Is MBA a Suitable Choice for You? Answer These 6 Questions
A master’s in business administration is considered the most popular graduate management degree globally. Ambitious professionals from various industries apply to this program each year in business schools all around the world.
An MBA degree makes you more marketable and helps you stand out to prospective employers. It also qualifies you for managerial and administrative positions in your respective industry. An MBA provides you with the opportunity to increase your business knowledge, broaden your professional network, increase your earning potential, and boost your career prospects.
If you want to learn managerial skills, advance your career, or want to start your own business, then MBA is an appropriate degree option for you. Different types of MBA programs including, full-time, part-time, executive, and online MBA, are offered by various colleges in the US. Based on your schedule, you can choose a suitable and convenient program. Some students often pursue MBA after gaining a year or two of experience. However, some students may pursue it later in life.
In this article, we will ask you some questions, the answers to which will help you decide if an MBA is a suitable choice for you?
1. What MBA major do you want to study?
You should have a clear idea of which program you want to pursue before applying. Apart from a general MBA, you can choose to specialize in unique MBA majors like healthcare management, finance, entrepreneurship, innovation, organizational effectiveness, and more. Some universities also provide students with the opportunity to craft an individualized MBA major suitable for their career path.
Your major decides the industry you will work in post-graduation. For example, MBA graduates majoring in healthcare management work in hospitals, clinics, or other healthcare settings. Your major can shape the trajectory of your career. Therefore, it is crucial to carefully think about what you want to study during your MBA.
2. How does an MBA affect your career?
An MBA increases the quality and quantity of job opportunities available to you. It also increases your market value and earning potential. For many graduates, MBA is a transformative experience both personally and professionally. It empowers them with various transferable skills and leadership skills that are required in their industry.
An MBA positively affects the career of graduates, qualifying them for various career pathways. However, not all professionals need an MBA to advance their careers. Therefore, you should critically assess the pros and cons of getting an MBA.
3. How much can an MBA cost you?
The cost of an MBA program can vary based on the location and duration of the program. Your chosen school also impacts the total cost as high-ranking business schools charge higher tuition fees than others. Depending on the school you choose, you can expect to pay from $60,000 to $100,000 in tuition fees in the US. However, an online MBA may cost less and a part-time degree gives you more time to pay the total tuition fee.
Many students pursuing an MBA work part-time or full-time and sometimes also have other life commitments to fulfill. Therefore, it is crucial to carefully estimate the total cost of your MBA program before applying. Apart from tuition fees, calculate other expenses like transport, books, hostel, food, and other essential expenses.
You can cover or reduce your total cost by applying for various internal and external scholarships that are offered to competent students. Moreover, applying for assistantships and fellowships may also help reduce your financial burden. Need-based scholarships are also available at some colleges. Therefore, you should think about the cost and ways to finance your degree before enrolling.
4. What is the length and location of your chosen MBA program?
These are crucial aspects to consider before enrolling in an MBA program. A full-time MBA degree lasts for around two years. However, the time length can vary from one to three years based on your mode of study (online, accelerated, and part-time).
The location of the program also affects your overall study experience. Applying to another city or country will require you to move. However, the location of your program can determine your success after graduation. It is recommended to choose a location that is closer to the jobs you want to work in after graduation. Studying in top locations in your field can help you network more efficiently with leaders in your industry. For example, students planning to work in Audi may choose to pursue their MBA in Germany to better understand the company and vehicle industry in Germany. Therefore, carefully assess the industry you want to work in after graduation and if you are willing to move or not before enrolling in an MBA.
5. Is it the right time for you to get an MBA?
There is no right time to get an MBA. This degree benefits everyone differently during several points in their career. Many students pursue an MBA right after completing their bachelor’s. However, it is recommended to gain work experience after bachelors to decide if you truly need an MBA. Work experience will also help you to figure out what jobs you enjoy working in and, you can choose your MBA major accordingly. In short, you can pursue an MBA at any point in your career and it will positively impact your career.
Young students pursue it right after graduation to fast-track their careers. Older students may pursue it even in their 30s and 40s to learn new skills and emerge as leaders in their industry. People often pursue an MBA in middle age to switch careers as well. Either way, assess your personal circumstances and analyze if it is the right time for you to get an MBA.
6. What would you learn from your MBA degree?
Apart from education, an MBA degree equips you with valuable transferable skills like communication, time management, leadership, strategic thinking, and organizational skills. Moreover, networking with industry professionals broadens your perspective and gives you a chance to learn from the best.
This degree program boosts your confidence and helps you build credibility in your industry. MBA graduates are also respected and valued more in business communities. Therefore, getting an MBA will enhance your skill-set and improve your resume.
The Bottom Line
An MBA is a popular and globally accepted management degree. Students from various industries pursue it to increase their knowledge, widen their network, and advance their careers. Many students may pursue it without proper research.
In this article, we have discussed several questions that you should ask before enrolling in an MBA. The answers to these questions will help you decide if an MBA is really worth it for you? You should carefully assess the career prospects, location, total cost, the length and duration of your MBA degree before applying. Hopefully, this article will help you make an informed decision regarding your MBA degree.