Earning a Master’s in Business Administration has helped many professionals enhance their careers, increase compensation, and lead to promotion in places.
MBA is a course that offers you the skills and knowledge required to start a new business.
Many enterprises are seeking MBA-qualified individuals for various leadership positions.
But, the dilemma of whether I should get an MBA or not remains. After all, pursuing an MBA degree costs a lot of fortune. An MBA from a top business school is estimated at around $100,00.
The cost is not the only factor! There is a substantial amount of time and workforce spent getting the degree!
Further, you’ll have to work hard on getting admission, searching for the best programs and schools, and preparing essays with the help of professional college paper services and more.
Therefore, you need to be wise and make a good decision for yourself.
So, to help you on this matter, we have prepared this article.
Here, we will discuss everything about the MBA, from its description to pros to cons to its alternatives and every other factor.
By the end of the article, you’ll have every important information to decide for yourself.
Let’s start!
What is an MBA Degree?
Master’s in Business Administration (MBA) is a course work that involves a broad spectrum of business-related topics from accounting to statistics to economics to management and entrepreneurship.
The course is designed to help students prepare for work in financial positions, prepare them for management positions, or even a founder of a startup company.
Excelling your ideas and knowledge on a solid foundation, and this business school provides them through the MBA program.
MBA programs are designed as full-time and part-time based on the wants and needs of students pursuing them.
Full-Time Vs. Part-Time MBA Programs
When pursuing their MBA degree, individuals can select from these two routes.
The first is a full-time program, and the other is a part-time program.
Throughout MBA results in the same way, there are some areas where one can have better flexibility than the other.
A full-time student will find working while they go to school challenging. That is why an MBA is popular among students who have earned their Bachelor’s degree in a similar business subject and can still afford to study full-time on campus.
The part-time MBA program has two departments: Executive MBA (EMBA) is designed and developed for students who typically are 32 and 42. This program is expensive; they can expect their employer to bear it.
Esle, the regular part-time MBA is for students who work full time and manage to take the program. They tend to be around 24 to 35 years old, taking classes after work, in the evening, or on weekends.
Tip: An essay becomes a must for any type of program to enhance your acceptance so you might want to do the best essay writing!
Pros and Cons of an MBA Degree
Pursuing an MBA is worth the expense, time, and effort when a graduate works in a business-related field, whether in management or as a company founder. For one who prefers working outside the industries, an MBA might only be that worthy of a course if it’s a management or leadership role.
It’s important to understand that each MBA degree differs. Many colleges and universities are offering MBA courses.
If the student earns a degree from a respectable program, it might be more worthy than expected.
Recruiters and hiring managers are not likely to view an MBA earned through unknown or online-only educators.
While a course is a way to enhance your skills, you can’t expect to ideally own a leadership position.
Here are a few pros and cons of pursuing an MBA program:
| Pros | Cons |
| MBA degree helps you earn a higher salary. | Just having a degree doesn’t make you an ideal person for hire. |
| Owning an MBA degree can separate you from your competitors if you earn it from a top-tier school. | Going to an online or unknown MBA program will not get you noticed. |
| MBA program gives you the necessary skills and knowledge to advance in your field. | An MBA isn’t worth the time and effort if you don’t intend to work in business or management. |
Thoughts of MBA Degree Program Alumni
GMAC (Graduate Management Admission Council) issues various research reports on how graduates from business schools rate their experience before and after the completion of the program.
The survey results of the MBA program are encouraging.
The 2018 Alumni Perspectives Survey Report shows that 96% of MBAs considered their degree good and excellent, offering an outstanding value, and only 4% were said to not have their expectations met.
An important note is that an MBA degree’s return on investment (ROI) has decreased, given the investment costs and tuition associated with it.
It’s important to note that each MBA degree is created differently. So, you need to choose your program and school thoughtfully.
How To Decide If an MBA Is Right for You? (4 Steps)
Earlier in this article, we mention every small detail of the MBA course, its overview, pros, cons, and thoughts of MBA program alumni.
But, because the cases differ, one way to approach this big decision is by breaking it into a few manageable questions.
We have explained four different steps for you to promptly consider your options and use your answer to influence the decision you’ll be making and decide if MBA right for me!
1. What’s Your Personal Circumstance?
Under what circumstances did you decide to pursue an MBA degree? Is it for your career growth? Or is it just because someone mentioned it’s a ladder to earning a higher salary?
There are tons of questions to ask yourself, like:
- Do I have enough budget to pursue an MBA from a respectable school?
- Will I be able to cover all my tuition fees? Will my employer cover a small portion of it?
- What’s my family situation? What would be my availability to take an in-person, full-time MBA?
- Where am I located? Do I need to move?
- Is this really the right time of my life to pursue an MBA?
If your personal need aligns with your professional goals, an MBA could be worth taking.
It’s a two-year-long program, so you should be able to visualize where you’ll be in two years! You should view it in a bigger picture and see what it has for you.
2. What Are Your Professional Goals?
Usually, MBA programs are for enhancing your professional life. You might not be taking it just for fun. So, the next step is considering your professional goals and how an MBA impacts them.
You’ll either have to take two years off or balance your work and the courses.
Consider these questions:
- What is my current business skill set? How does an MBA help?
- Why do I want to pursue an MBA?
- Am I happy and satisfied with your current job?
- Where do I see myself after pursuing this degree?
- What particular skill do I want to gain through the MBA program?
3. Explore Your Options
As we mentioned earlier, various programs, universities, and schools offer them, both part-time and full-time.
Among the options available, only some may fit your exact needs.
So, it’s important to explore your options.
- Do I need an MBA in a full-time or a part-time program? Which would align perfectly with your situation?
- Should I enroll in an in-person, online, or blended MBA program?
- Are there any options for financial aid? Is my employer offering me benefits for the program?
4. Assess the Big Picture
After considering all these factors, you must also understand your personal circumstances, goals, and MBA options.
These all bring you back to three main final questions:
- Why do I want to pursue an MBA?
- What type of MBA program best suits me?
- Do the benefits of the program outweigh the investment made into it? In terms of money, time, effort?
Wrapping Up
Earning an MBA program helps you enhance your career path and help you land a high-paying, reputable job.
But you should pay attention to the expense, time, and effort required to complete this 2-year program.
The program is only offset if you earn MBA from a top-tier business school that helps you sort your career path.
Despite the expenses, many alumni have considered owning this degree to be beneficial for them.
Further, a few alternatives are available if an MBA seems too much.
In the end, you’re to decide if you want to be getting an MBA or not!
Consider all the important points before moving ahead with your final decision.