Is an MBA Really Worth the Cost?

When you’re investing in your education, it’s easy to gravitate towards an MBA. Many people have earned their Master’s of Business Administration and feel like it was a great investment. They have found the benefits of an MBA to include benefits, such as:

  • Opening more doors at their current company
  • Allowing them to apply for positions at companies that are strictly for MBA graduates only
  • Met interesting people in the program and expanded their network
  • Pushed themselves to accomplish something hard
  • Earned more money because of a higher position obtained with the MBA.

I have also known many people who earned their MBA but didn’t get much out of their investment. Some complaints have included:

  • Getting laid off despite the years of experience with the MBA
  • Having too much education on their resume when applying for new positions
  • Spending a lot of time away from family in order to study
  • Spending over $40,000 on the degree, but never getting another job that increased their salary after earning the MBA
Is the MBA really worth it?

Is the MBA really worth it?

So, my question is: Is the MBA worth it? There’s a lot of time invested, money invested and all without a guarantee of getting something in return?

Here are some questions for you to consider if you’re thinking of earning your MBA:

  • Are you willing to invest the time? Think of the impact to your family and current job.
  • Is your company going to help you pay for it? If not, are you willing to invest the full amount yourself?
  • If you don’t get another “higher level” job after graduating, are you going to be okay with your job title?
  • Are you a good student?
  • Will earning a degree online be better for your learning style versus an in-person class experience?
  • Often there is an overseas learning experience that will require you to take two weeks off work, do you have the support of your company?

Going through those questions may spur you to realize that getting an MBA isn’t the best answer. Maybe it is the best answer. Either way, it’s up to you to decide what you want for your career.

My general thought is that higher education is worth it… but ONLY if you don’t expect to get another job and higher salary after getting the degree. Rather, I think it’s important to just simply invest in yourself. Get the degree for you, not for your boss, not for the next big gig.

In fact, the other day I was training a group of up and coming leaders at a marketing firm and we talked about education and the role that it plays in career development. I shared with them that my uncle has chided me a few times about not having my MBA. I don’t really want an MBA because I talk about and train on business every day. Instead, I read books and take short classes and read lots of great articles about business, leadership, communication, accounting and money management best practices, etc. So, why do I need to get an MBA?

And what degree would I get? I told that training class that if I’m going to get an advanced degree, I’ll go for Cultural Anthropology with an emphasis in food development over the centuries. I’m fascinated with how food has evolved over time, cultures, political regimes, etc. I’d get the degree for myself, not for anyone else. Hey! I gotta do what I preach, right?!

My final thought about Master of Business Administration degrees: Go for the MBA, if it makes sense. If not, don’t invest the time and money to earn the MBA. Or, maybe go for something else?

What advanced degree would you like to earn?

 

 

 

So What do YOU Think?