Trying to decide if an MBA is the right choice for you? With an investment of time and money, you can earn this advanced degree that’ll give you invaluable knowledge, skills, and experience. But earning an MBA isn’t free.
Although earning an MBA comes with a price, it’s well worth what it costs. This advanced business degree opens up doors to jobs and career opportunities that aren’t available to those who only have a bachelor’s degree. And that alone will earn you back the money spent on your MBA.
Wondering if an MBA is Worth the Cost?
There’s no denying that an MBA degree is a costly expense. Just like any degree, you’ll need to be prepared to pay thousands of dollars for your courses, textbooks, and other educational supplies or needs. And that cost is exactly what makes many interested individuals wonder whether an MBA degree is really worth the money.
According to the Financial Times, choosing to earn your MBA isn’t an investment to be taken lightly – you’ll spend hundreds of thousands in tuition, such as the Stanford University Graduate School of Business MBA program which charges over $145,000.
However, you shouldn’t let that price scare you away from earning an MBA. Having this advanced degree on your resume can make you a ton of money once you’re back in the workforce. In fact, one of the top reasons people choose to earn an MBA is this degree can significantly increase annual salaries.
And an MBA offers a fantastic return on your investment. While you might spend $145,000 on your total tuition, you can expect to earn nearly all of that back in your first year of employment after completing your MBA program. The Financial Times reports that the average salary of an MBA holder hit $142,000 in 2017 – and that average salary amount has been increasing each year since 2014.
So, while you’ll have to make an initial investment to earn your MBA degree, you won’t need to worry about getting your investment back. Earning your MBA will pay off quickly, and it will continue to earn you additional money year after year in the workforce.
The Top Jobs MBA Graduates Should Seek Out
Now that you know just how cost effective having your MBA can be, it’s important to recoup your investment by getting a job that you both enjoy and make money at. And jobs that are just for those with MBA degrees are often the best choice.
Here are the top jobs you need to know about if you’ve earned your MBA.
Venture Capitalist: Average salary of $182,916
Many MBA graduates wind up becoming venture capitalists. This position allows you to offer advice to new companies, helping startups by giving your opinion on which businesses will be the best to invest in. You’ll be able to put your MBA to great use, relying on your entrepreneurship and finance skills.
Management Consultant: Average salary of $85,400
If you love solving problems in the world of business, becoming a management consultant is a great job opportunity. And plenty of MBA graduates turn to consulting – especially in the management realm – because it utilizes your new knowledge perfectly. Management consultants solve businesses’ problems, help them improve performance, and better manage companies of all kinds.
Product Manager: Average salary of $101,030
A product manager position allows MBA graduates to work in any industry. And with more and more tech-focused individuals seeking MBAs, product manager positions are quickly become one of the most popular paths post-graduation. You’ll put your education to work as you manage the creation of specific products (including software), manage teams and individuals, and use your technical skills.
Entrepreneur: Average salary of up to $129,200
There’s no average or median salary for entrepreneurs – every entrepreneur works differently, with many starting businesses or creating entirely new products or services. But because of this, your ideas and genius creations could earn you hundreds of thousands of dollars in earnings if you know how to turn a concept into a reality, something many MBA programs focus on.
Marketing Manager: Average salary of $63,800
Like a product manager, a marketing manager can work in nearly any industry. Companies of all kinds require marketing professionals to attract new customers and make money, and the marketing manager is responsible for overseeing the entire team or department. With your MBA education, you’ll be perfectly prepared to hire staff, oversee strategy and direction, create creative campaigns, and maximize your company’s marketing efforts. This is a great position for both entry-level and experienced MBA grads, and you can earn far more than the average salary with work experience on your resume.
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