Having to decide if you should get into an MBA program isn’t an easy task. One surely has a lot at stake—time, money, effort, and energy—and wouldn’t want to lose them with a hasty decision.
So, what can one do in this situation? Well, you can start by contemplating why do you believe the MBA degree will be good for you, what will it bring to you, how much will it cost, and how long will it take for you to have the degree in your hands. What’s best, we are helping you along the way. Let’s get going!
What Are Your Career Goals?
Many might have already decided as to what they want to do with their professional life. They might have had a dream job, or they might have found their call along the way. However, many don’t really know where they see themselves in the next five to ten years (it’s okay, we’re not judging, we’re all still trying to figure it out). However, the group where you see yourself part of matters, as we wouldn’t suggest you take this rather important step without being crystal clear on your career intentions. Start slowly contemplating until you come to a decision and then see how an MBA can be part of that career, how it will help you land that job, even better, will it help you advance in that line of career.
What Do You Wish to Get Out of Your MBA Experience?
This question will help you identify the benefits of getting an MBA degree and then evaluate whether it will be worth it to go through this educational hassle. As you consider the advantages of getting an MBA degree, you should consider all the knowledge, skills, networking opportunities, credibility, and resources that an MBA degree will bring to you. See if those benefits relate to the skills and knowledge you might need in your line of work.
Are You Willing to Invest Physically, Emotionally, and Financially to Get the Degree?
This is a question that all students deciding to get into a university, no matter the educational level they’re in, should be asking themselves. Earning a degree, especially an MBA degree, isn’t an easy journey. One should have motivation, time, and determination to get to the end of it. One thing you should keep in mind is that there are no shortcuts; you will have to go each step on your own with the responsibilities piling up.
Since many people who decide to get an MBA degree are individuals who have many responsibilities to juggle, this undertaking can quickly turn into both an emotional and physical rollercoaster. So, with that said, one shouldn’t enroll in a university to get an MBA if they aren’t sure that they can handle the pressure that characterizes it.
What Will an MBA Do for Me?
At the end of the day, the reason most of the students decide to get a degree is the benefits that the particular degree comes with. Without further ado, let’s see what an MBA is good for.
Get a comprehensive education
Sure, a bachelor’s degree in business will give you the knowledge and skills to thrive in an entry-level job; however, with an MBA degree, the knowledge acquired will be more comprehensive and more well-rounded.
Have increased job opportunities
According to a survey conducted by Poets and Quants, approximately 90% of the employers who participated claimed that they would be hiring MBA graduates. This percentage shows that you, as an individual with an MBA degree, will have to choose among the list of jobs that will hire you.
Climb the corporate career ladder
The higher the position you have your eyes on is, the more requirements you’ll need to fulfill. One of those requirements happens to be the education level. The executive roles within an organization always require a higher university degree than a bachelor’s. With an MBA degree, you will be eligible to apply for them, and who knows, maybe get accepted.
Earn a higher income
Who doesn’t want to have a higher yearly income? Well, everybody. However, according to the NACE Salary Survey, during 2021, MBA holders earn $29,000 more than those who hold a bachelor’s degree. So, why won’t you take advantage of this income increase?
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Expand your professional network
With each degree you get, you’ll be creating a network. However, with an MBA, this network won’t be limited to your peers; it will include professors and individuals outside your program like business leaders, working alumni, and other professionals you meet at networking events.
How Much Does an MBA Cost?
When it comes to the cost of an MBA degree, we can say that the fees aren’t low. It may range between $50,000 and $80,000. However, there are American schools that have even higher tuition that exceeds $200,000. Still, besides the costly schools, American universities like Bay Atlantic University provide MBA programs for under $15,000 for domestic students and under $20,000 for international students.
How Long Does It Take to Get an MBA?
There are a few factors that should be taken into consideration when it comes to the duration of an MBA degree. The main one is how you’re choosing to get your degree—full-time or part-time. Here’s a brief rundown on the types of MBAs
Full-time traditional MBA: Four semesters or two whole years
Part-time MBA: Approximately three years
Online MBA: One year
Executive MBA: Two years
Accelerated MBA: One year or two
To all those still in doubt on whether or not they should obtain an MBA degree, this is a sign to contemplate and reflect more in this direction. We hope we’ve made it easier for you to come to a decision. Rest assured that countless doors will open for you once you decide to get one. Best of luck!