If you are in business or working in the corporate world, the MBA is the degree of choice. Earning a masters in business administration is a sign that you know about business and have done the extra work necessary to learn all you can.
Many of the most famous businessmen have earned MBAs, such as Phil Knight, the founder of Nike. But you don’t need to start a shoe company to understand why an MBA can broaden your skills.
Think about the important skills you can learn. Not just the financial analysis tools or the accounting classes. You also learn how to manage people, how to prioritize, and how to negotiate. Whether you attend a school that uses the case method or the lecture method, you will leave business school a smarter and wiser person.
While we are on the topic of wisdom, consider an ONLINE MBA program. Why? Let’s say you currently make $40,000 per year and that you are considering getting an MBA at a state school like Michigan.
Tuition this year is $43,289 for an out of state candidate, plus $4,050 for books and computer expenses. Multiply that times 2, and you get $94,678. Going to Michigan will cost you the tuition plus 18 months of salary ($60,000), for a total of $155,678.
Have some extra cash lying around? Good, because you will need it!
Or, you can look at the online MBA option. In that case, you keep your job and the $60,000 that goes with it. Then, you still have to pay tuition, which may be close to $24,000, plus another $3,000 for books/supplies. That leaves you plus $33,000! That is correct; you have the $60K you earned plus the $60K you saved for a net difference of around $120K.
This assumes that you don’t get a raise while you keep working. It also doesn’t take into account the fact that you will have two more years of work experience.
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