Is an MBA Worth the Time, Effort, and Cost?
An MBA can be a great advantage to a student, especially if he or she is looking for a better paying job or wanting to improve their business skills. An MBA is a Master of Business degree and is given after one to two years of graduate level study. This degree, once obtained, gives training in the theory and practice of business management. It certifies that you have the knowledge and competency for the many management roles that are found in today's corporate world. In most cases, an MBA can lead to a more successful future as a business professional.
Some of the courses a student takes while enrolled in an MBA program are: leadership, organizational behavior, marketing, economics, government and management. In addition, there are elective courses that help a student to focus on certain skills such as healthcare.
Is an MBA Worth it?
Other benefits that come from getting an MBA are helpful insights and knowledge of today's business practices. With some MBA programs there is required training and internship and from such training the student learns how to use his or her skills in the daily workforce. Another benefit that comes from an MBA program is the network of business relationships the student gains from his classmates and instructors.
In addition, once you have obtained your MBA degree, your chances of getting various job offers increases dramatically. Investment banks and consulting firms are two of the highest paying employers of MBA graduates. In the last couple of years the QS World MBA Tour Survey has found a 10% increase in the average salary and bonus of new MBA graduates - this recorded in 2005, with a salary figure of $114,000.
Other advantages that come from having an MBA are: an advancement in your career, starting your own business, changing your career plans, and developing your own business expertise.
However, an MBA degree is often expensive. An MBA degree that comes from Harvard, for example, can cost over $40,000 for two years. There are other MBA programs that don't cost as much. Some cost between $10,000-$20,000 a year. Much of this cost depends on if you go full or part-time, have other pressing expenses, or if you live on campus.
MBA programs can be paid various ways - by grants, scholarships, student loans, work/study programs, a GI Bill, or other financial aid programs. In addition, if you want to go to a certain school but the cost is too high, you might try negotiating to help pay your tuition. Sometimes negotiating works, other times it doesn't but it never hurts to try. So, in answer to the question is an MBA worth it, yes, it is!