An MBA is an invaluable tool for people who are already established in their careers and wish to expand their skillset in order to grow in their current industry or function…or a completely new one. The degree is carefully designed to improve employability prospects on a vast and lucrative scale.

The other purpose of an MBA is to provide corporations with capable and competent managers who can hone success in a team and drive profits. Despite concerns being raised in some quarters about the relevance of an MBA since the financial crisis, the fact remains that 31 percent of Fortune 500 CEOs hold an MBA, rising up to around 40 percent if you look at the Fortune 100.

" The fact remains that 31 percent of Fortune 500 CEOs hold an MBA, rising up to around 40 percent if you look at the Fortune 100."

Last month, TopMBA talked with entrepreneur Oliver Proudlock, who decided to study an MBA after four years running his own company. He is now managing a US$300,000 endowment fund alongside his degree, thanks to the knowledge and confidence that an MBA equipped him with; the benefits can be instantaneous.

Higher earning ability

Salary levels depend largely on the sector that a graduate wishes to go into. At the top end of the scale, members of Stanford and Harvard’s class of 2014 who landed jobs in banking and private equity enjoyed starting salaries of $275,000 to $300,000. At the other end of the spectrum, a MIT Sloan graduate started on $50,000; however, this was at a nonprofit organization – a handy reminder that an MBA can help you fulfil your ambitions not only a monetary way.

Becoming a leader

For people wishing to improve their leadership skills, an MBA is the place to start. All MBA programs emphasize the importance of leadership and recognize its value in improving employability. Many schools kick off leadership development programs on the first day of study, tailoring them to each student’s individual needs.

Although an MBA is a large investment of time and money, its effectiveness is proven. Whether you’re looking to change careers or simply to improve your prospects, an MBA can help if you’re willing to learn.

So if you are the kind of person that can handle the challenge of holding a leadership position, of having a lot of responsibility and of being in a constant learning and development cycle, then why not sign up for one of the QS World MBA Tour or QS World Grad School Tour events taking place in Canada this September? Find out more and secure a place at: TopUniversities.com/Canada and TopMba.com/Canada.