Going back to school can be a difficult decision, especially when you’re settled in a comfortable job and using that employment to pay for and live an enjoyable lifestyle. One of the main questions that people come up with when they’re looking at returning to school for a graduate degree, whether it’s professional or academic, is whether or not the short-term financial costs outweigh the long-term benefits. If you’re thinking about going to back to school for your MBA, here are few important things that might help to make your decision easier.
Is it worth it?
The long-term answer is yes, having an MBA will both increase your value as an employee and will open up career path opportunities for you that would not be available without it. Today, for example, it is quite seldom to see company executives that do not have an MBA and/or a higher degree that is specialized to the company’s field. Having an MBA will also give you more beneficial connections, as a major part of business school involves networking events and competitions. In the long run, your investment in your education should pay major dividends. If cost is still playing on your mind then consider studying abroad, often tuition fees are much lower, not to mention the cost of living. It will also give you the opportunity to experience a new culture and perhaps learn a new language, all things that will make you more attractive to a prospective employer.
Approach your current employer
If one of the main reasons why you’re worried about returning to school for your MBA is that you’re happy with your job and wouldn’t want to risk losing it and the financial security it provides, then consider approaching your employer about your graduate school plans. Many employers within the banking, accounting, consulting and other business industries, will not only keep a position available for employees returning to graduate school but will offer funding opportunities in exchange for years serving the company upon graduation.
Consider an Executive Master of Business Administration
Many career-focused people consider returning to graduate school full-time to be a waste of their earning potential, or they are so involved in the development of their company that they cannot afford to take time away to study full-time. For those who fall into this category, there is the option of the Executive MBA, which provides students with all the major benefits of an MBA program, with the flexibility and customization they need to make their studies fit their own schedules. While the fees and financing for this style of MBA are usually comparable to full-time studies, your ability to continue working will mean that you won’t have to sacrifice your current income while spending on your education.
Remember, there are plenty of great opportunities and ways for you to balance your studies with your demanding career, and in the future you’ll be glad you did.
Image courtesy of: Online MBA Page