When you want to further your career, you might wonder if that means furthering your education.
For a lot of people, the natural question is whether or not they should work toward their Master of Business Administration. The coursework to get your MBA includes a wide variety of topics related to business. For example, you learn accounting, management, finance, marketing, and economics.
An MBA can bring a great return on your investment, but it’s not for everyone. The following are some things to consider as you weigh whether or not you should get your MBA.
It Can Be Expensive
The big downside to getting your MBA is that it can be expensive. However, it doesn’t have to be as expensive as it once was. If you study online, which is something that’s become increasingly mainstream because of COVID, then you can save money, and you can also keep working at the same time. That way, you can pay the costs of getting your MBA as you go, and you can work at your own pace.
Also, while an online MBA is a less expensive and more convenient option, you may have fewer networking opportunities, which is something to keep in mind.
What Are the Right Reasons to Get Your MBA?
Of course, no one can tell you what’s right for your life and your career, but some of the theoretical “right” reasons to get your MBA can include:
- You’re future-proofing your career. We learned during the pandemic that a company may have to pivot quickly and completely change its business model. This can mean lay-offs. However, if you are someone with an MBA you’ve learned not just important skills but also how to be a more strategic thinker. That strategic thinking may help you be an agile employee and face unique challenges that you wouldn’t otherwise be able to.
- Maybe you’re ready to move into a different industry, in which case an MBA can be useful. An MBA is something that can be applied to nearly every industry, and it’s also helpful if your ultimate goal is to be an entrepreneur.
- The biggest reason people want their MBA is to boost their earnings. You might want to stay on the same path you’re currently on and continue working for the same company, but you may want leverage for a salary boost.
What Are the Wrong Reasons to Get Your MBA?
If you’re going into it for any of the below reasons, you might want to rethink whether or not getting an MBA is the right choice for you:
- You want a golden ticket or immediate magic pill. A lot of people think that just having their MBA is going to open up a world of opportunities and higher salaries, and that’s not the reality. You still have to work hard and take on challenges with a sense of energy and determination. An MBA without you putting work into your career is useless.
- If you want your MBA because you currently feel bored in your career, it’s a better idea to look at your career itself. What is it about it that’s boring you? You may need to make a change as far as your industry or your employer, rather than getting your MBA.
- Someone else wants you to get it. Let’s say your parents are pushing you to get your MBA, but at the end of the day, if they’re the ones who want it, is it really going to have any sort of benefit in your life? Probably not.
The Value of an MBA
There is long-term value in getting your MBA if you’re doing it for the right reasons.
Along with potentially earning a higher salary, one of the big reasons is that it may put you on the path to getting leadership roles. Of course, this isn’t necessarily going to happen right away, but it does put you in a better position than someone who doesn’t have their MBA if all other factors are equal.
You’re also reducing your overall career risk, and again, as we’ve seen with coronavirus, that’s an important objective in and of itself.
Finally, you may end up learning what your true career path should be by getting your MBA. You may have one idea, but through your education, you discover you’re better suited and more passionate about something else.
An MBA is a good investment of time and money, but only if you are doing it for the reasons that are going to be most valuable in the future.