If you're debating an MBA, Reddit is an easy place to turn to. This article details the top posts about the value of an MBA.
A Master's of Business Administration
(MBA) can potentially open up a lot of opportunities for graduates. But it can
be challenging to determine if the MBA
is worth it for you and your particular career plans.
To help you determine the right path
for you, we've compiled a list of five posts from MBA Reddit from people who
are on the other side.
Is
an MBA worth it? Reddit users weigh in
Reddit can be an excellent place to
share knowledge and learn from others. For those who are interested in learning
if an MBA is right for them, we
found posts in the r/mba and r/personalfinance subreddits that have a lot of
answers and things to think about.
1.
Determine your reasons
There are only two good reasons to
consider an MBA, according to user h2ohhhyeah. In a massive
post detailing their journey, along with good and bad reasons to get
the graduate degree, the first reason they suggested is if you want to pivot
your career fast.
"The beauty of an MBA is that the first day you set foot
on campus, you get to choose your ‘new persona.’ And it’s totally acceptable in
the eyes of employers," says the post. So if you're in the engineering
field and want to transition to becoming a financial professional, an MBA can help
you do that without needing to start at the bottom and spend years working
toward your goal.
The other reason is if your company
requires it to become a vice president or C-suite executive.
H2ohhhyeah does not recommend spending
the money on an MBA if you're hoping it will help you figure out what you want
to do with your life, you want to network or increase your salary, you're
hoping it will impress others, or you simply want to learn more about business.
So think about your reasons for going
back to school to get an MBA and consider whether they're good enough to merit
the investment.
Also, one person's opinion about
whether a reason is good or bad can help you put things into perspective. But
ultimately, you get to decide for yourself whether a reason is a good or a bad
one.
2.
Think about the skill sets you want to develop
Depending on your strengths and
weaknesses, an MBA may or may not be the right move. In one
post where a Redditor asked the same question, "Is an MBA worth
it?" Some commenter’s provided some excellent advice.
Although there are some specialized
MBAs, the graduate program often requires that you focus on a broad range of
skill sets. According to user AVK83, "you'll need to understand:
·
How to market your product or service
·
Economic factors that impact your industry
·
Accounting methods/rules/results that
determine how investible your company is
·
What options you have to finance future
projects
·
Human networking company > employee or
employee > employee and the leadership structure that guides it
·
Long and short term strategic planning"
If you're hoping to focus on just one
or two areas, look into certification programs that may meet your needs and
save some money.
3.
Run the numbers
Some believe that getting an MBA to
increase your salary is a bad idea because it's not guaranteed. But the fact is
that professionals with an MBA do earn more on average than professionals
without one.
So with both of those facts in mind,
consider running the numbers for your situation. In this
Reddit post, user andyiam asked if an MBA
is worth it if their salary is already relatively high.
The cost of the program they were
considering was $98,500, and in the best-case scenario for average salaries in
their field, they'd get a pay bump of $25,000 per year.
In this case, the degree would pay for
itself in just under four years, but remember, that's the best case. On
average, their salary might increase by only a few thousand dollars a year,
which means the MBA wouldn't pay for itself by the time they retire.
Do your research on how an MBA might
impact your salary in your field and compare it to the cost of the program.
Also, remember that while average salary numbers can help you make an informed
decision, they're not guaranteed.
4.
Consider an online program
Online degree programs often get a bad
rap, but with the right university, an online MBA can be a less expensive way
to achieve your goal.
In a post by
user NotLostJustWanderin, they shared their experience doing an online MBA
program. They made sure to choose an accredited program from a school with a
good reputation, and the online nature of the program gave them the flexibility
they needed to earn their degree in two-and-a-half years while still working
full-time.
The result? They were able to nab a
new job that paid $54,000 more than they were earning before they started the
program.
To make up for the lack of networking
that can happen in an online setting, they put together a spreadsheet of all
the other students in the program, along with contact information, work
history, current jobs and select connections, which they've used since
graduating.
Not all online programs are created
equal, though, so make sure you do your due diligence to make sure that the
program is solid and well-respected in the business community.
5.
Look for assistance to reduce your costs
The cost of an MBA can be a major
roadblock for some, but it's possible to get your degree without paying full
price. In one post,
user redditkxk says their employer offers $10,000 per year in tuition
assistance for an MBA program and asked other users about what their employers
offer.
Answers range, but many said their
employers offer 100% coverage, though some had requirements. For example, you
may need to be in a management position or agree to stay with the company for a
set period after you graduate.
Also, keep in mind that the IRS won't
tax the employee on up to $5,250 in educational benefits received from an
employer. Any amount above that will be taxed as income.
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