Considering an MBA? Here’s What You Need to Know
Not sure whether or not to get your MBA? If you’re on the fence about whether it’s worth the time, expense, and hassle, new data might help you make up your mind.
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We can all probably guess that an MBA leads to better opportunities and higher salaries, but who wants to spend more time and more money on school than necessary? Well, according to recent data provided by Financial Times, there are double the reasons to return to school than there were five years ago.
Despite the economic slowdown and everything else you’ve probably heard about unemployed graduates, the 2014 Financial Times MBA ranking of business schools is showing that salaries for MBA graduates have doubled over the last five years. Students who entered MBA programs during the worst part of the downturn (2008-2009), are earning double today what graduates earned previously.
While one might expect higher salaries of $182,000 and $176,000 from graduates of Stanford and Harvard (respectively), according to PayScale data, salaries for MBA graduates can range on average from $79,000 to $125,000 — still nothing to scoff at, especially when so many undergraduates find it difficult to just find an entry-level position.
Of course, if you’re really considering an MBA, you may also want to consider the cost of obtaining an advanced degree. Many students graduate at least $100,000 in debt but the number of jobs requiring MBAs is expected to grow 22 percent by 2020. If you can swing it, the payoff may well be worth it.
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