An MBA for engineering professionals is something everyone should ponder during their careers. Known as a great degree to enroll in, Engineers are in higher demand than usual these days, and adding an MBA to this degree is a very admirable goal. Historically, adding an MBA to your undergraduate degree is an excellent investment and can certainly catapult your career.
Yet, each person should carefully consider if an MBA track is in their best interests. Is this the best path for you? Does it align with your long-term career goals? Here we’ll break down the very worthwhile exercise of exploring whether an MBA is right for you.
Konik, a Technical Talent Network, has assisted engineering and architecture professionals in navigating their careers for nearly 50 years. We want to share some insights into what works for many professionals like you.
Also known as Masters of Business Administration, MBA is recommended for many engineers due to its extensive scope and stepping stone into senior leadership positions. An MBA offers an excellent professional start and leads to professional improvement, competency, and a progressive outlook. Having an advanced degree gives you skills and insight into business operations, leadership best practices, and many other advantages.
Why Should Someone Consider An MBA?
It is natural to wonder that once you have already obtained an engineering degree, why is there a need to opt for an MBA?
Engineers are known for working on massive projects, including utilizing different skills and playing different technical roles. This includes creating state-of-the-art equipment, designing energy-efficient buildings, and inventing life-changing products. When working on a project, engineers design the product and evaluate, develop, test, and modify it.
Nevertheless, these days the dynamics of many organizations have changed, which means that they seek out much more than technical skills. While there is no doubt that engineers are great at technical roles, organizations need well-rounded professionals who can help lead.
Along these lines, when you opt for an MBA after engineering, you will learn about the business environment and leading teams. Also, you will be well-informed about driving business initiatives and have practical managerial and communication skills.
When you opt for an MBA after engineering, you will obtain the following benefits:
- Development Of Business Understanding
After engineering, an MBA will allow you to focus on the different aspects of a business and how it works. As an engineer, you will be able to develop different perspectives on business practices and then develop designs according to people’s demands. Likewise, you will learn to thrive in a complex business environment, such as dealing with and selling your products and growing the organization.
- Opportunity For Higher Salary
Did you have at least some idea that the average salary for engineers after MBA stands at $111,000 per annum, which means adding an extra skillset is highly beneficial for them? When you pursue a Master’s degree after engineering, you automatically raise your salary bar. Other than being a great add-on, an MBA will help you learn soft skills and team spirit and improve your overall presentation skills as well.
- Improved Career Prospects
When you get an MBA degree after engineering, the chances of working in a big multinational will increase. This is because multinationals prefer recruiting candidates with a solid technical background and excellent management skills. With an MBA degree, you will have access to multiple work sectors such as Healthcare, aerospace, and advanced robotics.
What Are The Financial (Salary) Benefits Of Obtaining An MBA?
One of the fundamental reasons you should consider an MBA after engineering is that this degree offers job security and a high salary. Compared to an engineering graduate only, the average income for an MBA graduate after engineering is much higher. With this degree in hand, you can expect to earn twice as much compared to a regular degree. An MBA can expect to earn 28% more on average than those who don’t have a Master’s degree. Therefore, suppose you are looking for a degree that offers increased financial benefits, career growth opportunities, and financial growth in the future. In that case, MBA is undoubtedly one of the best choices around.
Who Should Not Consider An MBA?
While an MBA offers various benefits, you should consider if this degree is right for you. Here are a few things to consider when thinking about an MBA as an engineer.
Once you already have an engineering degree to your name, an MBA degree can be pretty expensive and take out a considerable chunk from your pocket. The cost of doing an MBA runs into hundreds of thousands, which can be pretty challenging for anyone.
Not only has that, but if you would prefer to stay on the technical side and have no interest in managing the business, then MBA might be of no use to you. For example, suppose you want to be a part of a traditional engineering firm. In that case, it is better to focus on enhancing your engineering skills and perhaps obtain your P.E and instead of investing in MBA.
If you really enjoy solving engineering problems instead of leading a team and solving business problems, this is great self-awareness to focus on. Every company needs technical expertise to create new products that will drive business growth. Understanding this in yourself is a great advantage. If you’re not passionate about leading teams or businesses, they you will not be fulfilled in these leadership roles. In this case, focusing on your P.E. licence and advancing your technical expertise will be a much more worthwhile and exciting venture.
In the same way, getting an MBA is recommended for those engineers who require help or need a push to go up the ladder. An MBA won’t be as suitable for you if your career has already progressed into senior leadership roles. If you’ve learned leadership and advanced business skills on the job and by doing these functions, then obtaining an MBA won’t add much value to your career.
The ultimate decision on pursuing an MBA comes down to your career goals and choice. If your future aim is to lead the organization, such as working on technical and business aspects, you can lean towards the MBA degree. However, if you see yourself in a technical role only, the upside to obtaining an MBA will be limited. Being self-aware of what motivates and fulfills you is key to knowing where to grow your current skills and career.
Tom Goettl, President of Konik, a Technical Talent Network, writes at the intersection of careers, leadership and technology.
