An MBA (Masters of Business Administration) degree has long been considered by many to be the passport to a successful career. Offering graduates greater job opportunities, enhanced marketability, and higher earning potential, an MBA can seem like a wise investment that will accelerate your career path.
However, an MBA is not the only route to a high-paying position in the business world and there may be other options that are better suited to your needs. To help you with your decision, this article will outline some of the pros and cons of attending business school.
Advantages of Attending Business School
Some of the advantages of pursuing an MBA are:
Developing an international perspective: An MBA can give you a global perspective when it comes to understanding the challenges that today’s organizations face. Learning to negotiate on an international level with an awareness of different cultures, as well as on trade-related matters, can equip you with the necessary knowledge to stay on top of changes in the global marketplace.
Gaining essential leadership skills: Whether you are considering venturing out on your own as an entrepreneur or managing a team, an MBA can hone your leadership ability through an extensive range of skills such as problem-solving, decision making, communication and commercial awareness.
Enhancing your employability: MBA specializations cover an extensive range of business areas which include International Management, Entrepreneurship, Finance, Change Management and Marketing. MBA graduates can, therefore, gain expertise and managerial competency across a diverse range of industries, boosting their career prospects.
Providing solutions to business problems: MBA students are taught to identify, analyze and find solutions for business problems. By approaching situations from a unique perspective, an MBA encourages creative thinking helping you to develop innovative and strategic solutions to problems.
Disadvantages of Attending Business School
Some of the disadvantages of attending business school are:
Higher cost: With the average cost of an MBA ranging between $55,727 to $161,810, you could be wondering whether it is worth paying good money to get into one of the best online MBA programs. In addition to tuition fees, there are ancillary costs such as housing, food, as well as books and supplies. You may decide this time and money would be put to better through actual work experience rather than study.
Value depends on your outlook: For some people, hands-on experience in the real world is more valuable than studying the intricacies of business management. This is especially so for entrepreneurs and those who do not aspire to a leadership or management role. It is important to consider whether a business school program aligns with your career goals.
You could be over-qualified: An MBA will make you eligible for a higher salary and in a difficult job market, this could work against you as employers are more likely to hire someone who has work experience and does not need on-the-job training. A qualified candidate without an MBA can be hired at a lower salary, making them the more appealing option.
Before you decide to attend business school give some thought to the pros and cons outlined in this article to help you decide whether to pursue an MBA.