Decide as an Undergrad Business Major if You Need to an MBA
“It’s déjà vu all over again.”
That’s sometimes how business majors feel when they examine an MBA curriculum. For many, MBA programs are more in-depth, hands-on versions of content they already covered. As a result, they wonder if an MBA will really help them.
For business majors, a full-time MBA runs $30K-$60K a year. And that doesn’t count living costs like rent and groceries! By heading back to campus, these students would halt their career progress and lose two years of income. While an online MBA may be less expensive and more flexible, it can still be pricey and disruptive.
So is an MBA worth the time and money for someone who already owns a business degree?
That really depends on what students want to achieve in their careers. In a recent column, U.S. News and World Report outlined three factors that business majors should consider with an MBA: Career, cost, and salary.
For starters, business majors should identify the type of industries and work that interests them, along with the education and work requirements associated with them. To do that, students should seek out internships and mentors. “Look at those positions, those individuals that they aspire to be like…and really understand how did they get there,” says Pat Dickson, the associate dean for undergraduate programs at Wake Forest University.
For example, students looking for leadership roles should strongly consider an MBA degree, which provides instruction and hands-on experience in all aspects of a business operation. However, students seeking a more narrow focus might be better served with a specialized master’s degree.
Cost and salary are other considerations, as an MBA is often twice as long and twice as expensive as a one-year degree. However, MBAs often experience a pay bump ranging from 30%-50% upon graduation. As Sean Treccia, national director for campus recruiting at KPMG, tells U.S. News, an MBA does not necessarily merit a pay increase in many roles. Instead, it is based on performance and track record.
In other words, there are a number of individual factors that impact whether to pursue an MBA. However, students should hedge their bets by maintaining a high GPA, involving themselves in professional and community organizations, gaining leadership experience, and completing their prerequisites.
Source: U.S. News and World Report