In these increasingly competitive economic times, it’s easy to think that the MBA — or a master’s degree in general — is the new bachelor’s degree, and that you have to go back to school if you want to advance your career. Relax. Some of the best minds in business believe that, even in the age of “credential inflation,” it’s more about what you know and how you’ve been trained over which degrees are on your résumé.

We do live in unprecedented educational times in American history, where more than 33.5 percent of people over age 25 now hold at least a bachelor’s degree, up from 26 percent in 2006. Additionally, 11 percent now hold a graduate degree, up from 9 percent just 10 years ago, according to the New York Times and USA Today. The increase in the number of MBA degrees in particular is astonishing: only 11.2 percent of master’s degrees were in business in 1971, but in 2012, they were a whopping 25.4 percent, according to American Interest.

In terms of future earnings, however, education level matters less these days than in previous generations and field of study matters more, according to the Washington Post. Research shows that those students with STEM majors (science, technology, engineering or math) earn up to 50 percent more over their lifetimes than humanities majors, even with lesser degrees. Sixty-five percent of STEM workers with bachelor’s degrees earn more than non-STEM workers with master’s degrees, and 47 percent of STEM workers with bachelor’s degrees earn more than non-STEM workers with doctorates.

If you’re reading this, it’s probably too late to change your undergraduate degree to a STEM focus and make top dollar. However, the statistics above paint a picture of the job market today, with a clear message especially for non-STEM workers: Graduate degrees can provide a boost in earning power that might otherwise be unavailable.

Dissatisfaction with their undergraduate college experience also motivates some students to look seriously at an MBA. According to Forbes, only 62 percent of millennials agree that their undergraduate college experience “has paid off,” compared with 84 percent of Gen Xers and 89 percent of baby boomers. Conversely, the percentage who say that college was not beneficial is growing.

One study found that 40 percent of college seniors fail to graduate with the complex reasoning skills needed in today’s workplace. Given to freshmen and seniors, the test measures the gains made during college in critical thinking, writing and communication, and analytical reasoning, according to the Washington Post.

There may never be a better time than now to pursue an MBA. Research indicates that many employers still are not willing to invest in training millennial employees and want employees who can hit the ground running. A host of additional challenges continues to face today’s millennial college graduates. They include a perception by employers that recent graduates are unwilling to pay their dues, have difficulty communicating with managers, and pose a real problem because of their lack of preparation. Even recent college graduates themselves express concern over how well prepared they are. 

Today’s MBA allows recent college graduates to answer those concerns. Providing a broad-based understanding of business fundamentals, the MBA also lets students specialize via concentrations in both disciplines and industries. Further, the degree provides a firm understanding of the culture, language and issues that define the practice of business today.  Finally, an MBA signals to employers that the degree holder has the ambition and determination to succeed in business by virtue of the commitment made to earn the degree.