The Great MBA Debate – To Do or Not To Do?
There was a time where embarking on a MBA was a “No Brainer” for professionals. It was the golden ticket to accelerated career and success. Today, however, the cost of embarking on a MBA is prohibitive, and the abundance of MBA holders in the market led to a supply glut and the question on most prospective MBA candidates’ minds are “Is it really worth it?”
Is it worth it?
It can’t be disputed that an MBA does provide the security of an assured income bracket that is generally higher than those without, but whether this is worthwhile for you depends on a number of other factors as well. How is your career progressing without the qualification? Can you afford to take time off your work? Do you have the necessary work experience? For corporate executives whom lack working knowledge of finance and management, for those seeking a career change and for those expanding their network or setting up their own business, an MBA could be the perfect stepping stone. Alternatively, you’re already moving up the ladder with a good number of years of experience under your belt, and you have an impressive content, then the return on investment for your MBA might not have met your desired outcome.
Not All MBA are created equal
As with all things in life, not all MBAs are equal. There are the Ivy leagues that the MBA programs have created for future CEOs and the special few. A University of Chicago’s MBA program will cost over $150,000 (not including accommodations and other living costs), but according to Bloomberg’s most recent survey, graduates make an average of $102,000 per year when they get out. At Harvard, tuition and fees come to about $112,000, and graduates ended up making $110,000 on average, while the MBA programs offered by the less well-known US universities in Texas and Pennsylvania costs just $41,120 and graduates earn an average of $88,550 per annum upon graduation. Talk about Return on Investment.
Each school has its own branding and its own reputation. However, an MBA is basically a document that certifies that you have a general competency in all the major functional management roles you’ll find in a modern corporation. Hard skills that will be taught include things like accounting, economics and marketing operations training, while soft skills you’ll pick up are leadership capabilities, communication and teamwork. What everyone seems to agree on, however, are the valuable contacts and extensive business network that you’ll leave with are worth a lot more than what you’ll learn in the classroom. Everyone you’ll meet — fellow students, alumni, faculty staff, and visiting speakers — will prove invaluable when it comes to seeking out a high-profile internship and, eventually, a job at the top of the food chain.
Even in these stringent times, the MBA is again proving its worth as a qualification. The management degree not only opens up international barriers, but also allows for career progression or career change. However, as average salary figures included in the recent QS Global 200 Business Schools Report shows, MBA programs retain a very high level of return on investment.The fact is, without an MBA, you will be trailing behind your peers. Choose your MBA wisely, and you’ll be making the best investment of your life. For example, a low-cost school fees with a high rate of return could have you looking at a 30-year Return on Investment of more than $1.8 million.
The BEST Return On Investment?
For the best ROI on a MBA, however, the hard numbers shows that taking a part-time MBA is the top preference. Whilst US MBA often comes up Top in ranking and preference, other smart investment includes Asian Business Schools such as HKU, Singapore Management University and National University of Singapore.Although we did not take non-economic psychic costs while earning a MBA, there is no doubt that earning your MBA is certainly an investment in your future. More employers are requesting for that extra academic degree for new hires as they recognize the beneﬁt from the increased knowledge and resources provided by the MBA grads. Economic times are rocky, so employers tend to seek for people who can help them survive the downturns and who can help steer them into excellence. The MBA program is a tool to help you steer your future to excellence.
Now is the Time to Earn an Internationally recognized MBA from the World’s Largest Public University, The California State University (USA).
Join our next information session to learn how the California State University part-time MBA program can beneﬁt your professional and career development. Intake for 2014 cohort has commenced with a start date in September 2014. Scholarships are also available.