- January 2014
- Posted By JohnnyG
- 0 Comments
If you are considering getting an advanced education and are interested in pursuing an MBA program, there are some basic things you ought to know before you make your final decision. Fair enough. MBA programs are costly and they do require a lot of time investment as well. On the other hand, it is also true that an MBA program may significantly improve your job market competitiveness as well as incoming pay. Really, we are talking about balancing out the pros and cons as well as figuring out which particular program will fit your needs the best.
MBA is a very well-known acronym for Masters in Business Administration, referring to a post graduate degree in the field of business.
Although admission requirements vary from school to school and country to country (yes, you may consider enrolling for your MBA online degree with a prestigious foreign university as well), it is generally expected that all applicants should have at least a previous bachelor’s degree. However, their bachelor’s degree can be from any other field or major. Holders of other post-graduate degrees should always inquire for the possible transfer of credits, to cut both cost and time.
Getting an MBA usually takes one to two years, depending on the individual program. One year programs are far more intensive, although you should expect a full time study in both programs. Two year programs are more usual in the United States, while one year programs are common in Europe. Either way, if you plan on working full time during your MBA studies, you may need to increase the expected time it will take you to finish the degree. Online business degrees are a great way to combine full time work with part time study.
Getting a good MBA degree is expensive. The average cost from the top and most recognized institutions runs between $40.000 and $60.000 per year. That is more than the average yearly income in the United States. You may consider enrolling in a cheaper program. There are many MBA online degrees that can be acquired for less money. However, make sure you understand that in the world of Business Administration, the amount of money you paid for your degree is strongly correlated with the credibility and financial return of the degree itself.
Yet, if you have a secure job and are just trying to improve your skills and knowledge, or if you are planning on running your own business, finding a cheaper option is definitely worth the try. After all, the degree is only part of the whole story. Your skills and knowledge matter the most to any employer in the end. So, whatever venue you choose – traditional or online business degree, prestigious or not – make sure you review the programs statistics of graduate employment and satisfaction.
Do not forget the “hidden” costs of getting an MBA, such as traveling and living expenses, time off work, textbooks and a laptop. In this regard, acquiring an MBA online can significantly cut the costs as well.
By now, you may be wondering if an MBA is after all worth it. That is not an easy question to answer generally. However, there are several great advantages and opportunities presenting themselves to an MBA graduate.
First of all, the starting salary for an MBA graduate skyrockets in the comparison with lower college degrees. Furthermore, the trend is on the up-swing as well, meaning that the starting salaries are continuing to increase worldwide.
Apart from the actual knowledge and skills you will acquire, it is important to note that one of the biggest advantages of an MBA degree is the business networking with classmates and during internships. This also translates to various employment offers available to graduates immediately after the completion of the program.