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Personal Benefits of an MBA

The benefits of a Master of Business Administration are well known in the workplace. And, the skills and knowledge gained from the graduate degree transfer to many aspects of personal life as well. Here are a few examples.

Financial Planning

Managing personal finances, whether setting family budgets or planning for retirement, is part of life. The skills learned from an MBA program (assessing risk and understanding compound interest and financial analytics) are applicable to both business and personal finance decisions.

Time Management

Feeling short on time is a common experience in our increasingly busy lives — both at home and at work. While balancing work and graduate school, students learn how to set priorities and plan ahead for deadlines. These skills can be applied to home life too.

Communication

Interpersonal skills such as communication, often described as "soft skills," are often cited as the most important factor that determines quality leadership. A 2017 GMAC Corporate Recruiters Survey found that oral communication topped the list of skills managers look for in mid-level recruits. So it comes as no surprise that courses in communication have become a standard within MBA curricula. Effective communication, whether in writing or in person, has many applications outside of the office as well. Clearly listing expectations for children and writing letters of recommendation are a just a few examples where clear, concise communication is beneficial.

A Network of Friends and Advisers

Author Eric Jackson reflected on his time spent earning an MBA in a Forbes article. Making lifelong friends was an important and often underappreciated benefit of MBA programs.

"This is probably the big one that most MBA grads talk about several years down the line," he said. "You go through a tough experience like getting your MBA together, and it's hard not to make a few friends along the way. These friends are more than just good people. They're likely to go on to be successful in their specialty of business that they focus in. They'll be sounding boards for you in the future. Friends of their friends will probably be potentially invaluable contacts for you down the line."

The skills and knowledge gained from an MBA program provide benefits for degree holders that go beyond the workplace. The graduate degree can enrich your personal life as well.

Learn more about the USC Aiken online Master of Business Administration programs.


Sources:

Forbes: The 10 Most Under-Rated Reasons Why You Should Get an MBA

Learn.org: Negotiation and Conflict Management (MBA) Master's Degree

MBA.com: Employers Seek Communication Skills in New Hires

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