Thinking About Getting An MBA – Consider These Important Factors
An MBA isn’t always necessary for success in business. There are many very successful examples of people who dropped out of business school or didn’t bother to start. Bill Gates, Jeff Bezos and Sir Richard Branson are all notable examples of the entrepreneurial approach to success in business. If hard driving deal making or prophetic insight into commercial applications of new technology is your strong suit then the MBA path may not be for you.
Financial Return of MBA
Statistics show that MBAs get more. Total career earnings for MBAs total $3.2 million while the average graduate with a bachelor’s degree will see $2.7 million. The cost of a top MBA program may be north of $50,000 a year but you can consider it an investment in your future earning potential. MBAs with 20 or more years of experience have an average annual income of $108,000 compared to their MA counterparts who earn $75,000 on average.
It’s about who you know. Getting an MBA is as much about establishing contacts among your classmates and professors as it is about the content of your education. Going to a top school also puts you in touch with recruiters looking to hire people with your skills. Seeking out a program that is going to get you maximum face time with important contacts in your field or industry will help you get the most out of your MBA. Almost half of all full time MBA students cite networking opportunities as the number one benefit of pursuing an MBA, more than any other single motivating factor.
Program Option Types
If you are already in the field consider an executive MBA program. If you feel like not having an MBA is limiting your career or leaving some doors closed to you then an executive MBA program may be for you. Dropping out of the corporate world for 2 or 3 years to pursue an MBA full time might set you back more than it helps you but EMBA programs are a good alternative. EMBAs tailor their schedule around working professionals, offering classes in the evening and often locating their campuses close to major business districts to allow easy access to working students.
EMBA programs have the added benefit of putting you in touch with instructors that are often actively involved in business. Your instructors and lecturers can become valuable business contacts. EMBA students report they receive raises, more responsibility and 97% of graduates from these types of programs report that the benefits for their career met or exceeded their expectations. EMBA students said remaining competitive and marketable, management skills and improving their confidence were key motivating factors in pursuing their degree.
Whether you choose to go the entrepreneurial route or join the ranks of MBAs you will have good company. It boils down to a personal decision that only you know, is the right one for you.