Is an MBA Worth It?
Search “MBA,” and you’ll find about 81 million results online.
The process of deciding on an MBA (master of business administration) is difficult to navigate. Chances are, if you’re here, you’re interested in getting your MBA. Chances are you’re also doing your research. Good on you.
We’re often asked, “What’s the value of an MBA?” Here, we’ll explore this very sincere question. We’ll consider cost, time and how much you can expect an MBA to impact your career.
Facts & Figures
Talk around the value of an MBA includes questions like: Is an MBA too expensive? Would students learn just as much through hands-on experience? Should I attend a traditional school or look for a more convenient option?
These questions are complicated. Interestingly, while full-time MBA programs have seen a decrease in applicants over the past three years, the demand for online MBA programs has increased. This shows the market is still demanding an MBA as a tool for growth, but students are turning to new, more flexible options for leadership development.
So, what’s right for you? As you consider whether to pursue an MBA, ask yourself these questions:
Can I expect a return on investment after attending business school?
Experience is valuable, undoubtedly, but there is a clear correlation between MBA graduates and their ability to earn promotions and raises. More than 2 out of 3 Jack Welch MBA students get a raise or a promotion while enrolled in the program1.
These gains in salary aren’t exclusively due to the mastery of hard skills, either. A 2018 skill gap analysis conducted by LinkedIn revealed the most in-demand skills according to employers. Among them are leadership, communication, collaboration, and time management. Developing these skills in an MBA program like JWMI’s can have a direct impact on your career growth.
In short—an MBA delivers a return on investment by setting you up for a continued upward trajectory.
HOW LONG WILL IT TAKE TO GET MY MBA?
Online MBA programs typically offer more flexibility in regards to a timeline for course completion as compared to traditional programs. The Jack Welch MBA, for example, can be completed in as few as 18 months based on your schedule. Traditional MBA programs are more rigid, expecting you to complete coursework under their terms while also requiring students to push pause on their careers, creating a huge opportunity cost in addition to tuition.
Final program length will depend on the number of courses taken per quarter and the number of quarters attended per year.
HOW DO DIFFERENT MBA PROGRAMS’ TUITION FEES STACK UP AGAINST EACH OTHER?
Do your homework. Tuitions can vary depending on location, reputation and classes offered. The Jack Welch MBA is less expensive than 8 of the other 9 schools on The Princeton Review’s Top 10 Online MBA Programs.
More than just the money
Yes, from a monetary perspective, the stats are important when selecting the right MBA program. But an MBA’s return on investment is not just monetary—it includes individual values, such as confidence and personal growth, that can be expanded beyond business applications and into one’s personal life.
In other words, life isn’t all about the money. Neither is an MBA. The degree offers benefits that aren’t just numbers on a page. These soft skills can make a real difference in business leaders’ lives and careers.
An MBA gives you confidence. While in some fields, an MBA is a must-have, others seek an MBA to improve less quantifiable leadership skills such as self-confidence. Of the 579 students JWMI students that responded to our Graduate Capstone Survey2, 91% said their confidence as a leader grew.
An MBA diversifies you from the crowd. Adding an MBA to your name can open you up to a world of new opportunities for leadership, with direct lessons you can learn today and apply tomorrow. The letters “M-B-A” are powerful and, in such a competitive landscape, can give you the edge you need to stand out.