That depends…
Part time, online, any time — With so many MBA program options out there, you may be wondering, is an MBA worth it? Ultimately, the answer boils down to you and your career goals.
Getting an MBA means spending both time and money — luxuries we don’t all have to spare. A good MBA program is also going to challenge you to think and work very hard. But an MBA has clear benefits, too. Depending on where you see yourself in 5, 10, or 20 years, getting an MBA might be one of the best things you can do for your career.
Is an MBA worth it? Consider these comparisons and insights, and decide for yourself.
Let’s talk financial benefits and ROI that make an MBA worth it.
When people wonder, “is an MBA worth it?”, they’re considering many things. But getting a strong return on your investment is typically at the top of the list. The Graduate Management Admission Council’s (GMAC) annual Corporate Recruiters Survey reveals that three out of four recruiters surveyed said that employees with graduate business school educations earn more than those without them within their organizations.
However, ROI can mean more than what you earn (salary, signing bonus, etc.). To make an MBA worth it, consider the cost of an MBA program and if you also have the ability to maintain your employment. Earning your degree while working full time is a great way to afford an MBA, especially if your employer offers tuition reimbursement.
Intangible benefits that may be less obvious when weighing “is an MBA worth it?”
Conventional wisdom says money isn’t everything. Many other benefits besides financial ones make an MBA worth it. For instance, you’ll gain confidence to not only work better with others, but also lead them. Nearly all MBA programs focus on leadership on some level, which makes even an online MBA worth it. Whether you’re a born leader or you’ve never experienced that role, you’ll come out of your MBA program with a heightened ability to take the reins and have people follow.
Another overlooked benefit that makes your MBA worth it is the alumni network you’ll become a part of. Whether they’re students you studied with or folks that earned their MBA years before, you’ll become part of a group of people that can help each other throughout your careers. In the world of business, it’s often who you know that will lead you to great job and career opportunities.
FAQs to help you answer, “is getting an MBA worth it?”
Deciding on whether or not to go back and earn your MBA is a big decision. Will it help your career? Can you handle school and a job? Is a part time or online MBA worth it to you in the long run? Everyone has questions. Here are a few common ones to help you get started.
- What is an MBA?
An MBA is short for Master of Business Administration. It’s a graduate degree that provides a fine-tuned and highly detailed education in business management. People with an MBA typically command a significantly higher salary in the marketplace, due to the wide and varied skillsets they can offer an organization. For many, an increased income-earning potential is the No. 1 answer to the question, “is an MBA worth it?”
- Which MBA program is right for me?
This depends on lots of things, like your previous business experience, your goals, the location of your company (if you’re going to be working), your willingness to travel and the amount of time you’re able to commit to your studies.
- Who should I ask to write my recommendation letters?
The best people to write recommendation letters are current employers, business colleagues or professors who may have worked with you in the past. Each school’s submission process is different, with some requiring standardized evaluation forms, as well.
Is an MBA worth it? Look at your career options.
If you’re still wondering, “is getting an MBA worth it?”, consider opportunities for careers with an MBA. Many high-salaried jobs in a variety of fields are available for MBAs. Here are just a few examples of what you can do with an MBA.
- Sales Manager
- Financial Manager
- Human Resources Manager
- IT Systems Manager
- Accountant
- Investment Banker
- Marketing Manager
- Executive
Keep in mind, your natural talents and interests play a very large role in what you do and how you’ll thrive. But an MBA can help give you a leg up, making your MBA worth it.
So, is getting an MBA worth it? We believe that at Thomas More, it most surely is.
We know our MBA is worth it. But it’s more important that you answer the all-important question of “is getting an MBA worth it to me?”
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