Obtaining a Master’s Degree in Business Administration (MBA) can help professionals increase their professional opportunities, receive higher salary and professional advancement. The MBA can provide the skills and knowledge necessary to start a new business, and many employers require an MBA for some managerial or managerial positions. Which MBA programs are worth it?
MBA courses cover a wide spectrum of business-related issues, including accounting, statistics, economics, communication, management and entrepreneurship. MBA programs not only prepare students to work in financial institutions, such as banks, but also prepare them for managerial positions in other fields or as the founders of startup companies.
There are two ways to get an MBA: full-time or part-time program. Although both programs will result in an MBA, trade-offs should be considered. It will be difficult for a full-time student to work for two or three years at school. These programs are most popular with younger students who have recently earned a bachelor’s degree and can afford full-time study on campus.
The first part of deciding if an MBA is worth it to you is the cost. For a two-year full daily MBA, the costs are:
- Two years of study at the best business school: around $ 150,000
- Two years of living costs (depending on location): around USD 50,000
In addition, it is important to set a budget for any number of items. Business schools do not want to talk about it, but no one wants to be the student who does not go on international trips or does not participate in social events such as skiing holidays. There are a huge number of small expenses that add up quickly.
In addition, you’ll be giving up your salary for the better part of two years. Your time is worth a lot! Depending on pre-MBA compensation, two years of lost salary and bonuses can range from USD 150,000 to 500,000 + for a highly compensated private equity investor in a large fund.
Work and career opportunities
A survey of graduates from the Admission Management Board of graduates indicates that 89% of business school graduates are employed – 79% in companies and 10% on their own. The study also showed that “almost two-thirds of graduates work for international companies, one-third work for companies employing over 25,000 employees, 29% work for listed companies, 19% work for companies from the Global Fortune 500 list, 17% work for Global Fortune 100 companies, and 8% work in start-ups. “
Over three-quarters of graduates are very happy or satisfied with their career development. After gaining experience, many who graduated at least 15 years ago are now in C-Suite or other management positions.
The GMAC study also shows that generally MBAs usually operate in products and services, technologies as well as finance and accounting. Recent graduates have found work in technology companies, products and services, and previous have found their place in the accounting and consulting industry. Graduates work in positions such as general management, finance and accounting as well as marketing and sales.
Important disclaimer before submitting the application
Although the benefits of an MBA are numerous, it is important to understand a few basic things about what a business school can and cannot do for you. MBA is not a magic pill.
For example, it is unlikely to get a role in VC without previous experience because this work is so attractive that it attracts thousands of candidates. After all, VC can spend all day talking to exciting entrepreneurs and often becomes rich in the process without putting in its own capital. But these jobs are so sought after that even in the best MBA business schools are unlikely to provide you with a career without relevant investment experience.