Now that you have made up your mind about doing an MBA, you are probably wondering, what’s an MBA worth? Earning a Master’s in Business Administration (MBA) can help enhance career opportunities, increase their job compensation and also job promotions. Put simply, is an MBA worth it? EDUopinions will answer this question in the next few paragraphs. You can also request information about universities.
An MBA degree involves a broad spectrum of topics around the business such as accounting, statistics, economics, communications, management. If we talk about what’s an MBA worth, then, MBA programmes help the students get ready for jobs in the financial world and it also prepares them for managerial positions. An MBA degree also helps students start their own businesses or become the founder of a company.
One can pursue an MBA via two routes: either a full-time MBA or an executive MBA. Both the courses will give you an MBA degree, but both has its pros and cons. When we talk about what’s an MBA worth, we have to explore options around how you can pursue an MBA as well. A full-time MBA is for students who are okay with taking a two-year break from their jobs to pursue an MBA. It will be tough to work during the duration of the MBA programme. Younger students can opt for a full-time MBA.
An Executive MBA or executive education is for slightly older professionals who have been in the workforce since a while and are looking to pursue an education which will give them an edge. These programs can be very expensive, and students expect that their employer will pick up the tab. The executive MBA helps professionals train for a leadership role. The classes usually happen in the evenings or on the weekends.
Of course, when you decide to pursue an MBA, you are aware of the costs that you will put into that degree. Giving two years of your life, when you could have done a job instead, is a point to think about. Plus, pursuing an MBA degree is expensive. On average, it costs $60,000 for a two-year programme. Top business schools can cost $100,000 or more. Of course, you may be able to reduce the costs with scholarships and financial aid. Or you can work while attending school.
Plus, if you are pursuing an MBA degree internationally, you will have to take into account the costs of staying, cost of living etc. Which again is an added cost to your tuition cost.
The best business schools usually ask for a good Graduate Management Admission Test (GMAT) test scores and e average score is between 720 and 730. Many schools also value relevant work experience. EMBA programmes are generally for people who have been in the workforce since a while.
An MBA is worth it when you feel that the time, money and effort going into the programme will lead to good career opportunities and will give way to a high-paying job. For people working in other industries, unless they are in management roles, an MBA might not be worth it. An MBA only favours those who are in business-related fields, the management or have their own companies.
Another crucial aspect of the worthiness of an MBA degree is where have you studied from. Nowadays, there are a number of schools and colleges offering many types of MBA programmes. Not all of them are as valuable as expected and it is important to do some amount of research before deciding on the school. Recruiters and hiring managers are not likely to view an MBA earned from an unknown or online-only educator to hold the same weight as from a top-10 school.
Also, recruiters are aware that just because a candidate has done an MBA it doesn’t automatically make him the best for any job. Other soft skills are also required as an addition to the MBA degree. Plus, if you have other faults like you are bossy, slow to adapt and not good at your job, then an MBA won’t really help you in getting hired.
An MBA might help in getting a job interview, but it will not guarantee the applicant will land that job. When we talk about the cost-benefit analysis then most of the times, the great majority of business school alumni self-report very positive experiences and high value from their MBA degrees. For people who cannot afford the cost, there are other options that you could pursue. The great majority of business school alumni self-report very positive experiences and high value from their MBA degrees.
When thinking about whether it is worth it or not to get an MBA, it all comes down to one simple question: What career path do you wish to take in the future? If you are into management or business-related services then there is no question about it: getting an MBA degree is surely worth it.