Is an MBA still worth it in 2016? ….. The short answer is, YES! But here is why…
You always here about CEOs having their MBA from a good school, but have you ever wondered if an MBA is still worth it in 2016? As you already no, college is very expensive, but graduate school costs even more. Is a MBA worth it 2016?
An MBA will teach you skills that you did not acquire in business school and many employers require that employees in management have their MBA. If you were to get a new, high paying job out of school, the cost of tuition is worth it, but will having your MBA actually demand more money?
An MBA can cost up to $100,000. This debt can take years to pay off, even if you received a nice little bump in pay after receiving your master’s. The bad thing is, is that no one really knows for certain if they will make more money after obtaining a MBA. If you are confident in your abilities and the job market is good, I’d say go for it! It always looks better on a resume than a regular bachelor’s degree in business administration.
What is an MBA?
An MBA teaches you business strategies, upper level accounting, and finance/economics. The MBA coursework sets you up for management positions in virtually every business field and might even help out if you plan on starting your own company.
Most MBA students already have work experience and attend school part time. Some high-end programs require your full attention. Most MBA programs last two years and require a bachelor’s degree and a satisfactory GMAT score.
Not all MBA programs are the same. If you can easily get into a program, it probably isn’t going to hold much water in the job market. I believe someone who is obtaining their MBA at an online college is wasting their hard-earned money. It is not easy working, paying bills, and getting your MBA, but you want your effort to pay off in the future.
After Graduating from a MBA program
After receiving your MBA, you have a head up on other candidates. The Master’s will not immediately get you the big executive job, but it certainly does not hurt. Do your research before graduation. There are many companies in different sectors that have a recent MBA graduate position available. These positions are your best bet in the job market right after graduation. I have looked into the programs, and most are internships that rotate new graduates through different departments of their companies.
In conclusion, if you are unable to attend a respected MBA program, I would highly suggest you not was your money. With the easy access of student loans, it seems like everyone has a master’s degree in something. Do your research before applying for a MBA program.