Perhaps our default philosophy is to earn high academic credentials and degrees to succeed in life. But the pandemic revealed that every job is essential, and that society is crippled without the support of skilled labor.
So, why bother taking an MBA? With so much uncertainty at present, taking this degree might be a shot in the dark.
Return on Investment (ROI)
A quick look at history tells us this: Executive positions in corporate industries require the business acuity and caliber often possessed by many MBA graduates.
These top-level positions offer extremely great pay that is huge enough to guarantee financial wealth.
According to Harvard Business Review, an MBA graduate from a top business school has a six-figure average annual salary. A survey from the Graduate Management Admission Council affirmed this data as they found that most US employers offer MBA graduates an annual base salary of $115,000.
The average annual tuition for an MBA in the US goes from $60,000 to up to $100,000. Comparing the costs from the potential future salary, it’s safe to say that taking an MBA has a good ROI.
However, as an effect of recovering from the pandemic, starting salaries may go lower than expected. It’s also important to consider that it takes many years before an MBA graduate can fully break even from the costs.
On the flip side, as restrictions from the pandemic slowly ease, and national economies continue to recover, the business field still has plenty of opportunities for MBA graduates.
Career Acceleration and Network Diversification
Most companies today are now in the stage of remodelling their business models to anticipate risks brought by the pandemic. To come out much stronger and more resilient than before, companies pivot their practices and adjust their core competencies to meet present market conditions.
In line with this, they are in great need of professionals who have the knowledge, experience, and expertise in business—someone like an MBA graduate.
The curriculum for master’s degree programs in the US is concentrated on practical application, so an MBA graduate can apply his/her education in real life.
Another benefit of taking an MBA is diversification and expansion of your network. Getting acquainted with a group of professionals can help boost your career prospects and improve your professional profile.
Having connections such as establishing alumni relations can help you bump up your position in the business industry. In most cases, having professional relationships with the right people is your greatest ticket to land a great job.
Is an MBA still worth it today? With the steep tuition and uncertainties at present, taking an MBA is a huge risk. But then again, consider the great impacts of an MBA on a graduate’s future career.
The truth is, there is no absolute way to tell, considering contrasting answers to this question. So maybe the real question isn’t about knowing if an MBA is still worth taking, but if you’re willing to take a chance.
Regularly check out our stories here at MSM Unify to help you contemplate your options for an MBA in the US.