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<\/p>\nSo, you\u2019re thinking about earning an MBA. Maybe you\u2019re looking to land that elusive promotion or strike out on your own and take the consulting world by storm. Either way, an MBA might be the first chapter in your success story\u2014and now might be the perfect time to go after what you want.<\/p>\n
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Top business schools across the country are reporting a significant drop in applications, according to a recent study from Kaplan Test Prep<\/a>. The primary reasons given for the decline in future business leaders include:<\/p>\n It\u2019s difficult for business schools to control the strength of the U.S. economy or the number of international students who might be scared off by America\u2019s unpredictable political climate. But, the cost and value discussions are worth examining further because they speak directly to how current and prospective students define the benefits of an MBA.<\/p>\n To that end, we enlisted the help of four business leaders who hold MBAs to dig deeper into the subject and get their opinions on whether or not an MBA is a worthy academic pursuit.<\/p>\n Paige Arnof-Fenn is the founder and CEO of Mavens & Moguls<\/a>, a global network of business consultants who provide strategic guidance to up-and-coming businesses.<\/p> \u201cFor me getting an MBA was definitely worth it<\/a>. I went into finance right after college and realized I wanted to switch career tracks,\u201d Arnof-Fenn says. \u201cGoing back to school allowed me to rebrand myself, try a new area as a summer intern, gain new skills, and build my confidence. For me it was critical for finding work I enjoyed and making the transition smoothly.\u201d<\/p>\n In fact, earning an MBA can open doors to some of the most exciting business-related career paths out there. Coursework in statistics, economics, and entrepreneurship help degree holders establish themselves as business experts; while communications, management, and organizational behavior classes teach them to think critically and find innovative solutions to business problems.<\/p>\n \u201cAn MBA forces you to deep dive into topics and coursework that greatly broadens your business acumen,\u201d says Shaan Patel, M.D., founder and CEO of Prep Expert<\/a>. \u201cBy digging into case studies and working closely with peers, you are forced to develop skill sets and always question how businesses construct and execute their strategy.\u201d<\/p>\n Arnof-Fenn and Patel both credit their MBA experience with helping them achieve the career goals they set out to accomplish.<\/p>\n Arnof-Fenn\u2014who spent several years in corporate marketing, helped build multiple startups, and currently leads a global marketing firm\u2014says earning an MBA helped her resume stand out and gave her \u201ccredibility as an entrepreneur.\u201d<\/p>\n Patel turned his business vision into a successful bid on Shark Tank and now runs one of the world\u2019s foremost standardized test preparation platforms. \u201cFor my own career, I found that the MBA experience shaped my understanding of strategy and how to execute longer term goals with actionable projects.\u201d<\/p>\n Kevin Fleming \u201914 MBA, MD, was thrilled with the career mobility afforded by an MBA<\/a> from Augsburg University. “The Augsburg MBA enhanced my critical thinking process, business acumen, and leadership abilities,\u201d Fleming says. \u201cA few years after completing my MBA, I was selected to move to London as part of a new Mayo Clinic health venture in partnership with Oxford University. The Augsburg MBA program delivered!\u201d<\/p>\n While it\u2019s possible to create the next Fortune 500 company and make millions of dollars after earning an MBA, frankly, it\u2019s unlikely. According to Poets & Quants<\/a>, MBA holders generally earn a median base pay of around $125,000 and another $25,000 in annual bonuses. The potential to earn more is there, depending on your concentration\u2014P&Q cited a few examples of MBAs who parlayed their academic prowess into starting annual salaries of more than $200,000\u2014but the salary you might<\/i> make after earning your degree<\/a> shouldn\u2019t be your only consideration.<\/p>\n The fact is, earning an MBA can be expensive. \u201cMBAs, especially those who go to private business schools, can accumulate between $100,000 and $200,000 in debt and expenses in just over a two-year period,\u201d according to Investopedia<\/a>.<\/p>\n The average annual tuition for a two-year MBA program is just over $60,000, but add to that the cost of rent, food, books, and overseas tours and internships (depending on your concentration<\/a>) and it becomes clear how the total cost of the degree could easily eclipse tuition.<\/p>\n \u201cBusiness school is a daunting proposition\u2014two years of lost wages combined with about $200,000 in debt,\u201d says Alexander Lowry, professor of finance at Gordon College. Lowry holds an MBA from the Wharton School and knows full well the sacrifices it takes to attend one of the \u201celite\u201d schools. \u201cIt took me three years to become NPV positive \u2026 and I was working on Wall Street!\u201d<\/p>\n But don\u2019t forget: financial aid and scholarships are available<\/a> in MBA programs, including the Augsburg MBA, so you\u2019re not having to pay the full cost on your own.<\/p>\n Despite the tantalizing and terrifying realities of average salary and student loan debt, the benefits of an MBA may reach far beyond dollars and cents. The network you build among your peers and professors could benefit you throughout your entire career.<\/p>\n In fact, networking has become so important to business success that many MBA programs include skill-building courses and events in their curricula. And, if you consider the importance of referrals when courting clients or attracting top talent, your network becomes an invaluable tool. According to Business Network International, 98 percent of businesses rely on referrals<\/a> to gain new clients and build new partnerships.<\/p>\n \u201cIt is a huge opportunity cost to go back for a degree so it has to be worth your while,\u201d Arnof-Fenn says. \u201cI do believe the degree is still relevant for the knowledge you gain but also for the contacts you make.\u201d<\/p>\n Laurie Barger \u201912, \u201916 MBA, \u201917 MAL says, \u201cRooted within the city, Augsburg<\/a> has made its mark by fostering relationships and providing opportunities for the student population that go beyond classroom lectures. The MBA program brings together professionals from a diverse range of fields and industries, creating an environment cultivated for learning, building relationships and developing in ways that a typical, lecture-heavy program do not offer. With the professors drawing from their personal work experiences, they are able to cater the course to provide context that you can directly apply to your job, giving you the tools and resources to navigate your career.\u201d<\/p>\n Earning an MBA is a big decision<\/a> that should be carefully considered. While there are hundreds of success stories out there, plenty of money to make, and a countless exciting opportunities to build your network, it\u2019s not for everyone.<\/p>\n Kenny Kline is an entrepreneur and managing partner at JAKK Media. He\u2019s also a graduate of Columbia Business School who says an MBA is especially worth the time and effort<\/a> if you fall into one of three camps:<\/p>\n Be sure you know what you want from the program before you start. It\u2019s a challenging road, but it promises payoffs\u2014personal as well as financial\u2014if you\u2019re willing to work hard to reach your goal. Just remember: Academic adequacy isn\u2019t enough. You need to prepare for true scholarly success.<\/p>\n If you think you\u2019re up for the challenge, the decreasing number of applicants means your chance of earning a spot in a competitive MBA program is getting better all the time.<\/p>\n Are you up for the challenge of an MBA program? Explore <\/i>Augsburg University\u2019s MBA<\/i><\/a> or contact <\/i>mbainfo@augsburg.edu<\/i><\/a> to talk with MBA professionals today.<\/i><\/p>\n\n
An MBA provides career mobility<\/h2>\n
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<\/div>\nBut, earning an MBA is a weighty decision<\/h2>\n
MBAs aren\u2019t just about dollars and cents<\/h2>\n
The bottom line on the benefits of an MBA<\/h2>\n
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