Why do an Executive MBA: Are you also thinking over this question over and over again ?
MBA coursework involves a broad spectrum of business-related topics including accounting, statistics, economics, communications, management and entrepreneurship. MBA programs not only ready students to work for financial institutions such as banks but also prepare them for management positions in other fields or as founders of start-up companies.
There are two routes one can take to earn their MBA: a full-time or a part-time program. Although both programs will result in an MBA, there are trade-offs to consider. A full-time student will find it difficult to work for the duration of their two or three years at school. These programs are most popular, therefore, with younger students who have recently earned their bachelor’s degree and can afford to study full time on campus.
Excelling in academics serves as a solid foundation, but business school is geared towards real-world professional outcomes. As a result, many schools value relevant work experience in their decision-making process. E-MBA programs in particular are designed specifically for older adults who have been in the workforce for a number of years in management or leadership roles.
An MBA is only worth the expense, time and effort when the graduate plans to work in a business-related field, in management, or as a company founder. For those working in other industries, unless they are in management or leadership roles, an MBA may not be useful.
Part-time MBA programs are often seen as less competitive than full-time programs and can take longer than two or three years to complete. The main challenge for part-timers is balancing work and school, many times at the expense of social or family time. Business schools located in large cities with financial hubs tend to attract part-time MBA candidates more easily, as school tends to be close in work.
Moreover, not all MBA degrees are created equal. The number of colleges, universities, and business schools offering a Master’s degree in Business Administration is increasing, making the space quite crowded. Unless a student earns a degree from a respectable program, it might not be as valuable as expected, while going to a top-rated business school greatly increases the value of the degree. Add up all the costs you incur during the course: Tuition fees, hostel fees, other payments to the institution, food and conveyance. This is your total expenditure.
Now look at the potential jobs which you may get after your graduation is over. If the net salary you may get from an employer, multiplied by 6 months is not greater than the total expenditure you have incurred, then the benefit is less than cost, else the benefit is greater than cost.
For a high-rated B school, if your salary for 6 months cannot give the returns to cover the expenditure you have incurred, then the course is not worth it. You can just imagine it only as increasing your knowledge, not for increasing your earning capacity.
Hiring managers also know that having the letters MBA after an applicant’s name doesn’t automatically make them an ideal hire. Some believe that people who have achieved leadership positions with the degree would also have done so without it.
Earning an MBA can enhance one’s career path, or help land a high-paying job. Typically, however, the expense is only offset if the degree is earned from a top-rated business school and if the career path is business-related. Despite the cost-benefit analysis, the great majority of business school alumni self-report very positive experiences and high value from their MBA degrees.