Yes, the MBA Is Worth It - This Is Why
It has become a perennial question among prospective MBAs and higher ed journalists alike - “Is an MBA worth it?”
As the managing director for a top MBA program, and an MBA grad myself, candidates may wonder if I can be unbiased. Let me put it this way: I am strongly encouraging both of my kids (a rising college junior and rising college first-year) to get an MBA after college. It opens up endless career opportunities and equips you with skills to lead in any industry. An MBA is great as a standalone graduate degree or as an add-on to another graduate degree (e.g., environmental studies, law, medicine, engineering, public health, public policy, education, social work, etc.)
If you’re wondering if an MBA is the right fit for you and your career goals, consider the following questions:
Do I want to make a major pivot in my career?
If your answer to this question is ‘“yes,” you could benefit from an MBA. The MBA is one of the most versatile degrees available, and most top full-time programs are designed to help candidates change industry or function. This holds true for Michigan Ross where 95% of our graduating class are career switchers. Our action-based learning approach is specially crafted to allow students to build career-specific skills and gain hands-on experience while they are students.
Do I have the leadership skills needed to achieve my career goals?
You might consider an MBA if the answer to your question is “no.” One of the unique benefits of an MBA, which other graduate degrees do not provide, is the ability to develop leadership skills. A top MBA program will offer an environment and the experiences where students can learn to manage teams, enhance their communication skills, and practice making difficult decisions.
Will my current career path allow me to reach my position and salary goals?
Again, if the answer to that question is “no,” you may want to consider an MBA. Even if you are not considering making a career change, many students take on an MBA as a career and salary accelerant; some careers even require an MBA to advance. The Michigan Ross Full-Time MBA Class of 2020 saw an increase in median salary to $135,000, up from $129,000 in 2019. Take a look at our latest employment report to see how compensation statistics vary by industry, region, and more.
Yes, an MBA is a major investment of time and money, and the decision to pursue one should be weighed carefully. Asking yourself the right questions will help you determine if an MBA is right for you.
Be sure to reach out to student ambassadors and hear why they chose to pursue an MBA.