The Master’s in Business Administration is a highly sought-after degree that can provide you with various benefits. Those with an MBA hold higher management positions, whereas those without it tend to work at lower levels. The MBA allows them to negotiate a higher salary and secure a job in a highly competitive business community.
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The degree can prove very useful to your long-term career plans if you are interested in jobs in a business-related field, such as management or as a company founder.
However, an MBA does come with trade-offs, as you will need to invest your time, energy, and effort in pursuing the degree. The adjustment period for returning to school after working for a while can make you feel like the program is out of your reach.
In this guide, you’ll find a checklist of considerations that can simplify your decision-making process by providing you with a list of things to keep in mind.
Which Sort of MBA Program Is Right for You?
MBA programs are tailored to students who have already completed the one-degree program, and so they are available in a variety of formats to meet the needs of the student. Early starter programs are aimed at students trying to get their next qualification without gaining work experience, whereas traditional MBA programs prefer students with work experience.
In addition, some colleges offer full-time and part-time programs, so you can continue working while earning your degree. Colleges offer a range of choices, making it easier to find the right fit for your needs. Some colleges even offer an online MBA no GMAT requirement program, which would be ideal for anyone who cannot take time off from work or doesn’t want to worry about taking entrance exams.
Colleges may waive the GMAT requirement if you have taken other tests, such as the LSAT, or if you have sufficient work experience instead of a GMAT. Check the requirements of your chosen colleges before making a final decision.
Costs Of An MBA
Expenses are a major factor that discourages many people from enrolling in MBA programs. An MBA at a high-ranking college will cost an average of $150,000 per year. It does not include living expenses, which vary by city. An online degree may be a cheaper alternative to a traditional degree that offers the same qualifications. However, it limits your ability to network with other program members.
Nonetheless, the compensation after completing the degree can outweigh the cost of obtaining it. Following an MBA, you can expect to earn an average salary of $80-150,000 per year, depending on the field you choose to work in. In addition, you’d be more likely to obtain leadership roles, such as vice president at a private equity fund, worth $100,000 more than you’d get without an MBA.
Increased Chances of Employment
If you were applying for the same position as another candidate and both had the same work experience, your MBA would give you the edge. MBA graduates possess theoretical and practical skills in areas such as business operations, economics, finance management, account management, and others. They also possess soft skills such as communication, leadership training, and multitasking abilities.
According to a hiring manager, someone with an MBA has already learned many of the skills that any other candidate would have to learn on the job. A degree assures an employer that you can adapt quickly to their business and won’t make costly mistakes. If you have been taught how to understand other people’s perspectives, deliver constructive feedback effectively, and receive feedback effectively, the company is more likely to let you lead your own team.
Building Your Network While Studying
Working at a single company limits the number of people you can interact with. As an MBA student, you will have the opportunity to network with professors, fellow students, faculty visiting from other schools, talent scouts, and more. Students at high-ranking colleges often have opportunities to meet with potential clients and work on deals. Such opportunities allow you the time and space to build a wide network.
In business, knowing the right people is crucial. For instance, you would find it easier to start your own retail company if you had contacts in manufacturing, distribution, public relations, and design. Also, you might already have a client base before you launch your business.
Maintaining a Work-Life Balance
Most people in high-ranking business positions find it nearly impossible to maintain a proper balance between work and family life and often have to make some sacrifices. It is even harder to strike this balance if you are working while earning your MBA. Generally, a good businessman is prepared for the worst-case scenario, so you should ask yourself: will you be able to create a balance while obtaining your degree or after you get a promotion?
MBAs can increase your job security, but they can also take time away from other aspects of your life you care about. To some people, the trade-off between their time and the higher salaries is worth it, so they are willing to compromise their time for more money. To others, a high salary is not as important as spending time doing things that they love, so place a higher focus on leisure activities and relationships.
Your answer depends on your situation, but it’s usually smarter to have the degree as a safety need. You can always move to a higher-paying job after obtaining an MBA, even if you are working in a less demanding job. However, if you’re in a bad financial position and need a better job right away, getting an MBA won’t be a viable option at that point.
The business world is undergoing significant changes after the pandemic. Companies are looking for people who can adapt to the diverse demands of a changing industry. The education you get with an MBA ensures employers of your capabilities and increases your career prospects, job security, and potential salary. Of course, this depends on whether you can bear the cost of getting an MBA and if you can find a program that fits your circumstances.