Is an MBA Worth It?
Is an MBA really worth the time, money, and effort you put into it?
Students who have completed their studies in an undergraduate level, may be considering earning a masters degree. One of the most popular masters degrees is the Masters in Business Administration or MBA.
An MBA degree brings students one step closer to becoming an expert in various fields related to business. With the economy in a slump these last few years, many people have decided to go back to school to earn an MBA just so they can make themselves more competitive in an already competitive job market. Now that the economy is slowly making its way back to a reasonable status, is an MBA worth it?
Florida Tech University
Florida Tech University is regionally accredited, the highest level of accreditation possible in the United States.
Earn Your Master’s Degree From U.S. News & World Report-Ranked Florida Tech 100% Online
Established in 1958, regionally accredited Florida Tech has a rich history of innovations in the fields of business, engineering and the sciences. Continuing in this tradition, Florida Tech offers the perfect combination of academic excellence and online convenience.
- Master of Business Administration
- MBA – Accounting
- MBA – Accounting and Finance
- MBA – Finance
- MBA – Healthcare Management
- MBA – Information Technology Management
- MBA – Internet Marketing
- MBA – Management
- MBA – Marketing
- MBA – Project Management
Read more or get a program guide from Florida Tech University.
Is an MBA worth it?
From an employers point of view, candidates with an MBA will certainly show that they have a greater knowledge in business and even a specific part of business such as international relations, human resources management, or accounting. Having someone that may be able to bring more to the table due to their education can make them an asset.
From a student’s point of view, one must weigh the cost of education versus the return realized once they secure a job that can utilize the degree they hold.
Return on Investment
In a study conducted by Business Week, students who earn a master’s degree from one of the top 10 ranked MBA programs can expect to earn a great deal more than those who have yet to earn an MBA. The average starting salary for grads from these top schools is $120,000. After 10 years, this average goes to $145,000.
For students attending universities outside of the top 10 ranked schools, salaries vary widely. Recent graduates from schools like NYU, UCLA, and Virginia have a starting salary around $107,000 per year. Even grads from second-tier schools such as Boston University, Michigan State, Arizona State, and Illinois-Urbana Champaign have an average starting salary of around $74,000. After ten years, that number rises to an average of $99,400.
According to the Princeton Review, MBA holders earn 35% more than those who do not hold the degree. For most students, the return far outweighs the cost of tuition and time spent earning the degree.
Of course, the rising cost of tuition can certainly play a factor as to whether or not an MBA is worth it to some students. However, one may find that the cost of an MBA program from a lower cost school may be covered by a year’s salary once the student has completed the MBA program. However, in life there are no guarantees, so it’s important to remember that salaries vary widely by employer and regional location.