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Is the M.B.A. Degree Worth the Cost?
I guess it might depend on your perspective, your experience, your goals. But getting the MBA is not necessarily the most cost effective education. That depends on the costs, if you are getting one from Harvard, the two years will run $175,000. Yeah, you read this right. Less prestigious schools will cost less but at the end of the two years you have a piece of paper and two years of classroom theory and maybe some internship experience.
According to surveys, the average salary potential for you with no or less than one year experience is a mere $47,000. Yeah, that's right. I was in shock. That's like $25 an hr or so. If you got your MBA from USC or UCLA or other non-ivy league schools, you have a 25% chance of looking for work once you graduate. That is because of the economy and more unemployed people already have college degrees, maybe not the MBA, but still qualified because of experience.
It is not rocket science about what most employers want for most positions - experience. All the education, lectures, term papers will not give you that. That is the case whether we are talking about a sales gig or entry management or nearly anything. Many feel that the MBA is many cases is not worth the cost and one should invest in hard skills. For instance, going to a school to learn coding for 10 weeks. It costs $12,000. That is a chunk of money BUT their starting salaries begin at $80,000 and 88% who learn to code are hired.
Before you decide on the MBA, consider what the payoff is at the end first. Is the MBA really cost effective for what you like to do? If not, why not relocate to a place that really has your interests and goals in mind and start there instead of the school telling you where you must live. Having an MBA is fast becoming the "new" B.A. or B.S., seems like too many have them and they are working at a job that does require it. Yet, so far, all they got was the debt.
Like most already know, put yourself in the shoes of the future boss and imagine who would you hire: a person with no experience but the MBA or a person who has only a B.A. or none, but has created a business that was profitable for two years?