Earning an MBA is one of the most rewarding investments you are likely to make. There are many quantifiable and qualitative factors you should consider when making this investment and once you have a sense of these, you’ll be better able to perform a realistic return-on-investment calculation regarding pursuing your MBA.
Also factoring in to the cost of an MBA is whatever salary or career progress you’d be putting on hold to go away to business school for two years. MBA degrees often offer a substantial increase in salary, but it’s important to keep in mind what you would be making at your current job if you stayed. For some MBA applicants, an online MBA option may allow you to pursue your MBA and forgo a certain number of these opportunity costs.
In addition to the quantifiable costs and benefits of earning an MBA degree, a few intangibles add considerable value to the graduate business school experience. Networking opportunities with b-school alumni and fellow students is one of the biggest draws of an MBA degree. But what, exactly, are the benefits of networking? How much difference does an alumni network make after the graduate study experience has ended? HowToMBA’s Networking article provides some answers.
What about the benefits of education? The theories and practical applications you learn in business school, like financial analysis and international management strategy? The first-year curriculum at most business schools will give you a solid foundation in fundamental business skills, while the second-year will usually be focused on developing in-depth skills and knowledge in your major. Throughout your business education, you should also exercise and develop critical thinking skills, strategies for working with others and more. HowToMBA’s article on Skills & Knowledge will help you to understand the value of this priceless aspect of obtaining your MBA degree.