Are MBA’s worth it?
I have spent the last two years of my life completing my Masters in Business with an Emphasis in Strategic Human Resource Management. I spent on average around 15 hours a week studying, writing essays and completing exams. If anyone has completed an MBA part time whilst working full time you will appreciate how tough it is.
As my MBA is coming to a close, my question is, was it worth it?
I suppose I need to ask myself, what did I want to achieve from an MBA?
Did I learn a lot? – Yes
- I received a well rounded view of various different aspects of business. I can now liaise with different departments at a higher level.
- How to work in a team of peers when there is no authority.
- Most importantly my masters taught me about work ethic, discipline and striving to do well.
Will it help my career? – I’m not so sure.
People keep asking me, so what are you going to do with your MBA when you finish. Will you get a promotion? Will you get another job? Will it earn you more money? I honestly hadn’t thought about it. So I thought my trusty friend the internet would help me out.
Ronald Yeaple’s study found post MBA pay was 50% higher than pre MBA pay. After 5 years of completing an MBA pay increased by 80% compared to post MBA Starting pay. This data is from a well ranked university in the Forbes top 50. However looking on the internet a lot of high paying jobs do state on the applications that an MBA is desirable.
In 2013/2014 539,440 were enrolled in postgraduate degrees in the UK. Although that is less than a third of undergraduates, it shows there is still fierce competition. In the US 100,000 MBA’s are awarded annually. Jobs remain relatively constant, so if you are doing an MBA to stand out, there are a lot of other people doing it too.
Do you think MBA’s are worth it? Please share your experiences on how your MBA has helped you or hasn’t.