The MBA: Is it Worth the Money?

Is the MBA Worth the Money?

Earning a Masters of Business Administration (MBA) requires a significant commitment of time and energy – and, of course, money. The average tuition for an MBA degree can range anywhere from $20,000 to $50,000 or more. This is a major financial investment in your future. So, is it worth it?

Whether the MBA is worth it, depends on the individual. However, even in today’s evolving economic climate, having an MBA degree can still enhance your earning potential. A number of MBA graduates experience career growth or receive an increase in salary. Although certainly not a guarantee or even the norm, within five years of completing an MBA program, some graduates earn six-figure salaries plus bonuses. But even so, it is important to bear in mind a variety of factors when determining the real cost of an MBA degree.

Return on Investment

When determining your return on investment for an MBA, there are many factors to consider besides just the costs of tuition. For instance, if you undergo a traditional full-time MBA program at a brick-and-mortar college that takes two years, you also need to factor in the loss of your salary while you are earning your MBA. This financial lost can be significant and means it may take more than five years to fully gain a return on your investment.

Luckily, today there are many ways to mitigate this particular cost. For instance, there are accelerated executive MBA programs that only take a year. Additionally, there are many MBA programs that offer non-traditional schedules, such as meeting just on Saturdays, in the evenings or even online options that you can do on your own schedule. In other words, it is possible to earn your MBA today without leaving your current position, so you experience no loss of salary. This can potentially makes the return on your investment happen more quickly.

Job Opportunities

According to the Bureau of Labor Statistics, MBA holders can expect to find job opportunities in the coming years. While MBA specializations vary, most MBA graduates expect to work in business and finance, and those areas are expected to have growth in the coming decade. Surprisingly, even though we are in an economic slump at the moment, the recovery is expected to bring new and exciting opportunities to those with MBAs. Additionally, other areas that actively recruit MBA graduates, such as governmental agencies and non-profits, will likely need business specialists as the economy evolves.

As you can see, now is as good a time as any to earn your MBA. Jumpstart your career! Start earning an MBA degree today.