by Thomas Hauck
In recent years graduate schools have greatly increased the number of MBA programs. Is getting a Master’s in Business Administration right for you? Could earning an MBA help you climb the ladder of success? We take a look at a typical case study – a middle manager who is considering getting her MBA.
Meet Jane Doe. She’s a project manager at a company that makes industrial temperature measuring devices. Jane has a bachelor’s degree in electrical engineering, and she has been with the company for five years. She has her eye on a promotion to division manager. She knows that the corporate ladder is highly competitive, and that the responsibilities of a division manager are much broader than a project manager. If she gets promoted, she’ll have to oversee human resources, marketing, R&D, even strategic planning. She’ll be reporting to a vice-president, and she’ll have senior management authority.
Jane could rely on her experience and track record. She could also choose to get a competitive edge by earning her MBA.
The first thing Jane should do is find out if her company will pay for the program. Many do! Tuition and fees for an MBA program can range from $15,000 to $50,000, and if the company will pay for it, there’s no reason not to go for it.
Jane should use a reputable online college directory to locate an MBA program. There might be one offered at a local college, or she may opt for an online program. The level of instruction may be comparable, and generally both classroom and distance learning programs take eighteen months to two years to complete. If Jane has a family or a very busy personal life, she may choose a distance learning program for maximum scheduling flexibility.
Many MBA programs offer specialized concentrations. Students may be able to choose from marketing, information science, finance, management, leadership, hospitality, and many other areas. Jane’s choice of school may depend upon the focus she seeks.
After choosing a school to apply to, Jane will almost certainly need to take the Graduate Management Admissions Test (GMAT) and, if she’s not a native English speaker, the Test of English as a Foreign Language (TOEFL). The GMAT test has two sections, verbal and mathematics. Graduate schools have individual criteria for scoring and admissions requirements.
If her company doesn’t subsidize tuition, Jane can apply for financial assistance. Many grad schools offer federal financial aid programs. The first step is to complete the Free Application for Federal Student Aid (FAFSA). The application is online and it’s free (as the name implies). The school will use the results to determine the amount of federal financial assistance that Jane may qualify for. This may include low-interest student loans and grants. Generally, colleges do not offer much in the way of institutional financial aid for MBA programs.
How Much Can Jane Expect to Earn with Her MBA?
Most people don’t earn their MBA because it’s a fun thing to do. They want to boost their earning power. But how do you know what the effect is? Is there any hard data to prove that getting your MBA will result in higher earnings?
Recently BusinessWeek and PayScale released the results of a survey of 80,000 grads from 45 MBA programs. The results may be surprising. It turns out that while the “name brand” of the school may make a big difference over many years, some lesser-known schools seem to produce high-earning graduates.
Years after graduation, graduates from blue-chip programs such as University of Pennsylvania’s Wharton School and Harvard Business School fare the best and report high earnings. But graduates of three schools – George Washington University, Georgia Tech, and the University of Connecticut – report that after 20 years they have cash compensation that is at least double what today’s MBA graduates make the year after receiving their diplomas. Are their higher earnings a direct result of their MBA? Hard to tell.
And here is another twist. The graduates of ten schools, including Indiana University’s Kelley School of Business, reported that twenty years after graduation their median cash compensation was no better than what Harvard Business School grads made one year after graduation.
So is the value of an MBA in what you learn and the skills you acquire, or is the value simply the fact that because you graduated from a prestigious name-brand program, you are more likely to be hired and promoted? Jane, like many other MBA candidates, will have to find out for herself.
Choosing an MBA Program
But how does Jane – or John – choose the MBA program that will work for them? The best way to get free information is to log onto a reputable online college directory such as the one below. You can compare programs and also check out things like financial aid and career services. Once you find three or four colleges that interest you, simply contact the schools, discuss what you’re looking for and what they offer, and then make your applications. In less time than you think you could be on your way to earning your MBA!
Why wait? Log onto http://www.Education-For-Careers.com and compare MBA programs. Get free information about business degrees, online education, financial aid opportunities, job placement services, and much more.
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