Should You Be Going for Your MBA? 3 Things to Consider
Deciding to pursue your MBA should take some time and self-reflection. It’s essential to assess your financial situation and consider all the variables before you apply to business school. There are pros and cons that come with going for your MBA. You may be in the middle of earning your bachelor’s degree, or you might have a part- or full-time job. Adding onto your busy schedule with rigorous coursework may not be suitable for you. You’ll have to strongly consider if it’s the right choice for you and how your career may change after earning an MBA.
Here’s what it takes to earn an MBA, the financial logistics of acquiring this type of degree and the reasons to pursue one. After thinking these things through, you should be better prepared to make the final decision and know if you should get an MBA now or in the near future.
Should you get your MBA? Here are some important factors to consider.
Reasons to Get an MBA
Depending on your past educational experience, earning an MBA may help elevate your position in the competitive hiring process. The degree allows you to appear more attractive to potential employers, which increases your chances of being hired.
Here are some reasons why earning an MBA can improve your current situation and serve as a marketing tool for success.
More Career Opportunities
MBAs can enhance your skill set and offer you more career opportunities. Businesses take hiring decisions very seriously, and setting yourself apart from other candidates should be a top priority for you. Earning an MBA can also set you up to start your own business, something not everyone is capable of doing. Employers will be more inclined to hire if you bring an MBA to the table.
Expand Your Professional Network
Finding peers in your specialization or with similar career goals is the perfect way to expand and refine your professional network. Connecting with professors and students who are like-minded will benefit you in more ways than one. This may open more career opportunities for you and help you during the hiring process.
If a potential employer graduated with the same degree from the same business school, they might be more likely to choose you over another candidate. There are rarely any downsides to growing your network, and an MBA can help you do just that. It’s all about who you know.
Increased Earning Potential
According to the University of Pennsylvania’s Wharton School, MBA graduates can expect to earn an annual income of $150,000, which may make the investment worth it to you. Increasing your earnings shouldn’t be the only reason for earning your MBA. However, it still plays a significant role in your final decision. It’s also not guaranteed that you’ll earn a higher income, but it’s relative to your situation and the circumstances surrounding your career path.
How Much Does an MBA Cost?
Most students will need to take out loans to finance higher education. You’ll have to consider if you’re financially stable enough to manage the debt after you’ve earned your degree. It can take many years to pay off your student loans.
The cost to earn an MBA can vary depending on the institution. However, the average price tag ranges from $60,000 to $100,000 after you consider the tuition and fees you’ll incur. Because an MBA can transform your career, it’s no wonder the expense is so high.
How Long Will It Take to Earn an MBA?
It typically takes around two years to earn an MBA, but some programs only take one year to complete. It’s worth noting that accelerated courses entail a fast-paced learning environment, something not everyone is cut out for.
This is not the time to take shortcuts or try to give half your effort — the coursework will be rigorous, and you’ll need extra time to complete assignments and study for exams. It’ll be challenging but will help grow your knowledge and prepare you for management roles in the business world.
Should I Get My MBA?
Now you know what to consider before your MBA. While the ultimate decision is relative to your financial stability and should be based on your career goals, it’s difficult to give a cut-and-dried answer to this question. Because an MBA can leverage your position within a company or help you start your own business, the benefits seem worth the investment. However, if you’re unsure of your career goals or what your future holds, it may be wise to wait and consider earning an MBA later in life.
Companies will sometimes pay for their employees to earn another degree, which would benefit you greatly. Be sure to consider these factors before deciding to pursue your MBA.
This guest post was authored by Alyssa Abel
Alyssa Abel is a college and career writer who offers advice on strategies to success. Read more of her work on her blog, Syllabusy.