Getting a Master of Business Administration degree requires a serious commitment, and it can be tough to decide whether earning your MBA is the right next step as you work toward your career goals. Here, Erich Squire explains how to decide whether starting an MBA program is the right fit for you.
Cost of an MBA
Erich Squire recommends fully understanding the cost of the MBA program you’re considering before you decide whether it’s a good fit for your career goals. When you understand the cost of your MBA program, you’re better able to decide whether your potential future salary will be enough to both live comfortably and pack back your school loans.
You may also want to talk with your employer to see if they’ll cover some of the cost of your MBA degree, according to Erich Squire. Some companies offer tuition reimbursement for employees who want to further their education. Be sure to read the terms and conditions of a tuition reimbursement agreement carefully, as some require that you continue to work for the company for a predetermined period of time after you earn your degree.
In addition to working with your employer on partial or full tuition reimbursement, you’ll also want to chat with your potential MBA insitution about whether they offer scholarships or financial aid. Grants and scholarships do not have to be paid back to the school after you graduate, helping you cut down on the cost of your MBA.
Time Commitment
Most MBA programs require a two-year commitment, but some accelerated programs can be completed in as little as 11 months. When deciding whether an MBA is the right fit for your career goals, you’ll need to consider whether you’re able to set aside the time necessary to earn your MBA while still moving forward in your career. If you’re in a place where you can fully focus on your education, it may make more sense to earn your MBA than if you’re in a fast-paced career where you’re working hard to move to the top.
If you’re committed to earning your MBA but can’t take time away from work, you may want to look into part-time programs that allow you to continue focusing on your career while earning your degree. You may also want to explore online education options, which can offer more flexibility than a traditional, in-classroom MBA degree, according to Erich Squire.
Your Career Goals
Not sure whether your dream career requires an MBA? Look at top professionals with the job title you eventually want, and learn more about their background. If you find that professionals who have achieved your carer goal tend to have their MBAs, you may want to consider getting started with a program, according to Erich Squire. Feel free to reach out to professionals who have achieved your goal–often, people at the height of their careers are happy to chat with peopel who are working their way up.
