The MBA is one of the most common graduate degrees around. But when you survey the options, you wonder: is an MBA worth it?
Pursuing a graduate degree is an investment in your future that will pay dividends for your career. If you work in a large organization or want to start your own company, you should consider a Master of Business Administration degree.
What does an MBA give you that other degrees can’t provide? Since good business practice requires you to evaluate opportunity costs, take some time to consider the costs and benefits of an MBA.
Things to consider when evaluating an MBA
When you look at different graduate school options, notice what they offer—and what they don’t mention. Is an MBA worth it from the specific school you’re looking at? First, find out if the MBA offers you:
- Financial management
- Principles of entrepreneurship and innovation
- Leadership and organization development
- Assessment tools used by professional business people for personal improvement
- Face-to-face courses taught by professors with academic and professional experience
- Experiential learning using business simulations and a field project with a local business
- International business experience with trips to Europe and Latin America
What are the benefits of an MBA?
A Master of Business Administration degree accelerates your career path, opens up new opportunities for you within your organization, and makes you more marketable as your own personal brand. An MBA degree communicates to current and future managers that you are serious about your career.
Why get an MBA? What is an MBA degree good for, practically speaking? At the most fundamental level, an MBA prepares and equips students to:
- identify their strengths
- build their business skills
- understand the finances of organizations
- apply their knowledge through real work and experience
An MBA positions you to be more successful in job interviews. The degree helps hone your skills and enhance your personal knowledge in business. An MBA empowers you to think differently, make decisions using data, and opens your mind to new possibilities. If you really want to be set apart, and be an out-of-the-box thinker who can innovate and provide value to companies and start-ups, an MBA may be perfect for you.
What happens to your career path when you get an MBA?
Is an MBA worth it for changing careers or staying in the same one? If you want to climb the ladder to a new position in your company or position yourself for a job opportunity at another organization, an MBA is a significant way to prove you’ve got the knowledge and practice to succeed in that new position.
Education is an investment. You put in time, effort, and money now with the anticipation that it will reap career and financial rewards later on.
Will an MBA mean an increase in your salary?
Is an MBA worth it to make more money? The short answer is yes; the data supports the argument that people with an MBA will more likely earn more money over their career.
Choosing to get an MBA may unlock a more aggressive growth path for your career earnings. In 10 years, you may earn significantly more salary than your career path without an MBA.
Compare the salaries of people who hold the same job—some hold only a Bachelor of Science/Bachelor of Arts, while some have a Master of Business Administration. For example, a marketing director with an MBA earns $132,000 annually, but a marketing director without an MBA only earns $101,000. Likewise, senior HR managers and IT directors earn 12% more with an MBA than without.
If you don’t want to advance in a career of management, leadership, and high-level positions, the MBA is less important than work experience, developing practical skills, and other factors that influence your salary.
Does it matter where you get an MBA?
Why get an MBA from a highly rated institution with a recognized MBA program? Without a respected school’s name next to your degree, the potential benefits of an MBA decrease in the short-term and the long-term for your career and salary.
So is an MBA worth it?
An MBA is worth it for people who have an undergraduate degree and know they want to work in business management, leadership roles, or start their own company someday. The MBA provides a knowledge base as well as practical experience learning alongside other ambitious students and exceptional faculty.
Augsburg University’s MBA is an affordable and respected program designed for working professionals. With the third largest MBA program in Minneapolis-St. Paul, Augsburg offers academic excellence with convenient class schedules and affordable tuition.
Why earn an MBA at Augsburg University? What do MBA students love about the Augsburg MBA program?
- The three concentrations of the program: finance, entrepreneurship, and leadership
- A consistent, convenient schedule: one night a week for 26 months
- Small class sizes in a supportive cohort with working professionals from diverse careers
Networking for success in an MBA program
One significant difference between MBA programs at various schools is the community of professors and students who learn together.
The network of fellow MBA students in your cohort may not just be supportive during the two-year length of an MBA program, but may also benefit your long-term job opportunities and professional development.
One Augsburg MBA alumnus, Tony Wagner ‘10, explained having class with the same people week after week offered more than new friendships—he found 15 colleagues he could go to for advice or answers:
“Engaging the material through discussion allows our cohort to go beyond the textbook. The professors draw us in with their insight, and then we add our own experiences.”
Augsburg MBA alumni have created companies with social impact; been inducted as fellow in a policy institute in Washington, D.C.; started a publishing company; and risen to district management and above in major corporations. Why get an MBA at Augsburg like these noteworthy alumni? You have your own accomplishments to achieve and mark to make in the world.
Lara Dreier ‘15 MBA praised Augsburg University’s professors:
“Everyone on the faculty was both a practitioner and a scholar, which was extremely important to me. I wanted curriculum that was both conceptual and applied, and got both in every class. They offered the support needed to be successful.”
Professor Jeanne Boeh teaches economics and is chair of business administration in Augsburg’s MBA. She previously taught at Loyola University, the University of Illinois in Chicago, and the University of St. Thomas. She earned an M.A. and a Ph.D., is a member of the Minneapolis Star Tribune Board of Economics, and is regularly quoted in the business section as an expert in economics.
George Dierberger is interim director of Augsburg’s MBA program. He previously worked for multinational corporation 3M, where he orchestrated strategic plans, lead significant sales initiatives, and launched product lines for 25 years. He holds an MBA, an M.A., and an Ed.D., and has taught businesses courses at Augsburg, Bethel University, and the University of Wisconsin-River Falls.
Explore the Augsburg MBA program with exceptional faculty and proven quality. Augsburg University’s MBA program is accredited by the North Central Association Higher Learning Commission and the Accreditation Council for Business Schools and Programs, which awards accreditation based on teaching excellence, determining student learning outcomes, and a continuous improvement model. Its student-centered teaching and learning approach, which is measured and analyzed for quality, ensures that students gain the right skills from their educational investment.