The decision as to whether or not you should get an MBA is not as straightforward as it might seem. It may not be a simple yes or no answer. Instead, the answer might be “yes, but not yet” or “no, but you should get a master’s in another business-related subject.” On the other hand, depending on your circumstances, the answer might also be an unqualified yes. For some, an MBA can be one of their most important career moves while for others, it can be a waste of time and money. How can you decide which it will be for you? The points below can help.
What Experience Do You Have?
First, do you have a bachelor’s degree? If not, you need to get one. Are you fresh out of college with an undergraduate degree in business? Then you should not go straight into an MBA program. This doesn’t mean that you should never go into such a program, but they usually require you to have a few years of work experience before admitting you. Even if they do not have this requirement, you will get more out of the program if you have been in the workforce for a while.
Can You Afford It?
The advice for students going on to graduate school in the science or humanities is generally to look for a program that offers funding, but when it comes to professional programs, such as MBAs or other graduate degrees in business or management, the assumption is usually that you will find funding yourself. There are a few ways to do this. Some employers might contribute toward costs. You could also take out student loans. In addition, you could look into scholarships for college online. There may be a number that you are eligible for that you are unaware of.
What is Your Ambition?
Before you apply for an MBA program, ask yourself what you want to do in your career and whether this degree is a requirement. Sometimes, the answer will be no but you want the expertise that the program will give you anyway. This is a valid reason to proceed as long as you understand the potential limitations and that you might not get a higher salary or a better chance at a promotion.
On the other hand, there are certain fields in which it will be impossible to progress past a certain point without an MBA, so in those cases, you will need to get one. There may be professions in which a different type of degree or certification is more useful, such as a master’s degree in management or a chartered financial analyst designation. It may be helpful to know that most people are generally happy with their MBA program and that one of the most valuable elements of the degree for many people is the connections they make with others.
Full or Part-Time Program
If you do decide to go ahead with an MBA, one thing you should consider is whether you will do it full time or part time. This may be a matter of what you can afford and your personal situation. Some companies will send employees to do a part-time executive program. You might also choose part-time if you need to continue working. This might involve taking classes online or at night. On the other hand, if you can afford to go full time, you will really have the opportunity to immerse yourself in the coursework and in getting to know your classmates and professor. However, you may need to have a lot more financial funding lined up in order to do this.