When it comes time to choose an advanced degree, it’s wise to consider the costs and benefits before applying for a program. Depending on your industry or long-term professional goals, a Master of Business Administration (MBA) may or may not be the best course of action.
Here are five considerations that can help you weigh the pros and cons of pursuing your own MBA.
Do You Need An MBA Or Not?
1. Career Advancement
Although it may be possible to climb the ranks by being promoted internally over the years, there are some careers that require an MBA for advancement. For example, the industries of finance, banking, and consultancy. Furthermore, there are also some companies that will not promote employees who do not continue or improve education through an MBA program. Earning an MBA does not guarantee career advancement, but it certainly doesn’t hurt employment or promotion prospects.
2. Career Change
The concept of getting hired right out of college and staying at one job until you get your gold watch at retirement no longer exists. If you are interested in changing careers, switching industries, or making yourself a marketable employee in a variety of fields, an MBA degree can help you do all three. While enrolled in an MBA program, you will have the opportunity to learn general business and management expertise that can be applied to nearly any industry. You may also get the chance to specialize in a particular area of business, such as accounting, finance, or marketing. Specializing in one area will prepare you to work in that field after graduation regardless of your undergraduate degree or previous work experience.
3. Leadership
Not every business leader or executive has an MBA. However, it may be easier to assume or be considered for leadership roles if you have an MBA education behind you. While enrolled in an MBA program, you will study leadership, business, and management philosophies that can be applied to almost any leadership role. Business school may also give you hands-on experience leading study groups, classroom discussions, and school organizations. Having this depth of experience begets confidence, which translates to leadership.
4. Business
One of the best reasons to get an MBA is because you are interested in studying business administration. If you enjoy the topic and feel like you can increase your knowledge and expertise, pursuing an MBA for the simple sake of getting an education is probably a worthy goal.
5. Entrepreneurship
While the myth of the wunderkind startup exists, the reality is that a successful launch and sustained business requires ballast and the underpinnings of a network. Formal education offers access to apprenticeships, internships, and other structures designed to reinforce a strong business foundation. Further, an MBA can help increase your chances of securing a job that will provide you with the experience, skills, and mentors you need to start your own successful company someday.
The Bottomline
In today’s job market, pursuing an MBA can be beneficial, but it’s crucial to avoid incurring massive debt for the degree. The best approach is to have your employer pay for the MBA, allowing you to work and apply what you learn simultaneously. This not only enhances your practical skills but also makes the investment more worthwhile. Many schools, like Florida Atlantic University, offer affordable and top-quality MBA programs where employers often cover tuition, making it a solid option.
However, it’s important not to rush into getting an MBA simply due to a tough job market. Some individuals take on significant debt to obtain an MBA, only to struggle to find a job afterward due to lack of work experience or being overqualified. The decision to pursue an MBA should be based on a clear career plan, and the value of the program should align with both personal goals and financial considerations.
So, should you get an MBA? Do you actually need one at this point in your career? Hopefully, these tips have either given you a straight answer or helped you in the right direction.
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This article was written by Brian Childs, social media outreach coordinator, on behalf of 2U, an education technology company that offers online resources for graduate students.