Pursuing an MBA requires a substantial investment of time for coursework and money for tuition. The first question many people ask: “Is an MBA worth it?” The answer is: It depends. A Master of Business Administration may not be the answer for everyone, but it does offer advantages for many people.

Once viewed as an express ticket to corner offices and six-figure salaries, MBAs seem to have lost some of their value in today’s struggling economy. In fact, the value of an MBA hasn’t lessened. However, what’s seen by students and employers as its key benefits has changed.

What You Actually Gain from an MBA

According to the GMAC, “The purpose of an MBA education is to provide training in the theory and practice of business management. Professional management programs are based on the premise that people can learn to manage all types of business situations more effectively.” Those magical three letters certainly cover a lot of ground.

First and foremost, an MBA provides excellent general business training. With an MBA, you gain an understanding of all the major functions of a business and learn management skills suited for any modern corporation. Many large firms, including consulting firms, still seek recent MBA graduates to fill their management-track positions. According to a recent study by Accountemps, a global temporary staffing service for accounting and finance professionals, 80 percent of executives surveyed stated that a graduate degree in business is still important to reach senior management ranks within most companies. Not only is an MBA a solid path to achieve higher management positions, it also provide the skills needed to run your own company.

An MBA is certainly a value-adder to your business skills set. MBAs are taught to quickly assess situations and are good at time management—two skills essential to executive success. The demanding workload of an MBA program prepares you for the reality of working in a results-oriented business environment.

Bringing the Boardroom into the Classroom

MBA programs are often described as “bringing the boardroom into the classroom.” MBA students learn business strategies from major CEOs, startup entrepreneurs and experienced executives. Actual business situations and problems are discussed, and students not only learn from the success stories but also the mistakes made in the corporate world.

In MBA programs, much of the work is team-based, where the success of the individual depends on the performance of the team. This experience cannot be underestimated. In most companies, successful employees interact with clients, business partners and staff on a daily basis. Those who master the art of communicating in group settings are set apart from the rest.

Lastly, and some will tell you most importantly, an MBA provides a strong networking platform. More than a few businesses have begun as a class project in an MBA program. Employers are also aware of the benefits of networking among MBA colleagues, and see the potential for their own business growth through contacts gained in the classroom.

The value of an MBA may not be clear immediately after graduation, but MBA graduates say that the value of their MBAs is realized in their work, through the breadth and width of their business knowledge and ability to compete in today’s market.