All Entries Tagged With: "MBA Degree"
Is Getting Your MBA Worth It?
Is an MBA Worth the time and money? If someone told you that it would take you six and a half years to pay off something would you immediately jump into it? No it would cause worries and make you hesitant. Well that’s how long it takes now to pay of an MBA degree. Up from three years a decade ago. So does this mean that an MBA is not worth it? Absolutely not, still MBA can be a necessity for some jobs but its necessity is fading and the costs associated are just another thing to consider. You have to take in account to that times are changing, no longer do the top banks and management consulting firms required MBA’s. So how will the MBA fit your situation? Are you a current employee searching for more responsibility and higher pay? Are you considering switching careers and obtaining your MBA on the way? Maybe your just looking for another credential to add to your resumes or you are a College Senior looking to get your MBA straight after undergrad? Whatever your situation is an MBA is a big step to make and very costly, so it’s not something you jump right into without analyzing the whole situation. As a result I am going to break down all the important issues you will need to know as you make your decision on whether or not an MBA is necessary anymore.
What is an MBA?
An MBA stands for a Master of Business Administration degree. It is a degree you pursue post-undergrad and usually is a one to three year graduate-level program that provides you training in the theory and practice of business management. Mainly it is a certificate that states you are trained to run a corporation and handle all the management roles involved.
When is the Ideal Time to Get an MBA?
The best time to enroll in an MBA program is when it is most necessary to advance you in your career field. To me it’s not ideal to get your MBA right after undergrad anymore and this is why. Most top-ranked programs will not even admit you if you don’t have at least several years of experience now a days. To add to this, something just receiving their MBA with no job experience is often in a much tougher job hunt than a recent college grad no job experience as one is easier to train and cheaper. If you are currently working and interested in getting your MBA there are still various questions you need to answer. For instance, will you keep working and take night/weekend MBA classes? Do you have the finances to quit your job and go back to school? Does your employer help out with your MBA? For example, many Investment Banks will pay for 100% of your MBA after two years of working there. Do you actually need an MBA to move on with your career?
What type of MBA will you get?
One part you need to analyze is whether or not you get a general MBA or a specialized one. The weigh offs are a general MBA is cheaper and shorter however a specialized MBA is more marketable. Also you need to consider the value of the name of the MBA program you attend. If you are looking for a big push to accelerate you through the corporate world then you need to get an MBA for a top-tier school. However if you are just trying to move ahead in your career you might consider unranked programs that offer you the degree and value in which you need.
What will an MBA Cost?
An MBA is usually a $100,000 investment. For any decent program it costs on average $40,000 a year plus additional expenses. Two years of this can add up and become costly. You can find cheaper alternates however they will not add as much value to yourself as a Top-Tier program.
What is an MBA Worth?
According to reports, an MBA is worth about $10,000 to $30,000 a year over a bachelor’s degree. This however can fluctuate as you could see much more money or much less. The main factors that affect your salary are:
1) The Company you Work for
2) The Reputation of the Graduate School you Attend
3) The Industries you are Working in
4) The Location of your Job
5) The Amount of Experience you Have
What an MBA Can Do for Your Career?
Earn your MBA online. No time to return to college? You can obtain your MBA online! Attend classes, search libraries, and take tests from the comfort of your living room! Online universities have become as well respected in the job market as traditional schools. Set your own schedule and find yourself earning promotions and raises soon! An MBA is a career accelerator across a number of industries and MBA graduates can usually command higher salaries. For those looking to make it to the executive suite, an MBA is most likely necessary. Around 80% of executives have graduate degrees, however don’t be fooled it still can be done without. Plus the 21st Century has lowered the value of an MBA and made it not as necessary in the workplace. Just make sure you don’t jump into an MBA program without doing thorough research and analyzing your situation.
