To become an MBA holder, you will need to invest a lot of money, time, and effort. Therefore, if you are considering enrolling in a graduate business school, you have to know if it is worth it or not.
You have to understand how much you will benefit from it as opposed to the costs and effort needed to get one. Continue reading to know how you can assess if an MBA is worth your time and money or not.
The Duration and Costs of Getting an MBA
Getting an MBA means you have to spend a lot of time and money. If you want to attend a program full-time, you will likely spend at least 2 years in a business school post-college. If you plan to attend part-time, it could take you 3 years before you can graduate. Also,keep me in mind dedication,time and money required to get a good GMAT score to have a good chance for your target B-school.
The costs are hefty. You would pay more than $60,000 for a 2-year MBA program. For the finest business schools, you could pay up to more than $100,000.
However, these costs can be lessened if you are granted a scholarship, your employer gives reimbursement or financial help, or if you have other sources of financial help. Keep in mind that it will be more challenging to attend school if you have an employer since you will have to work and study at the same time.
When you are admitted to an MBA program, you might not be required to have a business administration or other related courses. Nevertheless, different business schools have different requirements.
For students who did not take up a business-related course in college, they may be required to attend business classes before they can enter the graduate program. Aside from spending more time to complete the MBA, this will cost them more.
Questions to Ask Yourself If MBA Is Worth Your Time and Money
- What Do I Want to Achieve Career-Wise?
Some business graduate school applicants already know the answer to this question. Nevertheless, many have no idea where they see themselves in the next 5 or 10 years.
That is alright, but it is crucial to know what you want out of your career from getting an MBA. This is because this is an important factor when you attend a business school.
To get an idea, you can try to figure out the things you have done in the past and connect it to the things you want to do in the years ahead. Then, ponder on how an MBA degree will be included here. You can also get some advice from professionals to gain a better idea of how your MBA degree can be helpful.
You can also think if an MBA is needed so that you can develop or perform on the field you want to take. For instance, if you want to get into the finance industry, being an MBA holder will be helpful because it can be a challenge to get a higher position if you do not have this degree or, if you see yourself more in healthcare you can just acquire a healthcare administration certificate and take that career path.
Although the costs can be high, you can earn them back easily once you accomplish a higher paying position after completing your MBA.
Nevertheless, if you aim to get into a job that is related to the government, you might want to reconsider getting an MBA. An MPP or MPA could be more appropriate, and these degrees are not as expensive as an MBA.
It is advised to give enrolling at a business school a second thought if the network and skills you have built from your job, undergraduate school, internships will be more advantageous than with the network and skills you will gain in business school.
- What Do I Want to Gain from My Experience in Business School?
When getting into a business school, these institutions will want to know the reason why you want to have an MBA degree. Therefore, there is no better time than now to consider it. You should not take this for granted since you will be assessed for this if you are fit for the program or not.
Nevertheless, this is the question you ask yourself to make it much clearer in the benefits that could outweigh the time and costs you would be investing in.
When you try to come up with the answer, you can consider the resources, knowledge, and skills that business schools can give you and the experience that you can gain. Think of the things you want to discover, understand, improve, and create.
One of the best benefits of attending an MBA course is the connections that you will have with your classmates, professors, and other alumni. These people can help you a lot in your career. When you want to hone your leadership skills for better job opportunities, attending a business school can give you that.
Nevertheless, it is not ideal to go through with an MBA degree if you are just going to do it because you do not have a clear idea of where your career path is going. If you are in this kind of situation, it will be better to rethink your aspirations before enrolling.
- How Bad Do I Want to Attend a Business School?
As mentioned, energy, money, and time will be invested a lot in getting an MBA degree. Moreover, you need to stand out from others to be accepted.
You have to work hard in boosting your skills, studying, taking standardized tests, and generating good credentials. There is no shortcut in getting into a business school, so you have to determine how bad you want to attend it.
Getting an MBA can open plenty of doors and opportunities for you, but it will take a lot of time, effort, and resources on your part before you can achieve this. Therefore, before enrolling yourself in an MBA course, it’s best if you are absolutely sure that it’s something that you can use for furthering your career or something whose pros outweigh the cons.