If you’re considering an MBA online, you might be wondering if it’s worth the investment. There are several different types of MBAs, so it’s important to consider what you want out of your education. We took the time to break down the value of an MBA and how you can calculate how much it’s worth to you.
Why Study an MBA Online?
There are several reasons why someone might study an MBA online. First, it’s a great option for those who want to study in an immersive learning environment. Second, it’s a fantastic option for someone who wants to manage their responsibilities while also having the flexibility to study when and where they want. Third, it’s a great option if you don’t have the funds to study at a traditional university. Fourth, it’s a great option if you want to gain professional recognition for your work. Finally, it’s a great option if you want to have a global perspective on business.
How Is an MBA Affecting Your Future Job?
If you’re wondering how an MBA is affecting your future job, you’re in the right place. We took the time to break down what types of jobs you can expect to land once you finish your studies. Let’s take a look.
Graduate
If you decide to pursue an MBA after your bachelor’s degree, you’ll be entering what’s known as the “Graduate” job market. According to the Graduate Management Admission Council, by 2020, there will be a critical shortage of around 400,000 management and business related jobs worldwide. That’s a huge demand for new graduates! If you’re looking to break into the field, an MBA could be a great option. You could opt to go for a full-time or part-time program, which will determine your salary expectations. If you’re looking for flexibility, you might want to consider an online MBA. Some of the top-rated business schools’ online programs are highlighted below.
Doctorate
If you decide to study for a doctorate after your MBA, you’ll be entering the “Doctorate” job market. Like with the MBA, if you’re looking for flexibility, you might want to consider an online PhD. You can do this as a full-time or part-time study, which will determine your expectations for salary. Just remember that a doctorate will add another decade or more to your intellectual capital. However, it’s an investment that will definitely pay off.
Certificate
If you decide to study for a certificate after your MBA, you’ll be entering the “Certificate” job market. Like with the doctorate, if you’re looking for flexibility, you might want to consider an online certificate program. These types of programs are great for people who want to gain some professional recognition but don’t have the time to study for a doctorate. For instance, the International Diploma in Business (IDB) is a popular certificate program with some great reviews. It’s designed to give you a professional edge in the workplace and is endorsed by the Chartered Institute for Management Education (CMIE).
Master of Business Administration (MBA)
An MBA is the most popular type of graduate study following a bachelor’s degree. To qualify for an MBA, you usually need to have a bachelor’s degree in any field. However, you don’t need to have a specific business concentration to study for an MBA. The standard two-year program will give you an opportunity to gain professional experience and put yourself ahead of the competition. If you want to continue your education, you might consider an online MBA. Several reputable business schools offer an excellent selection of MBA programs online. Choosing an MBA will greatly expand your opportunities for employment. It will also help you to succeed in the international workforce. If you’re looking for flexibility, an MBA is an excellent option as it is a portable degree.
What Is the Investment In An MBA?
In simple terms, the investment in an MBA is the cost of your education minus the salary you’ll earn as a graduate. It can be difficult to estimate precisely what you’ll need to invest in an MBA, but you can get a general idea by looking at the various components that go into the cost of a standard two-year MBA program. These include the following:
- Tuition and related fees (in U.S. dollars)
- Room and board
- Books and supplies
- Travel (for seminars and conferences)
- Pro-bono work (optional work experience)
- MBA application fees
- MBA graduation fees
By no means is this an exhaustive list, but these are the main components. The total cost of a two-year standard MBA program amounts to around $150,000, which includes everything listed above.
For comparison, the cost of a four-year bachelor’s degree in almost any subject (not just business) ranges from $250,000-$450,000. At the same time, the average starting salary for fresh graduates is around $60,000. If you’re looking for flexibility, an MBA is a wise investment. However, as previously stated, it’s important to consider what you’ll use your degree for. If you want to go for an MBA and you’re uncertain about the value of a standard two-year program, it’s worth bearing in mind that while an MBA will increase your employability and earnings potential, it won’t make you instantly successful. You’ll have to adapt to the workplace and prove yourself in the role before you can expect to significantly impact your earnings.