If you are weighing the decision of whether or not you should return to school for your MBA, there are some factors you should keep in mind that may help you come to your conclusion.
If you plan to attend a full-time in-person program, you will need to quit your job, and even if you plan to attend one of the many flexible, in-person programs, you can count on the coursework to be demanding and timeconsuming.
The time and energy constraints of attending one of these programs are just the beginning. You will also need to take into account the cost of earning the degree. If you are living comfortably, with your spending and savings goals on track, it can be a difficult choice to disrupt what is working.
If the idea of returning to school seems tempting, but you fear the drawbacks outweigh the rewards, there are some things to consider while weighing your decision.
Paying for Your MBA Doesn’t Have to Be Painful
You can take out MBA loans to finance the cost of your graduate school education. While you may hesitate to take on debt at this point in your career, earning your graduate degree generally pays for itself relatively quickly.
Your earning power will increase upon graduation, which allows you to repay your loans while still enjoying the financial rewards of the degree. Some companies offer tuition reimbursement for earning a graduate degree.
There is typically a cap on the amount they pay each semester, but it can be a great way to lower the overall cost. Keep in mind that most companies will have a clause in this agreement that requires you to stay with the company for a certain amount of time after completing your degree or you will need to repay the reimbursement.
If you plan to earn your MBA to switch jobs or careers, taking advantage of this program may not be in your best interest.
Get the Skills You Need to Move Up the Corporate Ladder
Earning your MBA will give you additional skills that are necessary if you want to succeed at the highest levels of business. If you want to be considered for top positions, an MBA is an investment in your future.
In addition to providing you with the skills, you need to make the climb, having your MBA will give you the confidence you need to succeed. You may be tempted to think you can pick up all the skills you need on the job, and maybe that is true. Earning your MBA gives you the credibility to back up those claims.
It also allows you to stand out when applying for a promotion or a new position. Having a graduate degree will put your resume higher on the list than someone with an undergraduate degree.
Strengthen Your Networking Opportunities
You attend graduate school to continue your education, but there are other benefits. Earning that degree will improve the quality of your network. Never underestimate the value of that. Particularly in a tight job market, having someone to vouch for you can make the difference between getting a job and not even being called for an interview.