The Value Of An MBA
In the United Sates alone, in any given year, there are close to 300,000 MBA aspirants pursuing the MBA degree. Taking into account the thousands of students who take the MBA program all over the world, there surely must be something of great value that the MBA degree offers you. But is it really as worthwhile as it seems? Here’s a look at what an MBA can do for you and how valuable it actually is.
Skills Acquired Through an MBA Program
Business Knowledge: The MBA program and business schools give you valuable knowledge about business and all its related aspects. You learn about business strategies and concepts, not just on paper, but the training and internship required in an MBA course, teaches you how to use these skills in practical life and in day to day business operations.
Leadership Abilities: An MBA degree involves rigorous training, assignments, reports, presentations, and group projects; all of which give you the necessary abilities to handle real-life business situations. This helps to set you apart from those who do not have such expertise and can make you a leader in your chosen field.
Networking: The alliances that you form with your classmates and the network that you create is deemed as one of the most important and valuable things that an MBA program can give you. MBA graduates have often felt that the associations formed during the MBA course are resources that are invaluable and can be drawn upon for years after the MBA degree has been achieved.
An MBA degree provides you with innumerable career opportunities in various fields. It is especially beneficial to get jobs in high level positions such as managerial and executive level jobs. Whether you are looking to further your career in your existing job or are looking to change your job and start your career afresh, an MBA degree can be very valuable in either scenario.
The value of an MBA degree, on the whole, cannot be denied. But more importantly, anyone who has an MBA degree, or anyone who is in pursuit of one, has to determine how the degree can benefit them and should ask themselves what the value of an MBA is to THEM individually.
You can do this by assessing how an MBA can help you in your chosen field and in jobs for which you have an aptitude. If an MBA can enhance your business skills and make them better suited to your particular profession or career choice, then it can be invaluable to you.
Financial Value of an MBA
An MBA degree from one of the top business schools in America could set you back by up to $100,000. This is by no means a small amount and is indeed one of the largest investments that you are likely to make in your life. So it is necessary to evaluate the value of an MBA, strictly from a financial point of view as well. So you need to ascertain the return on investment on the amount that you are likely to incur in pursuing an MBA and see if it is financially valuable to you.
Calculate all the costs that are involved in pursuing an MBA, namely application fees, program fees, tuition costs, interest on any loans, cost of materials needed, travel costs related to training etc, test fees, and any other miscellaneous costs that you may incur. Once you have estimated the cost of your MBA, you need to assess the benefits of an MBA in terms of increased salaries, better wages, and more career opportunities to evaluate the monetary value of your MBA degree.