Given that an MBA can equip you with the skills to develop as a leader and succeed in business, it’s no wonder it’s the top-earned graduate degree in the United States. As of April 2022, over 250,000 people were enrolled in master of business administration (MBA) programs.
There are many benefits of earning an MBA. Yet, deciding to pursue one is a big decision. Business school is an investment of time, effort, and money. Every person’s situation and goals are different, so how do you determine if it’s right for you?
Here’s an outline of the benefits of an MBA; a step-by-step process for assessing your circumstances, goals, and options; and tips to set yourself up for success.
The Benefits of Getting an MBA
While earning your MBA is an investment, it can have a significant payoff.
Many consider an MBA a career-advancement tool. Because you’ll learn the skills to be an effective leader, problem-solver, and decision-maker, an MBA can lead to more job opportunities and increased salary potential.
While many of these skills are technical, others, like empathy and a global perspective, are part of the intangible leadership skill set. Most MBA programs strive for student diversity, allowing individuals to learn from each other’s perspectives and experiences. This chance for global perspective-building can also lead to friendships and connections that last long after graduation.
Additionally, an MBA program can be a transformative experience that provides clarity on your career priorities and the difference you want to make in the world with your newly gained skills.
It’s clear that earning an MBA can be a worthwhile endeavor, but it can still be hard to know what’s best for you. Work through the four steps below to determine whether an MBA is right for your goals and needs.
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DOWNLOAD NOWHow to Decide if an MBA Is Right for You: 4 Steps
One way to approach a big decision is by breaking it down into manageable questions. Each step below prompts you to consider your options and use the answers to influence your decision.
1. Consider Your Personal Circumstances
When asked what advice he’d give to those considering an MBA, Vai Schierholtz, director of marketing for MBA Admissions at Harvard Business School, recommends starting with your personal circumstances.
“I usually recommend people start by asking themselves: Does business school make sense from a family, financial and career perspective?” Schierholtz says.
Questions to ask yourself at this stage include:
- What’s my budget for a degree program?
- Can my employer cover some or all of my tuition?
- What’s my current family situation? How does it impact my availability to take an in-person, full-time MBA?
- Where am I located, and what means of transportation do I have access to?
- Is this the right time in my life and career to pursue my MBA?
“It has to work for your personal situation and professional goals,” Schierholtz says. “From a geographic standpoint, where do you want to be for two years? If you have a family, is this the right move for them too? It’s important to think about the bigger picture and approach it from a perspective that matters most to you.”
2. Determine Your Professional Goals
Next, consider your professional goals and the potential impact an MBA can have on your career. You’ll need to either take two years off work or balance work and courses, so it’s important to be confident in the benefits.
Questions to ask yourself include:
- What is my current business skill set?
- Why do I want to pursue an MBA?
- Am I happy in my current job and industry?
- Where would I like to be in my career in the long term?
- Will the skills gained through an MBA program help me reach those goals?
“Professionally, I’d recommend thinking about where you might want to be five, 10, or 15 years from now and whether an MBA will help you reach those goals,” Schierholtz says. “If your goal is to be a business leader making decisions across an organization, then an MBA would make a lot of sense for you.”
Related: From Aspiring Pastor to MBA Candidate: How an Online Education Clarified One Learner’s Path
3. Explore Your Options
There are several options for pursuing an MBA, and some may fit your needs better than others.
Questions to consider include:
Should I do a full- or part-time program?
If taking two years off work to pursue an MBA isn’t feasible, consider applying for a part-time program. While a traditional MBA is two years, a part-time program is three, on average. If you’re further along in your career and want to earn an MBA while working, consider an Executive MBA (EMBA). EMBA programs typically take two years to complete, with a rigorous class schedule on nights and weekends.
Should I do an in-person, online, or blended program?
MBA programs can be taken on campus, online, or as a hybrid of the two. Consider your needs as a learner (for instance, do you prefer to learn in person?) and your logistical requirements (do you have the transportation to get to campus? If not, do you have a quiet space to attend virtual class?).
What are my options regarding financial aid and employer benefits?
If money is a concern, explore the financial aid options at the schools you’re applying to. Harvard Business School, for instance, offers need-based scholarships to roughly 50 percent of its students. If you’re considering getting your MBA or EMBA part time while working, explore your employer’s options for professional development funding. If you make the case for how an MBA can help you excel in your role, therefore supporting your organization, they may be inclined to defray the cost.
Related: How to Ask Your Employer to Pay for Your Education
4. Assess the Big Picture
Once you’ve considered your personal circumstances, professional goals, and MBA options, it’s time to bring it all together to make a decision.
Questions to ask yourself during this final stage include:
- Why do I want to pursue an MBA?
- What type of MBA program would best suit my needs?
- Do the benefits outweigh the investment?
This is a personal decision. Ultimately, you’re deciding whether an MBA will help you achieve your goals and, if so, the most practical option for pursuing one. With a little introspection and a host of options, you can make the best choice for you.
Tips to Prepare for Your MBA
One reason you may hesitate when considering an MBA is the feeling of unpreparedness. Luckily, that’s something you can control.
Preparing for an MBA program can take many forms. If you’re concerned that you’re not up on current business events, try reading business news over breakfast or listening to current events podcasts during your commute. Perhaps it’s been a while since you completed your bachelor’s degree and you’ve fallen out of the student mindset; take an online course.
An online business fundamentals course can help prepare you for the rigorous academics of an MBA program and provide a foundational understanding so you can engage with the material as soon as you’re in the classroom.
One option is HBS Online’s Credential of Readiness (CORe) program, which consists of three courses: Business Analytics, Financial Accounting, and Economics for Managers. It’s taught by HBS faculty using real-world examples to give you the skills to solve complex business challenges.
By taking the time to prepare, determine your goals and circumstances, consider all your options, and assess the full picture, you can make an informed, purposeful decision about whether an MBA is right for you.
Are you interested in preparing for an MBA with foundational business skills? Explore our three-course Credential of Readiness (CORe) program and download our free guide to advancing your career with business essentials.
