Will my Management MBA pay off?
Do the post-graduation financial gains outweigh the cost of an MBA? Statistics don’t help much, in this case. First of all, it’s very hard to find out the methods and sources used in inquiries published by the institutions themselves. Secondly, there are major differences between taking an MBA at a top school or at a second-tier school, as well as differences regarding the duration and modalities of programs. Finally, and despite its dilution over time, the added value an MBA brings to your career is difficult to define; for instance, a fellow student later turned into your major client can alone justify your investment.
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So, which questions you must ask yourself when considering whether your Management MBA will pay off?
How much thought have you devoted to the selection of your B-school?
Despite their disparities and occasional errors, rankings are a good starting point for your investigation, simply because the market values top-ranked schools. Just don’t let yourself be constrained by them!
The best business schools tend to offer more courses or more teaching/learning modalities, adjusted to the lives of adult students seeking to update their knowledge. They also prefer Faculty members who are former executives, because you’ll gain as much from their market experience as you do from theory, and maintain strict entry requirements and diversity to ensure sound competition. Think about class sizes too: small classes may provide more leadership opportunities, a tighter-knit community and a more inclusive business school experience. On the other hand, larger class sizes might attract more on-campus recruiters, present more networking opportunities, and provide a larger alumni network post-graduation.
Plus, don’t underestimate the importance of your school’s location! Most MBA graduates end up staying in the same region post-graduation; Lisbon, for example, now tends to attract future entrepreneurs and is quite a cheap location regarding living expenses. The location also affects the kinds of extracurricular and networking opportunities that schools promote and who attends them (international market representatives and recruiters, for example).
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Finally, review the curricula of the courses on offer. The best business schools ensure that the balance between theory and practice, the amount of market exposure and the development of soft skills correspond to the needs of future business leaders.
What are your motivations and post-graduation goals?
Most education analysts agree that taking an MBA isn’t worth it for people who don’t hold – or don’t wish to hold – managerial positions. When it comes to hiring and promotions, trends fluctuate and you’ll always find those who believe that someone who’s risen in life with an MBA would’ve done it anyway. Think about your aspirations and talk to hiring managers, executives and investors you’d like to work for (or with) and ask for their opinion and advice.
Is making more money your sole reason to take an MBA?
This is (as we’ve written before in this blog) the easiest question to answer: don’t take an MBA just to make more money. Nowadays, no single stamp on your CV automatically corresponds to a higher salary or to a more prestigious position.
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In the end, taking an MBA will help you make more money and will pay off if – and only if – you choose a recognized program at a renowned institution that doesn’t saddle you with an impossible debt and if you make the most of every single opportunity to learn, develop your soft skills, network, and plan your post-graduation life.
Don’t hesitate to contact us if you have any questions and feel free to download our free ebook below!
