Photo: Judith Ohikuare |
Photo: Christy Kurtz.. |
If
you're toying with the idea of getting an MBA but aren't sure if the
time and financial commitment are worth it, here are some things to
consider.
Writing in Harvard Business Review a few years ago, executive coach Ed Batista said the three key uses for an MBA were: practical leadership and management skills, a job marketplace credential, and access to a vast alumni network. Those may sound like abstract rewards but in some circumstances, they can reap concrete benefits: MBA alums can generally expect higher salaries than those other grads, with a median base salary of $115,000, depending on job level and location.
How Much Will It Cost?
There's no point being delicate about it: MBAs are expensive.
There's no point being delicate about it: MBAs are expensive.
To attend a program at a school like Stanford, you can expect to exceed the $100,00 mark over your two years there. Financial aid, in the form of loans and fellowships, is available, but how much you get of either naturally depends on your individual assets. "On average, people receive $36,000 or $37,000 in fellowships per year. But that average is pretty meaningless because some people get full rides, and others get zero," Khan says. "If you work in a pretty low-income job, you're going to get a much higher financial aid package in terms of the fellowship proportion to loans."...
Is There Another Way In?
The gospel of education can sometimes make it seem like getting any degree, and as many as possible, is necessary to advance. But there's no point in wasting your time and money on a costly credential that reaps little benefits. Khan says online MBA programs, an increasingly popular option, may be worthwhile for people who want to gain exposure to specific subject matter — like accounting, for example. (Just do your homework on online programs especially.) On the other hand, if you simply want to learn a skill, you can also enroll in an accounting class without going the full-on school route.
Source: Refinery29