Many young working professionals wonder whether or not it is worth going back to business school and getting their Master of Business Administration (MBA).While a strong economy leads many professionals to stick to their current roles, the prospect of pursuing more lucrative positions or facing economically stagnant periods leads many to head back to school for a graduate degree. While pursuing an MBA comes with its own set of challenges, an MBA can be a valuable asset on the path to a better career for young professionals with clear career goals and realistic expectations.
Assessing an MBA
Turning in the briefcase for a backpack provides a familiar sense of security for those just a few years removed from the regimented routines of school life, multiple choice exams and weekend “study sessions” at the local pub. However, this relief is temporary. When the schooling ends, the individual inevitably must return to the wage-earning world.
Spending two to three years back at school could allow a professional to rejoin the work force with advanced knowledge of business practices that may translate into significantly higher earnings. It is also possible that it will be an economically opportune time where businesses are expanding, companies are paying hiring bonuses and career advancement is a real possibility. However, these projected benefits of acquiring an MBA must be balanced with cost considerations such as loss of wages while in school, student loans and additional time spent in the classroom as opposed to practicing one’s craft out in the field.