Studying for an MBA (Master of Business Administration) is widely regarded as a fast-track to business success. Commanding higher salaries and readying graduates for a leadership position a MBA can seem like an attractive option if you are looking to succeed in the business world.
However, given the investment of time, money and effort required to study for an MBA you might be wondering whether this is the best option for you. Before you start applying to the best business schools out there, read on to learn more about the pros and cons of this prestigious degree.
Pros of Studying for an MBA
Career opportunities:Â One of the main advantages of having an MBA is the career opportunities it can offer. Compared to other employees, those that hold an MBA are more likely to reach a top management position within a Fortune 500 company.
The option to study an MBA in an extensive range of business areas also opens many doors for graduates. Many business school students graduate with specialisms in Consulting, Strategy, International Management or Finance Leadership giving them greater access to managerial opportunities in different sectors of the business world.
Given the global recognition of competency and expertise that comes with an MBA, graduates can also explore a greater number of roles across the world, thereby advancing their careers.
Start your own business: If you think an MBA is only for those who wish to climb the corporate ladder then think again. Many aspiring entrepreneurs pursue an MBA to learn more about, or to enhance their business knowledge. With an emphasis on case studies and real-world scenarios based on other businesses, an MBA program can teach you the skills needed to successfully set up on your own.
Personal Development: An MBA equips students with many skills that are invaluable for personal growth. Whether it’s communication and networking, thinking outside the box or leadership and management training, an MBA will push you out of your comfort zone helping you to develop skills you never knew you had.
Cons of Studying for an MBA
Expensive: With the average cost of an MBA program ranging between $55,727 to $161,810 this program can be prohibitive for many. In addition to the course itself, costs such as housing, textbooks and other educational resources may make it a difficult choice especially if you are studying full-time and cannot work at the same time. You may well decide your time and money would be better invested in gaining real-world work experience instead.
Not Necessary: Although it comes with its benefits, an MBA is not necessarily a prerequisite to success as many successful business people do not hold this degree. Countless people in leadership positions have worked their way to the top or successfully started their own business without an MBA.
Time Commitment: An MBA program can take between one and two years of full-time study. This will require a considerable time commitment and a high level of commitment. Changes to your home life may also occur if you are considering financial support from a partner.
With an awareness of the pros and cons of studying for an MBA, you can make a well-informed decision whether this is the right route for you.
