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Is an MBA Program the Right Choice For Me?
Is an MBA Worth It? Is an MBA Right for Me?
For anyone thinking of earning their MBA, the first and foremost question is always: Should I do it? Is earning my MBA really worth it?
Even before Google, Yahoo and Bing could bring back dozens upon dozens of search results on the topic, there was a lot of buzz around getting an MBA and the “should I or shouldn’t I?” question.
Especially now, when people hear that you’re even thinking about going back to school to go after your MBA, you’ll hear a plethora of strong reactions like these:
- “My greatest rewards came from getting my MBA.”
- “My MBA had a really good impact on my salary.”
- “Trust me, you’ll want to quit!”
Regardless of where you are on the MBA-readiness scale, don’t let anyone sway you before you’ve gotten the facts. If you’re one of the elite who is seriously considering taking on this professional challenge, or you’re in a field that demands you pursue it, we’re here to help with some sound advice.
Keep reading to learn about five crucial things you should consider as you decide if an MBA is the right degree for you, and if it will be worth it personally and/or professionally.
Is earning your Masters of Business Administration what you want – what you really, really want?
Think carefully on this one. Because, let’s face it, earning an MBA is not for wimps, wipe outs or the faint of heart. It takes real work on top of job, on top of family, on top of life, on top of hobbies, on top of fitness, on top of obligations.
A full two years (or as little as 14 months when you enroll in the MBA program at Franklin University) is a lot of time to invest.
Your payoff should be great, so your desire should be even greater. As such, be sure to do a fair amount of soul searching, asking yourself why you want to earn an MBA.
Credentials? Good reason.
Broadening your education? Also good.
Developing leadership competencies? Absolutely!
Moving into a new job? Career progression? Competitive edge in a tough marketplace? Yes, yes and yes again.
Fame and fortune? Possibly, but not very likely.
And pursuing your MBA because somebody other than you wants it? Also not a very good idea.
Are you willing to work, have a family and go to school at the same time?
Going back to school, and especially pursuing a graduate degree like an MBA, takes energy and effort. Time management, family support, extended hours. They all come into play – big time. While Franklin’s online MBA program gives you maximum flexibility in scheduling, not all programs do. Keep in mind that you’ll have to re-prioritize a few things, at least temporarily, while you pursue your degree. But when you enroll in the right MBA program for the right reasons, it really is possible to have a life while earning your MBA.
What matters most when choosing a master’s program? Compare features, benefits and cost to find the right school for you.
Whichever graduate program you choose, make sure you set realistic expectations about what sacrifices and rewards it will take while when getting your master of business administration.
Upon graduation, will your MBA set you up for career progression?
As personally rewarding as completing your MBA will be, the biggest reason to pursue it is for the professional payoff. With an MBA, most graduates expect to reap professional rewards, including job titles like these:
- Financial Analyst
- Marketing Manager
- General Manager
- Cost Accounting Analyst
- Production Manager
- Brand Manager
- Project Manager
- Sales Manager
A top-ranked, accredited MBA program that is tailored for working professionals can help prepare you to move up within your chosen field by teaching you how to deliver on the most in-demand skills, including problem solving, critical thinking and strategic innovation.
Will earning your MBA do more than simply adding three letters behind your name?
It better! Investing 14 months in an accelerated online program (longer for more traditional programs) is asking a lot, so the payoff better be good.
Besides growing your leadership skills and strategic planning capabilities, an MBA can position you up for career progression and salary success.
In fact, the average MBA grad (5 years post-graduation) earns 80 percent more. Couple that with a 15 percent increase in job opportunities projected to the year 2022, and it’s easy to see there’s a pretty big potential for a hefty return on investment (ROI).
Of course, money isn’t everything.
Earning your MBA also can help you become a more well-rounded leader. For example, at Franklin, our MBA program includes nine integrated courses across all the key functional areas, including marketing, finance and HR.
Our program, and perhaps even others like it, can help you leverage your present skills and knowledge in the business environment while at the same time help you broaden – not narrow – your experience.
The result? You’ll be able to see the big picture and build upon that in your chosen career field.
The biggest question: Is an MBA really worth it?
There are plenty of online articles and so-called “expert” opinions about whether an MBA is worth it. But the truth is, nobody can tell you if it’s worth it for you, except you.
Yes, definitely, the MBA credential is very valuable for entrepreneurs, leaders and visionaries. And most people would agree that whether you’re starting from scratch, figuring out how to find a job or maximizing your years of work experience, education is almost always a worthwhile investment.
A recent Forbes study ranked MBA grad satisfaction at a super-high 94 percent. Even more interesting? That satisfaction rate increased even more the longer the graduate was out of his or her MBA program.
So, what’s the answer to the question, “Is an MBA worth it?” Only you can decide, but for many, the answer is a definite yes, yes it is.
Ready to increase your competitive edge with an MBA?