An MBA is the most expensive type of postgraduate education you can enrol in, leading many to wonder if it’s really worth it. On top of being expensive, it’s often time-consuming too, with most students needing to take time off from their jobs to pursue their MBA. While it does promise to give you better job prospects after graduating, is it a worthwhile investment?
In this article, you can learn more about what an MBA is, different MBA options and whether it really offers good value for money. Whether you’ve recently graduated or you’re simply looking for a way to boost your career prospects, everything is laid out for you.
What is an MBA
An MBA is short for Master of Business Administration. It was first introduced by Harvard University Graduate School of Administration in 1908. While the school has since been renamed Harvard Business School, it continues to offer MBAs to students from across the world. In fact, many business schools offer MBAs and they’re primarily taken by business graduates who have had at least a year of professional experience.
The exact curriculum of an MBA will differ depending on the school offering it, but most contain modules on advanced business administration, finance, management and other topics relating to business. They’re a supplement to previous education in the world of business and tend to be academically challenging to complete. As a result, they’re highly valued by businesses and employers all over the world. A large proportion of high-level executives have MBAs.
Because they can be challenging, many students will opt to take an MBA essentials online course beforehand, gaining the necessary knowledge and skills to help them succeed. Students from various professional backgrounds enrol in MBA courses each year, and there are many different reasons to choose this course.
Different MBA Options
One important thing to note before deciding whether to enrol in an MBA or not is that there are many different options available. Depending on your interests and your previous professional experience, you may want to specialise in a certain area of business. Specialising in an area of business is possible through different MBAs, all of which focus on different areas.
You’ll have to choose your specialisation carefully as it will narrow your career prospects. However, it will also make your CV more attractive to certain employers. For example, having an MBA in marketing can lead to better opportunities in marketing companies. Aside from specialisations, you can also find part-time, executive and online MBAs, all of which offer different learning types.
The cost of an MBA will vary depending on which school you choose and the type of MBA you opt for. Online MBAs are typically a cheaper option, while full-time courses at prestigious schools will be more expensive. Costs can range from £10,00 to £50,000+. As a result, it’s important to consider whether it would be a worthwhile investment before enrolling.
Aside from the monetary cost, you have to consider the time it takes to complete the course. If you’re studying full-time, you may not be able to work, which creates an opportunity cost. Even part-time courses can take up a lot of valuable time in your day, so you should ensure you plan and organise your time well.
The main benefits of an MBA are the increased career prospects and better salaries available to graduates. Those with an MBA earn an average of twice as much as those with a regular degree. Seven out of ten recent full-time MBA graduates indicated they would not have been able to get their current employment without their graduate degrees. According to a poll conducted by the Graduate Management Admission Council (GMAC), a global consortium of business schools, 82% claimed it boosted their earning ability.