Financial Costs and Considerations
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Obtaining an MBA represents an extremely large investment of
money, time and effort. The tuition for a two-year program
may be more then $50,000, and the income missed may be
$100,000 or more. Books, computers, software, travel to and
from the program and other various expenses may add
thousands more to the total cost of a degree. Subsequently,
the cost of a two-year program is often likely to exceed
$150,000. A one-year program may cost 50% to 65% more, due
to the frequently higher annual tuition fee for such
programs.
So, is an
MBA
degree worth this hefty figure? Although not everyone
who gets an MBA will be financially better off after getting
one, those attending the top MBA programs are more likely to
benefit. The payoff of an MBA is partially a matter of
better earnings, but it's also a matter of increased career
options, confidence, security (more jobs are often available
for MBAs from top schools) and status. In addition, it's
often a mistake to view the decision to get an MBA on a
purely financial basis, despite the sums involved. Many
times people who attend business school come away meeting
people they might not have ever known or meet otherwise, and
forming some of their closest friendships and best business
contacts there. |
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Who Hires MBAs?
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The traditional MBA employers have been firms in financial
services, management consulting and consumer goods. They
remain the biggest employers of MBAs to this date. However,
recently there has been more interest for MBAs from smaller
firms in a variety of different industries, such as
high-tech start-ups and nonprofits, and many graduates are
going out on their own to start businesses. Government
employers have joined in as well, often preferring MBAs to
those with master's degrees in fields such as public
administration, public health and international relations.
The mix of employers varies from year to year, depending for
the most part upon the strength of their own industries. |
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Is an MBA Right For Me?
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If you’d like to be a better manager, advance rapidly in
your current company, start your own business, give yourself
better career options or just earn more money, an MBA is
probably a reasonable investment. |
Is an MBA Degree Right for Me?
