With rapidly changing dynamics in the contemporary marketplace, aspiring business leaders are re-evaluating the most productive pathway to career goals. If you’re considering the potential benefits of a master’s degree for professional development, you’re likely examining the outlook for MBA value in the future.
Today’s leaders are reimagining the future of business in the context of ever-advancing technology, fluctuating consumer demands, new expectations from workers, and uncertainties in supply chains and production. For leading roles in tomorrow’s organizations, current business professionals and specialists from other fields will need to be prepared with innovative approaches to these realities.
The global consulting firm Accenture recently reviewed business opportunities of the future in the context of current revolutions in business practices. The assessment explains, “In the process of tackling global challenges that even the most forward-thinking leaders never fathomed, organizations have transformed.” Accordingly, Accenture challenges businesses to recognize “signals of change” to optimize success moving forward.
More than ever, thriving businesses will require innovative, problem-solving leaders who can navigate—and create—new realities. The modern MBA is designed for this purpose.
The Value of an MBA Today
The Graduate Management Admission Council (GMAC) recently conducted landmark research on the outcomes of graduate-level business education. The study followed 3,600 business school master’s graduates from pre-enrollment to post-completion of their programs. Overall, participants in the study identified these goals for graduate school:
- Professional advancement
- Personal development
- Financial return
The GMAC report found that when graduates rated the value of their master’s degree, more than 90 percent gave a positive assessment. These are some of the highlights:
- 87 percent found increased employability.
- 77 percent reported increased earning power.
- 76 percent felt prepared for leadership positions.
- 76 percent developed a professional network.
What to Expect from MBA Studies
MBA value in the future will reflect the contributions MBA graduates are prepared to bring to organizations, especially in times of economic uncertainty. The acumen to lead organizations with strategic agility is one of today’s most highly sought-after qualities, and this is a key focus of the Suffolk University MBA program. Graduates are prepared to think strategically and critically as they navigate an ever-changing global marketplace.
Successful contemporary MBA programs are also built around experiential learning, incorporating extensive business knowledge for real-time issues. Suffolk MBA coursework includes not only the fundamental mechanics of business, but also explores dynamics such as change leadership, global connections, and analytical capabilities. Through professional interaction and hands-on applications, today’s MBA students practice creative problem-solving and communication.
The Outcomes of MBA Education
Equipped with extensive knowledge and expertise, MBA graduates are prepared with the insights and skills to lead organizations of the future. This gives MBA-educated professionals a competitive edge for sought-after positions or entrepreneurial endeavors.
Further, as students develop professional networks during their studies, they gain valuable global connections. These relationships contribute to personal and professional advancement, opening doors to career opportunities. Global networking also benefits organizations and entrepreneurship through potential new partnerships and business ventures.
For professionals with a business background, earning an MBA deepens current knowledge, strengthens skills, and expands expertise for higher-level roles and responsibilities. Suffolk University MBA graduate Ryan Alan Linderman says, “With an MBA, I now have the confidence and background to seek management positions at my company or elsewhere if I desire.”
MBA students who enter the program from other fields develop vital business knowledge and experience to complement their current skills and professional proficiency. Sherley Jules, also a Suffolk MBA graduate, transitioned from a career in social services. She says the MBA program allowed her to expand her education and pivot into a different industry.
Is an MBA Worth It in the Future?
A recent U.S. News & World Report article, “7 Hot Jobs for MBA Graduates,” summarizes the market this way: “Economic changes have led to an increase in the quantity and quality of job options for MBA graduates.”
The future of the MBA points to job opportunities for innovative professionals, even in traditional roles such as finance, human resources, and marketing. Opportunities span organizations of all types and sizes. GMAC’s most recent salary research shows that professionals with an MBA earn an average salary of $115,000—a figure 77 percent higher than the average with only a bachelor's degree.
Following are some business trends driving the outlook for today’s most in-demand jobs. Successful navigation of these new realities will depend on highly skilled leaders, and the credential of an MBA is highly regarded for these leading roles.
Reconfiguring the Future of Work
In the wake of a global pandemic, many businesses have shifted to more remote or hybrid-structured work. Further, companies in many industries are struggling with staff shortages and intense competition for talent. Business operations managers and human resources managers will be in demand for developing solutions. The needs are particularly crucial in the field of healthcare and will require visionary leadership to navigate the critical shortages and increasing demands.
A business operations manager coordinates a wide range of functions within an organization and holds responsibility for many strategic decisions. The role of the business operations manager is rated as the number 26 job overall in the U.S. News & World Report’s “100 Best Jobs” with a median annual salary of $103,650.
