The purpose of this article is to help current employees, with the desire of continuing their academic careers, highlight the pros and cons of leaving work to start an MBA. We at EDUopinions understand how hard it can be to make such a decision. We think that it is important to see the bigger picture before jumping to conclusions. Contact our experts and find the right MBA for you.
The pros and cons of leaving work to start an MBA
Further studies complement one’s career
Sometimes going into an MBA after some years of work experience is actually better than getting into the programme straight after graduation. In fact, many MBA programmes require candidates to have some work experience. The other benefit of MBA students that have worked in the past is that during their studies they will be able to understand their jobs better. Once the MBA is completed, students can go back to work and apply what they have learnt.
Students with an MBA receive more money than someone with an undergraduate degree. According to TheClassroom, MBA graduates receive between $70,000 and $90,000, depending on their field. Instead, the average salary of undergraduates is around $54,000.
More work opportunities
An MBA opens a greater number of doors compared to an undergraduate degree. According to USNews, these opportunities often come with greater responsibilities as well, which is normally translated into more money. In addition, MBA graduates are more likely to find investors for a startup venture rather than an undergrad.
Live on savings
Leaving a stable job to go back to being a full-time student means that you will have to use your savings in order to pay for tuition fees, rent and primary goods. It is not impossible but it is definitely scary if you are used to seeing money coming into your account every month. Living on a budget requires extra planning and effort. Therefore, before you move forward with your MBA application, make sure you have listed all the expenses you may have to cover monthly.
Recreate a student life
Going back to being a student after a long time might be harder than you think. Your colleagues may be younger than you. You may even be more mature, not only because of your age but also for the past experiences you carry on your shoulders. In addition, it may be hard to get used to a new teaching and study method. Talking to someone who has taken a similar decision might be helpful to face the situation in a good way.
Leaving a job is not an easy thing to do. It definitely means leaving a safety net that has so far financially protected you. On the other hand, getting an MBA will open even greater doors. MBA graduates with work experience definitely have a more competitive CV.