Raising and Countering Objections Regarding the Decision to Get an MBA
The decision to pursue an MBA is personal, as its worth can vary with each individual. It is a “must have” for some and a “would be nice” for others. There are many articles touting the reasons to pursue an MBA but few arguing against it. Many things need to be considered, such as finances and lifestyle. Financially, is the debt accrued worth the potential earning power? Can time and resources be dedicated to complete the degree? Is a master’s degree relevant with current industry or is work experience more heavily leaned upon? These are some of the considerations outlined below that individuals must consider when deciding to go back to school.
Pursuing an MBA can be a very costly decision. Costs per class can range from $1,300 to $3,000 over the course of two to four years. Often students are studying while living independently and working to support their lifestyle. This can put a strain on finances as paying bills may be more important than paying for “extra” school. Furthermore, some students may still be struggling to pay back student loans from an undergraduate degree. “Average cumulative debt increased by 5.6% or $1,139 a year since 2003-04” (FinAid, 2012). The financial burden may be more than some are willing to take on with the expenses of everyday life.
The expense of higher education has been on a steady rise with undergraduate costs rising much faster than graduate study. According to the National Center for Education Statistics, the total annual cost of graduate study at a public institution has increased 7% from 2003-04 to 2007-08, whereas undergraduate study at a public institution increased 4% in a one-year period. This statistic implies that potential students have time to financially plan for further education rather than commit to more student debt to avoid drastically rising education costs. The additional student debt can often be paid back...