Updated on Apr 30, 2021
Pursuing a Masters in Business Administration (MBA) can boost your skills & knowledge, enhance career opportunities, helps in receiving a higher salary and can get you a promotion. It is also necessary for certain leadership positions.
On the same time MBA from top institutes can cost about $100,000- A huge expense for young graduates. Also, a full time Management course requires you to leave your job and dedicate your full time to the week day classes and studying, which is a lot of time out of work for early professionals.
Thus, a lot of people wonder if MBA is really worth all the efforts, time and money spent on it?
Before asking this crucial question lets have an overview of the degree.
What is an MBA?
Masters in Business Administration involves a wide array of business related topics such as Statistics, Accounting, Communications, Economics, and Entrepreneurship Management.
Management program prepares students for managerial positions and leadership roles in corporate world or as founders of startups.
There are two ways, one can do an MBA. By pursuing a full-time or a part-time course.
A Full-time MBA requires people to be on campus for accelerated one year (majority of the European Business Schools offer this) or traditional two years (majority of the US Business Schools offer this). One might find it difficult to work during this time. Therefore, it is famous among young students who can afford to stay away from the job market for the course duration.
Part-time MBA :
On the other hand, in a Part-time MBA, classes are conducted after working hours or on weekends. It is for those who wish to enhance their career by acquiring managerial skills while still being employed.It is also known as Evening or Weekend MBA program. This extends the duration of the course over 3 or more years.
Executive MBA : Another type of part time MBA is the Executive MBA. Executive MBA is designed for the experienced and working executives, managers, entrepreneurs, and other business leaders. Therefore, has a rigorous business curriculum. Many Executive MBA students have some or all of their tuition covered by their current employers. Only the students with high level of managerial experience (five years minimum; ten years total work experience on average) are eligible to apply for this course.
It has a flexible class schedule and allows students to look at business from different angles and learn from the other people in class as well as the professors.
The best MBA schools usually demand the highest GMAT score. Also, along with Academics, B-Schools also give much importance to work experience.
Is MBA Worth it?
An MBA is always worth the effort, irrespective of the academic background and industry you come from. However, not all the MBA are valued equal. The number of MBA colleges is increasing day-by-day and the number of people doing or have done an MBA have increased. Thus, recruiters prefer hiring people from the top business schools. Also, along with MBA degrees the person should be an out-of-the-box thinker in order to get successful. Working people wanting to give their career a boost can benefit from doing an MBA.
The GMAC issues regular research reports about business school graduates rating their experiences during and after MBA. The results are encouraging and show that 95% of people rated positively.
MBA is of course beneficial but that does not mean that it is the only way for skyrocketing your career. For those who decide that MBA is not for them, don’t worry. You can always choose to go for the course of your interest. One can pursue MS in finance, business management. Other management courses can be pursued for people looking for a career in fields like Economics, Statistics, Maths and Accounting.
Pursuing an MBA can elevate one’s career path and also help him get a higher salary. The only offset of doing the course is that, the expenses that one has to bear. Despite of the cost, a great majority of alumni say that MBA has been useful for them and thus is worth it. But if someone cannot afford the cost or does not have the time to juggle work and study, can always do Masters in other Management related fields.
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