Is an MBA a Good Investment for You?

by Sarah Clark sarah.clark@careertrainingdirectory.com Career Training Directory Columnist

Having trouble deciding whether an MBA is worth the cost? Here are a few tips on how to determine if business school is a good investment for you.

MBA degrees aren’t cheap, but they still make sense for a lot of people despite their hefty cost, which can easily reach $100,000 or more depending on which school you attend. That’s a sum large enough to make anyone think twice before enrolling in a two-year program. But how do you know if it’s a good investment?

First, Measure the Payoff

Look at what you are making now compared with what you’d expect to make after business school. Is there a significant difference? You can find salary information for a variety of business-related jobs at Salary.com, the Bureau of Labor Statistics, and Forbes magazine, the latter of which occasionally features articles on the value of an MBA.

Will an MBA Arm You with Relevant Skills?

The next area to consider is what new skills you are going to pick up during business school. If you are weak in finance and accounting, and you want to become a financial manager, it might make sense for you to get an MBA. On the other hand, if you have an undergraduate degree in finance, and have been able to work your way up to a financial management position, then a master’s degree may not benefit you quite as much.

MBA Tuition Assistance Programs

Also, find out if your employer would be willing to help you pay for your graduate business education. Many employers have tuition assistance programs that can considerably offset the cost of business school. Of course, in exchange for the help, you’ll probably need to make a minimum time commitment to your current job.

Motherhood and Business School

Women considering an MBA also have some unique questions to answer. Getting a business degree often means taking on huge debt so that you can pursue a demanding, high paying career. Do you plan to stay in the workforce long enough to make the investment worthwhile? Many women do it; just make sure you realize the commitment you are making.

Sources

Salary.com
Bureau of Labor Statistics
Forbes

About the Author

Sarah Clark is a freelance writer who specializes in career development.