The benefits of a Master of Business Administration degree are manifold. You likely will advance your career, you can gain the skills and knowledge required for a new enterprise, and you'll have this elite new network of peers, faculty, and alumni. It's a cool credential to have.
The other side of that, though, is that such degrees can cost north of $100,000. That's a LOT for anyone, particularly someone who enrolled in business school right after college and who likely doesn't have a lot of earnings. So, unless your employer demands you have one, do you really need an MBA? Let's look.
What Is an MBA?
A Master of Business Administration is a grad-level management and business degree that focuses on leadership and managerial skills.
What Can You Do With an MBA?
Attaining this degree can open doors for a new career or get you ready for better-paying opportunities. You get all these new skills plus a prestigious credential for dangling in front of prospective employers.
But Do You Need an MBA?
Well, an MBA can certainly unlock career opportunities, get you more pay, and maybe get you a promotion. You also can gain the skills and knowledge you need for a startup. Sometimes, employers require the graduate degree for some leadership or management positions.
On the flip said, as we say, an MBA degree from a noted school can run you around six figures. Is all that time and moolah worth it? It depends on your situation. But if you decide to enroll, check out MBA student loan rates.
Who Should Pursue an MBA?
You're going to need time and money. That's from the get-go. If you plan to attend school full time, you'll need at least two years. If you go part time, plan on at least three years before graduation.
Regarding the price tag, you're fortunate if your employer provides tuition help or reimbursement. You can also contact Juno, which can likely get you good student loan rates. Those will come in handy, particularly since you might have to pay for prerequisite business classes before graduate studies begin, if you didn't study business as an undergrad.
Is the Pursuit Worth It?
It is if your goal is to toil in a business-related field or in management or other leadership role. You want to sign on with a highly regarded program, however, to get the full value of your time and money investment. Otherwise, it all may add up to a waste of time, money, and opportunity. MBA Reddit posts have more on this.
Here are the real-world numbers regarding opportunity: according to a survey by the Graduate Management Admission Council, some 89% of business graduates are employed, with 10% of them self-employed. What's more, nearly two-thirds of business school grads work for multinational organizations, one-third work for enterprises with more than 25,000 employees. Also, 29% work for publicly traded firms, and 19% are employed at Global Fortune 500 companies. Finally, 17% work for Global Fortune 100 businesses, and 8% are employed at startups.
Regarding alumni, some 76% reported being 'very satisfied' or 'satisfied' with how their careers are going. Many of the survey respondents who graduated at least 15 years ago reported that they are now in executive level or C-Suite roles.
Do you really need an MBA? Only you can answer that. Just don't let paying for tuition and related expenses hold you back. If you need help financing your graduate degree, we suggest contacting Juno, which can get you the best rates and terms.