Many people reflexively choose to enroll in an MBA when they see their friends getting this advanced degree. However, it’s important to have better reasons to enroll in an MBA program than an urge to follow your group. Before you make up your mind, you should research the benefits and costs of getting an advanced degree, and be clear about if an MBA is worth it. What follows are four basic questions that you should ask yourself during the introspection process. This should help you decide if you should take the MBA route or maybe consider an MBA alternative.
What are your career goals?
Most people who apply to business school tend not to be very clear about where they would like to see themselves ten years down the line. This is knowledge that can inform your business school journey.
Think about what you’ve done in the past and where you would like to find yourself in the future. You can also ask your professional network how an MBA could fit into your plan and if an MBA will be worth it for your career.
As an example, you can think about how much you make now and what you project your earnings will be in 5 years – both with an MBA and without one. You can then calculate how much you’re likely to spend on earning an MBA, making sure that you include tuition, living expenses, and the salary that you may forgo when you attend school. If you aren’t likely to make back what you spend on an MBA in the form of increased income, you might want to reconsider.
MBAs are highly valued in private equity and finance. You couldn’t earn a promotion in these fields if you didn’t have an MBA. If you work for the government and plan to continue working there, however, an MBA wouldn’t help you make a higher income. It’s important to take a practical view of your choice to get an MBA.
If you’re looking to gain entry into a more senior-level role, make sure you check out what the job’s educational requirements are. Most likely it’s not an MBA. You might be able to achieve the necessary education needed through a different education pathway. You might want to consider alternatives to an MBA that can help you learn the skills you need to improve your career.
What you will gain from your MBA school experience?
Going in with a well-defined idea of what you’ll want to obtain from an MBA is about more than making the right choice for your career. You’ll only be accepted into an MBA program when you’re able to prove to the schools that you apply to that you have a clear idea of what exactly you want out of the degree.
If you wish to be an entrepreneur at some point, the cross-disciplinary knowledge that an MBA gives you is likely to help you put on multiple hats in that role. When you try to answer the question of what you hope to gain from the degree, it’s important to think of the intangible benefits as well. The relationships that you form with your teachers and your peers, for instance, are an important intangible benefit of a business school degree.
Do You want to invest time and energy in getting an MBA?
Applying to business school, by itself, can take considerable time and energy. You’ll need to analyze your skill set and correct any areas of weakness. You’ll also need to study for and take the GRE, research different schools, and create strong applications. Some MBA programs also require that you have some work experience. Therefore, you’ll likely need to provide a copy of your resume. Make sure you check out these tips to help improve your resume.
Once you get in, studying for an MBA will require sacrifices. For instance, you may not be able to devote much time to your family. Or, if you plan to continue at your job while you study, you may find that you have little free time left after work and study. If sacrificing the time that’s required doesn’t seem doable, getting that MBA may not be worth it. However, if it seems like a small sacrifice, then consider pursuing the degree.
How will you pay for your MBA education?
MBA programs are not cheap. In fact, the real cost of an MBA degree can run you around $240K. Sometimes the most desired outcome (higher salary) doesn’t always pan out. And even if you’re able to increase your pay, you may not see those benefits immediately. Especially when you consider the cost of an MBA degree and whether or not you’re paying for it out of your own pocket.
If you’re currently employed full time, check to see if your company offers a tuition reimbursement benefit. These benefits often go overlooked. More companies are offering this now more than ever before.
If the thought of taking out large amounts of federal financial aid seems scary, think about alternative educational options. Some of these options will help you avoid large amounts of student loan debt. Colleges offer undergraduate and graduate certificate programs in business, marketing, finance and accounting. These are a great alternative to graduate school when you’re looking to save time and money.
Mini-MBAs are also a great affordable option. If you really want to earn an MBA but financially can’t, consider a mini-MBA program where you can earn transferrable credits. Earning transferrable credits gives you the option of transferring those credits into an MBA program when you’re both financially and mentally ready to do so. This is a great way to save both time and money on your MBA. Not all mini-mba programs come with credits that you can transfer into an MBA program though. Do your due diligence before enrolling in one of these shorter programs.
Key Takeaway
An MBA may be able to accelerate your management career but it’s not always worth it; it’s important to make sure that it can do it, however. It takes much research to decide to get an MBA. The four questions above can be a great start.
