An MBA degree (Master of Business Administration) could be the missing link in your career development, the thing to propel you from your current position into the c-suite. Here’s why you should start researching business schools and writing applications.
Business schools offer exposure to both amazing ideas and people
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One look at an MBA syllabus will show you how much there is to learn. However, the degree isn’t merely an opportunity to expand your business knowledge, you’ll get to expand your network too. The people alongside you in the classroom will be similarly bright, driven individuals who could become vital connections in your later career.
Many full-time MBA programs also provide the opportunity of an internship during your MBA, which could lead to full-time job offers.
An MBA degree will lead to immediate financial returns
One of the most discussed aspects of an MBA degree is the return on investment (ROI) it can have, based on how it affects your future earnings. Recent QS research found that full-time MBA graduates across the US and Canada achieved an average salary uplift of 74 percent thanks to their new degree. That’s not to be sniffed at.
A decade after graduation, MBAs from schools across the US and Canada were estimated to be an average of $419,161 better off financially. So, the only question is whether you can afford the initial investment. After all, MBAs aren’t free…
How to pay for your MBA
The cost of an MBA degree can vary, but the average tuition for a two-year MBA program exceeds $60,000. If you attend one of the top business schools, you can expect to pay as much as $100,000 or more in tuition and fees.
The costs don’t end there either. You will probably need to take the GMAT (or GRE) exam which measures higher-order reasoning skills, which costs $250 globally. Application fees also need to be factored in. These are one of the highest sources of revenue for business schools; applicants can expect to pay anything from $100 to $275 per application to each business school.
The price tag may seem daunting, but help is available. Financial assistance comes in many shapes and sizes, but one of the most common forms are sponsorships. These are usually paid for by your employer. Scholarships and grants are also available via the school. It’s worth noting that more than half of MBA students receive financial help.
Want to learn more about the MBA degree options available to you? The QS World MBA Tour is a fantastic way to meet representatives from the world’s top business schools and have all your questions answered. Visit topmba.com/events/qs-world-mba-tour to find out more.