An MBA, or a Maters in Business Administration, is an internationally recognised degree, specializing in teaching its students the skills required to master management and business. While most commonly utilized in the business world, more and more fields have started accepting MBAs as an essential part od their recruitment selection for higher ranking management positions.
A common question is whether getting the MBA is worth it or not, due to them taking a considerable amount of time and costing a massive sum. While the need may differ from individual to individual, it is an important decision to consider as it will likely have a large impact on your career. Thus, in order to have a better look at it we can perform a costs benefit analysis in order to gauge its usefulness.
1) Career and salary prospects – Bloomberg Business released a survey, indicating that individuals who earned a salary of approximately $50,000 observed an 80% increase upon their graduation. It’s a common conception that in order to earn yourself a top managerial position in firm, an MBA is a requirement.
2) Employability – Individuals with MBAs see remarkable improvements to their employability. According to the GMAC Corporate Recruiter Survey Report, released in 2017, 91% of recruiters industry wide are on a lookout for MBA graduates, with it being the degree that leads to the highest likelihood of employability.
3) Networking – An MBA doesn’t include only getting a degree, it also allows you the opportunity to network and build extremely useful business connections with members of your class who may go on to be industry leaders. This provides a priceless stream of advice and knowledge.
4) Flexibility – With the way MBA programmes are engineered these days there is a large range of programmes to choose from which allow the individual to tailor fit a programme specially for his requirements. These include Full Time MBAs, Part time, Specialized, Online and a bunch more
1) Heavy investment – An MBA costs on average $60,000, with some of the top business schools even charging as much as $100,000. However, the money isn’t the only aspect you’ll be sacrificing. American MBAs take 2 years to complete, and others generally 1 year. This is potentially 2 years’ worth of work experience and salary you’re forfeiting.
2) Competitiveness – In the current job market, getting an MBA might not be enough to procure a job. More and more employers are signalling out only the top of the line elite schools to select from, making it not worth it for lesser ranked programmes.
3) Entrepreneur – While getting an MBA is surely useful for entrepreneurs in the Financial Sector, businesses in the newly growing Tech Sector may not require the teachings of an MBA as skills such as software engineering are more sought after here than strategy
These are the major pros and cons associated with pursuing the MBA programme. Do you feel its worth it for you?