Is an MBA Really Worth it to YOU?
When considering any graduate degree program, most people are going to first ask themselves the question, “Is it worth it?” Although no two people come from the exact same set of circumstances, almost everyone will have to decide whether the benefits of holding a graduate degree outweigh the financial commitment and time strain caused by earning one. Any Master in Business Administration (MBA) program will be rigorous, and many full-time, on-campus programs can cost at least $60,000. It’s important to analyze the risk versus the reward, because working toward an MBA is a huge commitment. Financial considerations aside, you must know what exactly you are hoping to gain from earning an MBA to understand its worth to you. The pros and cons may vary slightly from person to person, but in general, the following benefits will be a direct result for people who do go on to earn their MBA. Here are a few things to consider:
Return on investment (ROI) and increased earnings
- The statistics are clear—holding a graduate degree results in a higher earning potential. According to Forbes, students who graduate from online MBA programs can expect to earn as much as 29 percent more than what they were paid before getting their master’s.
- In addition to boosting your salary, certain employers are also willing to cover some of the costs associated with graduate school. It is always worth it to ask your employer if the option for education reimbursement is available to you; getting paid to go to school while simultaneously increasing your earning potential is a no-brainer in terms of ROI.
Career advancement and new employment opportunities
- According to the 2018 Alumni Perspectives Survey, business school graduates were more employable and felt that their careers progressed more rapidly than their peers who did not complete the same level of education.
- Whether you are pursuing your MBA to advance in your current company or field or you are hoping to make an entire career change, a master’s degree can help you reach your destination.
New professional networks
- Simply participating in a graduate school program opens the door to broader and deeper professional networks. The smaller, more focused classes allow for more than just a brief introduction to professors and classmates. This alone has tremendous potential—the industry-specific connections you make could one day lead to a new job! By seizing every opportunity in the classroom, you’re building a strong foundation for the rest of your career.
- Enrolling in an MBA program will bring big changes to your everyday life. This degree will require some sacrifices on a personal level, which is why each individual must evaluate how the imminent changes will affect them and whether the reward will be worth it in the end.
- Earning an MBA will bring changes to your lifestyle after graduation as well. With an increase in your income, you may find yourself having the freedom to pay off debt, save in case of an emergency, or support your family in a new way.
- Today, most default to finishing their undergraduate degree with the understand that it is now nearly impossible to find a job above entry level (and many times, even at the entry level) without one. But when you make the decision to pursue a focused graduate program, you go a step further as you evolve into a lifelong learner. As you pursue your MBA and gain confidence in your knowledge and abilities, more and more doors will open for you. Such a highly specialized and rigorous program will inspire you to stay curious as you continue to reap the benefits for years to come.
Every individual needs to make a personal choice about whether an MBA is worth their commitment. Nowadays, there are so many exceptional programs to choose from and so many types—on-campus, online, blended, full-time, part-time, accelerated—that make this degree more accessible than ever. But a graduate degree will, nevertheless, take effort to obtain. In addition to researching which program is the best fit for you personally, you should also find an answer for one big question: “Why do I want to earn an MBA, and what do I want to get out of it?” That alone may help you determine whether or not pursuing a graduate business degree is right for you.
If you do choose to take the next step, Abound: MBA is the perfect resource for you to narrow down your choices and find the program in which you will thrive.