An MBA is incredibly valuable if your career path requires an MBA. If it doesn’t, then it may be helpful, it may be neutral, or it may even hinder you. Yes, an MBA expands your earning power, if your career path requires one. Yes, it makes you look more impressive, if the people who are doing the hiring are impressed by that. Yes, there is a big difference between a top 10 program and the local “if you can pay tuition you’re in” program. But, how to decide? Here are some questions to ask yourself (and some questions you need to ask others):
Where do I want to be in 5 years? What about 10 years?
I know, it’s the dreaded interview question. But, this time you’re going to ask yourself, 'where do I really want to go with my career?' Yes, I know things can change, but take the time to think it out.
What credentials do the people in my “future job” have?
You figured out where you want to be, so find out who is there now. Do they have MBAs? Do they have different advanced degrees? What schools did they go to? (Yes, it matters.)
Will the school that I am attending be worth the effort?
I hate to sound snobbish, but the school you attend really matters at the MBA level. Really, really matters. If you want to be CEO of a Fortune 500 Company, getting your MBA at the local university is unlikely to help you. You’ll need to go to a top MBA school for that. The good news is that Bloomberg BusinessWeek is reporting that some top MBA programs are easier to get into now. I know people with MBAs from some low prestige schools that have jobs they could have gotten without those degrees, and, in fact, their coworkers lack the MBA. The school you choose will open some doors for you and will close other doors to you.
How much will my MBA cost me?
I’m not talking just tuition here. In your case, the company is paying 75 percent. Yippee! But, does that come with a clause that holds you hostage for three years after they make their last payment? How does your company treat newly minted MBAs? Is a promotion possible, or will it just be a cake? When you’re released from your three year hold, new companies will see your salary as one you earned as someone with an MBA with three years of post-graduation experience. If you weren’t rewarded financially at the old firm, your value to a new firm drops as well. Are you going to be willing to pay back what you would owe in order to leave? And if your company is not paying it, are you taking out student loans, paying as you go or relying on your trust fund? Because some MBA programs can be really expensive–over $100,000 kind of expensive. Sure, if it raises your earning potential by thousands and thousand’s it’s worth it. But, if it’s going to only slightly raise your potential then the costs may outweigh the benefits.
For you, specifically, remember 25 is not old. You’ll be able to get an MBA in the future. In fact, assuming that you finished your undergrad at 22, you’ve only been in the work force three years. I’d say you need two more years of experience before you start applying to MBA schools. If the work isn’t challenging, but is time consuming, you may be in a school that is lower tier than what you’re capable of.
But, if you’ve gone through the four questions above and determined that an MBA is the path for you, then go get it. The knowledge will be helpful, and the connections invaluable.
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Webster University has provided innovative higher education to residents and military personnel in the Colorado Springs metropolitan area since 1977. Webster University is a regionally accredited university offering master's degree programs for working adults. Attend class one night per week for a 9-week term at a local campus. Classes are offered in the classroom, online or both! We specialize in graduate programs in business and technology.
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