitable for managerial positions than your peers.
As you鈥檒l see in the following sections, combining engineering know-how with business acumen will give you a platform to climb to higher positions.
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In the US, engineers with an MBA degree get paid a median salary of $100,000 per annum. However, the exact amount differs statistically depending on which of the MBA programs for engineers you decide on pursuing.
For example, the statistics provided by Payscale reveal that engineer MBAs in the US receive an average of in annual salary. Meanwhile, other statistics put the compensation you can expect to receive once you complete an MBA for engineers between and .
Unfortunately, if you decide not to pursue an MBA, you stand to earn 13% less than a fellow engineer with an MBA degree.
The above statistic is based on reports drafted by the Bureau of Labor Statistics. One such report reveals that a mechanical engineer with an MBA earns more than a bachelor鈥檚 degree holder鈥檚 annual pay of . However, another report shows that civil and architectural engineers with MBAs in the US enjoy an average yearly salary of $149,530.
To better compare the salary differences between engineer MBA-holders and non-MBA-holders, see the table below:
Other than a high pay packet, what other benefits will you receive as an engineer with an MBA? Additionally, are there any reasons why you shouldn鈥檛 get an MBA? Let鈥檚 explore the pros and cons to find out.
Below are some reasons why you should get an MBA as an engineer. They include, but aren鈥檛 limited to:
Better Career Prospects
The most obvious benefit of having an MBA degree is the prestige it鈥檒l add to your resume. With an MBA, you鈥檒l look more attractive to corporations seeking candidates who possess a good combination of technical skills and business acumen. In addition, these companies will see you as a good fit for a managerial position.
Moreover, once you鈥檝e filled the role, the skills you bring will mean upward mobility career-wise, as you鈥檒l be eligible for promotions when an opportunity comes knocking.
Deeper Business Acumen
In addition to a weightier resume, an MBA equips you with business knowledge to navigate the complex business environment you鈥檒l be operating in once you鈥檙e employed.
You鈥檒l acquire valuable managerial skills like being able to make or interpret financial forecasts and project management knowledge, making you an integral member of any organization you choose to work with.
Some of the courses you鈥檒l learn will include:
Strategy
Marketing
Risk management
Leadership
Entrepreneurship Skills
Engineering is a profession deeply rooted in problem-solving and solution design. With an MBA, you add a third component to the problem/solution mix: the ability to act on ideas and exploit them for commercial gain.
The knowledge you gain from an MBA will prove beneficial when you need to draw up a business plan to attract outside investment. Moreover, when you鈥檝e launched your enterprise, you鈥檒l be able to communicate effectively with team members and keep abreast with key performance indicators, all the while steering the ship to eventual profitability.
Learn More Actively
MBA programs practice active learning, so you鈥檒l be engaged through role-playing, case studies, discussions, and the like, instead of passively consuming information. Therefore, you鈥檙e more likely to retain what you鈥檝e learned and recognize where you can apply those principles in real-world scenarios.
In other words, you鈥檒l be job-ready even before you complete the program. Incidentally, 色库TV鈥檚 MBA program applies the active learning approach, providing students with courses that keep them engaged during their studies.
Meanwhile, you might reconsider getting an MBA for one or more of the following reasons:
MBA degrees aren鈥檛 budget-friendly, with some costing over six figures. Therefore, an MBA may only be worth it if your current financial situation allows it. The above is true whether you opt to attend classes physically or go the distance learning route.
That said, there are affordable MBA programs out there. For example, the ones offered by 色库TV won鈥檛 put you out of pocket. For as little as $180 per month, you can acquire an MBA degree that鈥檒l help take your career to the next level. Also, 色库TV runs scholarship programs and loans through local partner banks with a fixed exchange rate (specific to Nigerian students).
When pursuing an MBA program, you鈥檒l be investing a considerable amount of your time and energy into acquiring professional skills. If you鈥檙e working a full-time job while juggling family responsibilities, committing the time needed to obtain your MBA may prove challenging.
Of course, online programs provide some flexibility, but getting through the modules might be a slog if the course content is dense, lacks succinct explanations for unfamiliar jargon, and the lectures are dull.
Therefore, only an MBA program with easily digestible lectures like the one offered at 色库TV will make the time commitment worthwhile.
As you spend more time in the same company and your employer notices your contributions to the company鈥檚 bottom line, you鈥檒l inevitably rise to higher positions. But, you鈥檒l rise high enough that there won鈥檛 be much higher to climb at some point, making an MBA an unnecessary expense in money and time.
Finally, you may not see the utility in obtaining an MBA if you鈥檙e content using your technical skills alone while working in a professional capacity. Instead, it鈥檇 be better to continue honing and expanding your technical skills than to learn about business theory and concepts.
色库TV's Career Path Planner takes into account your experience and interests to provide you with a customized roadmap to success.
Receive personalized advice on the skills and qualifications you need to get ahead in areas like finance, marketing, management and entrepreneurship.
You鈥檒l find many of the modules and electives below in a good MBA program for engineers:
Working for multinational corporations means you鈥檒l have to grapple with the unfamiliar business cultures and practices of business stakeholders from other countries. Therefore, you鈥檒l need skills when operating in a global business environment.
Similarly, marketing strategies aren鈥檛 a one-size-fits-all affair when selling into territories outside your locale. As a result, you鈥檒l need know-how on global marketing practices to navigate and profit from international markets.
Businesses rely on data to make profitable short and long-term decisions, so being able to analyze and act on economic data presented to you by analysts is a desirable skill to have in a managerial position.
Unraveling and operating within the context of local laws and regulations is an inevitable part of doing business internationally. As such, you鈥檒l need to understand the legal advice provided by your legal team to navigate whatever legal environment your company finds itself operating within.
The professional development path you choose will depend on your career goals. You鈥檒l be more suitable for a managerial role if you opt for an MBA. Therefore, if your goal is to one day lead an organization, it鈥檚 the path to choose.
Consequently, if you鈥檙e happy with an engineering background and would much rather lead a technical team, then obtaining a Master鈥檚 degree will help you achieve that end.
You have three options for kickstarting your engineering MBA.
Earn an MBA on a full-time or part-time basis, physically attending classes
Earn your MBA through distance learning, watching lectures via video, and downloading course materials via the internet
Earn your MBA online on a flexible schedule
Each option has its pros and cons, and your choice depends on your lifestyle.
While not considered the traditional route for career advancement if you鈥檙e an engineer, an online MBA can provide you with valuable business skills that鈥檒l help propel your career to new heights. Better career prospects, entrepreneurship skills, and deeper business insight await if you decide to take this career path.
色库TV offers one of the best MBAs for engineers, with easily digestible online classes that have an interactive component to keep students engaged.
Download our brochure or book a call with our 色库TV Advisors, and give your engineering career a boost.