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The Pros and Cons of Pursuing an MBA
Pros of Pursuing an MBA
- Career Advancement
- Networking Opportunities
- Business Knowledge
- New Career Options
Pursuing an MBA
A lot of successful people hold an MBA. Many CEOs, successful entrepreneurs and other professionals have earned this degree. However, like almost any degree, an MBA can come with great expense, so before undertaking a course of study to pursue one, it’s important to determine that it’s worth your time and money. Here are some of the pros and cons that you should consider before starting down the path to earn your MBA.
An MBA May Help You in Your Current Career
An MBA can be beneficial in many different careers. If you work in a job that deals at all with anything business related, then an MBA could benefit you. Although not every job will give you additional compensation just for having the degree, an MBA can benefit you in terms of knowledge and experience in almost any career that involves business. Plus, if you are aspiring to be a manager one day, an MBA will be invaluable to you because it will teach you about management practices and principles that you can use later on in your career.
Poll on Pursuing an MBA
What do you hope to accomplish by pursuing an MBA?
An MBA May Provide You with Valuable Networking Opportunities
One of the greatest benefits you’ll get from pursuing an MBA is the abundance of networking opportunities the course of study presents. A lot of MBA courses involve group projects that give class members an opportunity to work with people from different backgrounds with different job skills. Many former classmates maintain professional relationships long after they graduate, which help them to expand their professional network.
Common MBA Salaries
Chief Financial Officer
Senior Financial Analyst
An MBA May Provide You with Increased Business Knowledge
If you work with a lot of business executives but you have no business background, you may find yourself surrounded by people who throw around words and concepts that you’re completely unfamiliar with. In this situation, you may decide that you need some business knowledge to do your job more effectively. An MBA will provide you with an understanding of many of the terms and concepts that are important to top business executives.
An MBA May Open New Career Options to You
An MBA may open career opportunities for you that you haven’t considered before. Whether pursuing an MBA will help you to build a new skill set, add something to your resume, or just get you thinking about different career opportunities, it can be a great option if you think you may ever want to start down a different career path in the future.
Cons of Pursuing an MBA
- Cheaper Alternatives Exist
An MBA Can be Expensive
Education is getting more and more expensive, and an MBA is no exception. An MBA is also one of the most popular graduate degrees that people earn. Before you decide to get your MBA, you may want to consider whether the investment is worth the money. Will an MBA be a requirement for the job you want in the future? Is there some other degree that would be more beneficial and set you apart from other job candidates in your chosen field? Is there a cheaper alternative, such as a certificate program, that would allow you to achieve your career goals at a lower cost? Do you qualify for any type of tuition reimbursement from your employer if you pursue this degree? These are all important points to consider before deciding to earn your MBA.
Earning an MBA Takes Time
Most full-time MBA programs take two years, and don’t allow you enough time to work a full-time job while you’re in school. Although many part-time programs are offered, you will have to attend class and study on nights and weekends, and these programs can take three years or more, depending on how many classes you take at a time. Make sure that you can manage the workload before you start an MBA program, and be sure you’re willing to sacrifice time with family and friends.
A Lot of People Have MBAs
A lot of people today have MBAs, so if there is another option that will allow you to stand out in your career field, you may want to pursue that option instead. Conversely, if your career goals will ultimately require you to have an MBA, you may need to earn one before you can get past a certain level in your chosen career path.
There May Be Cheaper Alternatives that Will Accomplish the Same Results
As discussed above, there are many lower cost alternatives to a graduate degree that could help you to advance in your career. Many trade associations and other organizations offer certificate programs that will allow you to develop career specific traits and skills at a lower cost. Research all of the options available to you and determine which will provide the most benefit for your money.
After you’ve taken these pros and cons into consideration, you will be able to get a much better idea about whether an MBA is something you want to pursue. Pursuing this degree can be a great benefit depending on your own unique career goals. The choice is yours, and only you can make the right decision.