Earning an MBA may sound impressive—and is—but it is important to realize that it is not the right path for everyone. Whether you should enroll in business school or not depends on a variety of factors.
Asking yourself these few questions will give you better clarity on your career goals and help you make an informed decision about whether or not an MBA is right for you.
What exactly are you hoping to get from enrolling in an MBA program?
Are looking to hone your leadership and strategic planning skills to boost your employment and promotion prospects? If so, you an MBA may be right for you.
Earning an MBA degree can be tremendous asset not only in helping you get a job, but also when it comes to career progression and higher earning potential. Your degree plus your experience will get you up the corporate ladder faster than your equally experienced colleagues who do not have an MBA.
Do the majority of professionals in your ideal career have advanced degrees?
The idea of doing an MBA to boost your career prospects may sound really good, but it may not be of much consequence in all fields. Don’t just presume that adding an MBA to your undergrad degree will put you on the fast track to success. Instead, take time to do some research on other professionals in your prospective career field. Do the majority have an MBA or any other advanced degree?
If most of them don’t, it may be a smarter move to ditch your MBA plan and get some on-the-job experience as early as possible.
How much will your MBA cost you? Can you afford it right now?
Do the math, taking into consideration all costs. Also factor in your outstanding loans and loss of potential income from not being able to take up a full-time job while doing your MBA. How will enrolling in an MBA program impact you now and in the long-term?
Will an MBA degree boost your income substantially?
This ties in with the previous question. If an MBA degree will boost your income substantially, it may be worth the short-term sacrifice. On the other hand, if earning an MBA is not going to do much for you in terms of career progression or higher earning potential, it may not be worth it.
Is the payoff worth it for you?
This is a super-important question to ask yourself. Earning an MBA takes hard work. Meanwhile, you will have to give up your free time, family time and vacation time to earn an MBA. Added to that, you will probably have to take on even more debt. Are the potential rewards worth the sacrifice? Only you can answer that crucial question.
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