A lot of people consider an MBA as one of the best ways to climb the corporate ladder. This is an opportunity to learn new skills, build your credentials, and grow your network. This may sound good in theory, but in practice, it does not work for everyone. If you are undecided if you should do it or not, keep on reading and learn from the insights we’ll be sharing.
The Good
One thing that attracts many people to an MBA course is the potential to earn more. The median salary of MBA graduates in the United States is $105,000. This is significantly higher compared to other master’s degrees in business. For most, this is already enough to lure them into studying for several more years to broaden their business acumen.
Taking an MBA also presents opportunities for growing your business network. You will meet many people, which will make the course worth the time, money, and effort. Capitalizing on your MBA network will help you meet potential investors, business partners, vendors, and employees.
More so, an MBA will help you explore more job opportunities, especially if you aren’t happy with the direction of your current career. From marketing to finance, you will have broader capabilities.
You will also become more confident and credible with an MBA. You will acquire new knowledge and skills, which will help you build a better reputation in your industry. It is easier to differentiate yourself from the flock.
The Bad
An MBA sounds too good to be true. Among others, one of the drawbacks is the costs involved. If you are not yet financially stable, making a huge financial investment for your education may seem to be too big a risk, especially if you are unsure of the rewards.
Aside from money, time is another important resource you will need when taking an MBA. It normally takes two years to complete. You will have to dedicate the majority of your time studying and completing the necessary requirements.
Also, MBA tends to have a more scientific approach in business education. The teachings may easily become obsolete, and hence, the degrees will end up being useless.
The Verdict
With the pros and cons noted above, it is now time to decide. It is full of promises, but we believe that it is not necessary. Especially after COVD-19, an MBA might not be a good investment. It requires time and money, which are luxuries that most people do not have.
However, while an MBA isn’t recommended, this does not mean that business education isn’t essential. The best thing to do is to explore the alternatives, including business school online courses. They are a lot cheaper than a traditional MBA and will take only a few weeks before you can earn a certificate. You can take them online, so you can complete it anytime and anywhere.
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