Medical and health services managers are specialized business operations managers, leading the operations of a healthcare practice or organization. The role of medical and health services manager ranks number one in U.S. News and World Report’s “Best Business Jobs,” with an annual salary of $104,280. With a projected employment increase of 32 percent from 2020 to 2030, this is one of the nation’s fastest-growing professions.
Human resources managers are charged with optimizing the talent resources within an organization, and handling recruitment, hiring, and employee benefit programs. According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for human resources managers is currently $126,230.
Optimizing Emerging Technologies
Forward-moving companies are integrating technological expertise across all aspects of the business. Information technology managers incorporate technological tools into business processes, critical for the work of marketing managers, financial managers, and business operations managers.
Information technology managers envision and implement technological solutions for an organization’s opportunities and challenges. The role of IT manager ranks number 13 in U.S. News and World Report’s list of “100 Best Jobs” with a median salary of $151,150. For an IT professional with undergraduate preparation in a technical discipline, the value of an MBA is being prepared and positioned for these management-level roles.
Navigating Financial Challenges
For the last two years, financial management has been a roller coaster ride for organizations from international Fortune 500 companies to local nonprofits. Shifts in supply and demand, workforce shortages, and global market volatility have called for especially savvy financial expertise.
Roles for financial managers include analysis, reporting, planning, and investing. These leaders guide companies in assessing risk and developing strategies to maximize returns. The demand for financial managers is growing much faster than average according to the Bureau of Labor Statistics, with an expected increase of 17 percent from 2020 to 2030.
U.S. News and World Report ranks financial managers as number two in “Best Business Jobs” and reports a median salary of $134,180.
Reinventing Practices and Products
After two years of shifting consumer demands and recovery from the economic crisis, successful companies are innovating to survive—and to thrive. Organizations rely on top executives, management consultants, and marketing managers to evaluate market opportunities, chart strategic direction, and utilize emerging digital capabilities.
Top executives lead organizations toward a vision by setting corporate goals and directing progress toward those achievements. The Bureau of Labor Statistics reports a healthy job outlook for top executives with a current median salary of $98,980 annually.
During times of business transition or re-evaluation, organizations often bring in the outside expertise of management consultants. According to the 2022 salaries report from Management Consulted, consultants rank among some of today’s highest-paid business professionals. Major U.S. consulting firms offer base salaries close to or exceeding $100,000 annually, with salaries around $175,000 for incoming MBA graduates.
Marketing managers create customers through leadership in marketing initiatives, developing and promoting products and services. The job of marketing manager ranks number one in U.S. News and World Report’s “Best Sales and Marketing Jobs” with a median annual salary of $142,170. Today’s marketing management roles require expertise in contemporary business fundamentals including global commerce and data analytics.
Suffolk University and the Future of MBA Education
The Suffolk University MBA Online program immerses students in real-world business, preparing them to achieve the optimal value of an MBA. Based in Boston, the program features interaction with premier business leaders from leading global companies.
Dr. Michael Behnam, Dean of Graduate Programs for the Sawyer Business School at Suffolk, explains, “Our MBA programs have been shaped around the changing business landscape—one that demands knowledge, leadership, collaboration, innovation, and the courage and confidence to meet the challenges that lie ahead.”.
Recent surveys show that 93% of Suffolk online students from 2021 were employed at graduation or within three months. Suffolk MBA graduates realized an average 60% salary increase from pre- to post-graduation.
Learning Objectives for a Suffolk MBA
Coursework in the Suffolk MBA Online comprehensively prepares students by developing vital skills and perspectives for the future of business.
Through actual scenarios guided by successful business practitioners and expert faculty, you’ll think critically about real-time issues. You’ll learn to adapt and make changes that generate results.
By examining information and discerning patterns, you’ll use evidence to develop conclusions. As an informed decision-maker, you’ll be prepared to act with confidence.
Using a systematic approach, you’ll learn to anticipate issues and plan proactively. You’ll be equipped to develop practical strategies for challenges and marketplace changes.
As you consider multiple viewpoints and broad organizational needs, you’ll develop comprehensive solutions. You’ll be ready to innovatively lead organizations to new opportunities.
Key Features of the Suffolk MBA Program
Designed for working professionals, the Suffolk MBA Online is untraditional, on purpose. These are some of the features our students appreciate most:
- The program is 100% online, part-time, and flexible.
- Coursework includes live client sessions.
- With multiple concentrations, you can personalize your experience.
- Small classes give direct access to professors.
- No GRE/GMAT is required.
- Access to on-campus resources includes the library and career center.
- A global network connects students to alumni and business leaders around the world.
The Suffolk MBA program is AACSB accredited and ranked by The Princeton Review as one of the Top 50 Online MBA Programs nationally.
Download the Suffolk University MBA Online program guide and explore the value of an MBA for your future.