We have talked about ways that big data can help grow your business. But big data can also help demonstrate the importance of pursuing a degree in business as well.
Data analytics technology is constantly shedding new insights into our lives. Many things are well observed through anecdotal experiences, but we have had a hard time proving them before data analytics technology became mainstream.
The value of technical MBAs and other degrees is a prime example. A growing number of experts are using data analytics technology to help illustrate the ROI that they offer.
What value does an MBA provide? How can data analytics technology help back it up?
Data Analytics Technology Proves Technical MBA Degrees Offer Huge Value
Getting a graduate degree is a big decision. It has its appeal, sure. Better pay. Career advancement. And, of course, you are also just sincerely interested in the subject matter. You may have chosen a career in healthcare or another admirable profession because you want to have a positive impact on people’s lives. You believe that getting an MBA might help you do that a little bit better.
On the other hand, you can’t really think of a bigger commitment. It’s expensive. It takes a lot of time. What is a motivated professional to do?
You might want to consider investing in a technical MBA. You might have been skeptical of the benefits in the past, but data analytics technology has helped many professionals get a better sense of the value that it offers.
Data analytics has helped companies evaluate the salaries of different professionals before and after they got their degrees. This has helped provide data-driven insights into the benefits of getting this specialized degree.
Data analytics has also helped professionals discover the unique opportunities that they can pursue with a technical MBA. They can use data mining tools to find job opportunities that are best suited for their credentials.
In this article, we take a look at how getting your MBA can positively impact your career trajectory. It will cover some of the factors that data analytics has evaluated to gauge the ROI of this degree.
Specialized MBAs in big data
You may also pursue a specialized MBA with a focus in big data or a similar field. As the linked article from Fortune shows, these degrees are in huge demand as more companies are looking for experts in business analytics.
Getting an MBA provides you with valuable career leverage. Your employer may not be interested in paying you more than they already are. However, now that you have an MBA you are a hotter commodity than you used to be. If the hospital that you work for now doesn’t want to fork over more money, there will probably be one somewhere that is more willing.
Of course, you can’t get too crazy. No one is going to double your salary overnight. But feel out the market a little bit. If there is a big demand for people with your specialty — right now there is — it can help with your negotiations.
The general rule of thumb is to start 5-10% higher than you actually expect to get. That way you can negotiate a little bit and still wind up with a number you are happy with.
Data analytics helps people with MBAs prove the value of their degree. They can use data mining to find meaningful insights on the benefits of their education, which they can bring up in their job interviews.
Networking isn’t exactly what people think it is. You don’t go to a party one day and meet Ms. HospitalOverlord. “An MBA, you say? You’ll come work for me, won’t you? How does one million dollars a year sound?”
You don’t get jobs just because you know people, but connections do help you stand out in otherwise crowded candidate pools. Graduate school is a particularly good place to meet people. Many of your fellow students will already be professionally situated. They may have firsthand knowledge about job openings. If not, they may be able to put you in contact with someone who does.
Similarly, your instructors will probably also work closely within the industry. If they are not currently involved professionally with hospitals, they will almost certainly know people who are.
These connections add up to new opportunities.
The benefits of networking are even more significant in the age of big data. People can use digital platforms like LinkedIn to establish more connections, which helps them leverage big data.
The most obvious benefit of graduate school for your career trajectory is that it equips you with new skills. Strip away everything else, and this is the real value of your degree. It’s what your employers are looking for in an MBA.
Well, ok. But I’ve been working in the industry for ten years. I learn on the job.
You do. But you do it through a lens that is at least ten years old. Most people stagnate with the same professional perspective they had when they left school. It’s not really their fault. It’s difficult to grow professionally while also trying to, you know, do your job.
Getting an MBA is a sure way to refresh your understanding of key concepts and get a new understanding of current trends. For example, people who graduated ten years ago entered a professional landscape with a much different understanding of digital technologies.
You may not have learned enough about data implementation or digital records to satisfy current expectations.
Of course, it’s a good idea to routinely update your skills, and you don’t always need to go in for a full degree to do it. There are upskilling curriculums that can be completed in weeks instead of years. They serve as an excellent way to brush up on new concepts and potentially acquire a little bit of professional momentum in the process.
But while these are handy opportunities to take advantage of from time to time, they don’t have quite the same career impact that an MBA has.
You Just Stand Out
Finally, MBAs stand out more than people without advanced degrees. If your objective is to move up the corporate ladder, you are going to need to be competitive. Though it may cynical to say it, working hard only gets you so far. Everyone at your level works hard. That’s how they got there in the first place.
If you’re neck and neck with a coworker for a promotion, having an advanced degree may be just the thing that tips you over the edge. And again, it’s not only about moving up at the hospital where you are at right now.
MBAs can open up doors all over the place. If you aren’t getting the career traction you are hoping for at your current hospital, the MBA will make it much easier to change lanes and nab a better position for yourself.
Big Data Shows the True Value of an MBA
A growing number of people are discovering the value of MBAs. Data analytics technology has helped make the case that they are even more valuable than previously thought. People with specialized MBAs may benefit even more, since big data has become so important in business.