A master of business administration (MBA) degree allows getting specialization and expertise in the particular outlook of the business, like finance. You can get into a B-school by appearing in tests like a graduate management admission test (GMAT) or a general records examination (GRE). Many B-schools accept these test scores. Stanford and Harvard are the top universities in America that add high value to students’ profiles. There are three types of MBA:
- Full-time MBA
- Part-time MBA
- Executive MBA.
The fees for a full-time MBA cost around $64,000 at top colleges. It may also exceed $70,000 for most of the top colleges.
Top companies are always ready to hire MBA holders. The college’s reputation places an integral part in the placement. At the beginning of 2020, experts expected that 92 percent of companies would be willing to hire MBA graduates. But that fell to 77 percent due to COVID-19. But in 2021, everything is coming back to its pace as the need for MBA graduates is also emerging.
Benefits of Pursuing an MBA
Determining to pursue MBA is a big step. An individual thinks twice before such decisions. It takes lots of investments and apart from the investment it’s suitable for their career or not. Suppose you don’t want to work a nine-to-five. In that case, you can open your own consulting firm that helps other businesses with advisory services for succession planning, exit strategy, and management.
Here are some benefits of pursuing an MBA:
- It helps to develop versatile management skills: It allows you to deal with the latest management tools, learn new techniques, transverse the newest business trends. You become capable and flexible in dealing with any challenges in handling business. MBA makes you ready to adapt to the ever-changing business environment.
- It allows you access to the vast business world: At the time, you are pursuing MBA, you get the opportunity to engage with many business people, professors, and more reputed people in the industry. Engagement with these people is crucial as you know the reality and groundwork.
- If you want to open your company and learn how to start a business from ground zero, then MBA is the right option.
Drawbacks of Getting an MBA
An MBA has become a popular career to choose from. But before opting for MBA, you should consider looking at its drawbacks:
- Expensive: Studying MBA can cost you a lot of money. If you plan to do a full-time MBA, that means you will not earn a single penny during that time. Full-time MBA costs around $100,000, which is enormous and not affordable by many.
- Return is unknown: If you are pursuing an MBA from a top B-school, the return is uncertain. Although you will get advancement in your career, you won’t know whether you will attain a good placement.
- Time-consuming: If you are doing a full-time MBA, it takes two years to finish. But if you take an executive MBA, it takes one year. This means you have to wait for years to start earning.
When Is the Degree Useful?
An MBA degree is worth its investment, time, and endeavors only when an individual decides to work in the field associated with the business. They can work in the management department or can open their company. A person with an MBA will not work in other industries. They can be appointed only for a managerial or leadership position. An MBA from a reputed university also plays a significant role in establishing a promising career. If the university is not good, you will remain unnoticeable.
After completing your degree, you can go for jobs like an investment banker, financial manager, financial consultant, etc. Apart from MBA, if you are interested in finance and economics, you can consider getting a master’s in finance or going for the Chartered Financial Analyst (CFA) program. CFA is a self-study course that provides you with an extensive syllabus in three stages. Each stage is examined by tough exams. CFA’s syllabus is considered equivalent to a graduation degree. The degree holder also has several job opportunities with a leading role.
An MBA can magnify the career of an individual. It also helps in obtaining high-paying positions. But the drawback of getting an MBA degree is that it’s too expensive. It also includes that you must pursue an MBA from top universities to attain a leading position. Many online courses will help you learn about all business aspects. You can go for that incorporating it with a master of finance or CFA can be an excellent choice. This option is cost-effective and also ensures jobs. It also provides value for money invested.
