Deciding whether or not to pursue an MBA is no easy decision. Earning the degree can be expensive, time-consuming and stressful; however, it could also have a hugely beneficial impact on your career in the form of more lucrative, challenging job opportunities, an expanded network, and enhanced innovation and leadership abilities.
However, as experts in the field of executive recruitment in Woodland, CA, Pacific ExecSearch knows that the value of an MBA depends on the situation and the person. Before you make a move, consider the following:
The Pros of Getting an MBA
- You can earn more. If you’re under 40, then an MBA has the ability to impact your career and salary prospects over a longer time period. In fact, the Graduate Management Admission Council (GMAC) reported in their 2013 Alumni Perspectives Survey that the median annual salary for MBA degree-holders was $100,000. The MBA alumni also reported that they recouped an average of one-third of their financial investment in their MBA degree program immediately after graduation, and with a 100% return after four years. However, if you’re over 40, the cost and potential return must be carefully weighed up, especially if you choose to study full-time.
- You can obtain a better job or make a career switch. If you want to secure a more senior role, earning an MBA is a good way to gain a distinct advantage over other candidates. In addition, one of the benefits of an MBA is that it allows you the flexibility to explore your options and provides you with the training you need to change careers. So if you want to shift to a completely new role or industry, an MBA can help you learn the skills you need to make the transition.
- You can expand your network. Networking is another important benefit of earning an MBA. Most programs encourage teamwork and, as a result, you’ll forge relationships that can serve you throughout the course of your career. You can also tap into the power of the alumni network to find out about job opportunities.
The Cons of Getting an MBA
- Obtaining an MBA involves a considerable financial commitment. In fact, the average total tuition for a top-20 business school in the 2011-2012 academic year was $102,355, according to data gathered by Bloomberg Businessweek.
- Studying for an MBA takes a maximum of two years full time and a minimum of one year, depending on the program. If you are earning your MBA on a part-time basis, then it will take even longer. You need to consider the impact of this on both your lifestyle and budget.
- Programs are not created equal. A program’s pedigree and regional brand matter. An MBA from a premier program can have a very robust return on investment, while a degree from a lower ranked program will have a substantially lower starting salary and lifetime earning potential.
In general, earning an MBA must be viewed as a long-term investment. However, it’s critical to weigh your individual financial and professional situation when making this decision.
Are you an executive in search of a new opportunity? Call Pacific ExecSearch. Our recruitment experts have been helping people achieve professional success for more than 25 years. As experts in the field of executive recruitment in Woodland, California, we can help you uncover opportunities no one else knows about and guide you toward achieving your career goals. Contact us today to learn more.