Graduates are concerned when seeking higher professional degrees considering the competitive job market and investment opportunities for the future. More education means more rewarding careers and rewards. Keeping the growing business industry in mind, MBA is one of the most preferred degrees of students all around the world. It has time and again proven to be the most rewarding and valuable degree to polish one’s skills in any business field. Not just students, but several aspiring entrepreneurs and businessmen seek to enroll in an MBA program as well.
MBA is, more often than not, a preferred degree for those with a desire to polish their already established skills. But the job responsibilities, financial constraints, or personal obligations limit many from enrolling in traditional on-campus programs. Thanks to the speeding technological advancements and, thus, faced-paced educational changes, online MBA programs are also gaining popularity. The online program facilitates students with a quality education while saving time and cost.
Many institutes also offer the online MBA no GMAT programs, which save applicants from taking the Admission test and additional fee costs. Working professionals who don’t have time to study for the test or aspiring entrepreneurs who cannot bear the cost of the prerequisite GMAT test benefit from this program.
It is understandable that if you’re down a lucrative career path, enrolling in an MBA program just to polish or enhance your skills may make you think twice. So, without further ado, let’s check out some pros and cons about the program, so you can decide if it’s right for you.
• Career Growth
With an MBA degree, your career path is defined, and you progress faster. Professionals can excel in their careers by applying for leadership roles and key managerial positions in reputable firms.
Recruiting and promoting professionals with accredited degree programs like MBA degrees is a common practice in many organizations. Over the course of a 35-year career, MBA graduates are likely to earn $3 million more than bachelor degree holders.
• Financial Management
In management and decision-making roles, financial literacy is an asset that cannot be underestimated. MBAs sharpen the financial management skills of graduates and professionals and equip them with an understanding of inflation, interest rates, and price volatility due to global trends. In addition, establishing a new business venture can also be made easier with financial literacy.
An MBA is a costly degree. And its high cost is one of its major drawbacks. The average tuition fee for top MBA programs is $149k in the United States and $97k in Europe. If you consider other expenses, such as educational trips, conferences, and projects, the cost of an MBA increases even more.
• Time commitment
MBA programs are generally labor-intensive and demand full-time commitment. Full-time MBA students often find the first-year overwhelming because of the core subjects. As a result, if you enroll in a part-time MBA while holding down a job, you will have a longer time to complete your degree.
As you climb the corporate ladder, an MBA provides financial stability. But remember: MBA is an educational qualification, and it cannot guarantee success alone. It takes patience, determination, and commitment to a better future in order to lead a fulfilling professional life.