One of the most common queries prospective students ask before undertaking a Master of Business Administration is: “How do I know I’m getting value for money?” (This level of discernment is promising in a future business leader.)
The question is a natural one, because most MBAs aren’t cheap (ours, however, is rated in the top three for value for money by MBA News). So while you might be eligible for advanced standing or your employer may be sponsoring your study, you may still find yourself – in the short term – out of pocket or in debt.
However, when considering an MBA, you should also consider its ROI. You will learn high-level, practical skills throughout your studies, and gain exposure to real-world business problems. After graduation, you’ll be perfectly placed to step into a fast-paced challenging role. Such study will lead you to success, increased confidence in your career and greater earning power – so it’s more than likely to be worth the investment of both your money and time.
Consider your career without an MBA
To analyse the ROI of an MBA for you, think about what your career might be like without the knowledge and qualification. Take into account where you are today. What is your likely career trajectory? How much, on average, do people in your current position earn over a lifetime?
Then take into account whether you’ll lose any income by taking the MBA. Are you going to have to leave work for the duration of the course, or cut back on your hours? Studying part-time, and online with Southern Cross University, allows for flexibility with your schedule. You just need to find 15-20 hours a week in your own time to study – and that’s easier than you’d think.
Consider your career with an MBA
Next, consider what kinds of roles you will be applying for once you have gained your MBA, or even while you’re studying it. How long, on average, does it take to find a position in one of these roles? How much are you likely to earn over your lifetime? How long after finishing your MBA do you plan to retire?
Is an MBA necessary for your goal position – or would you be better served by undertaking an industry-specific Masters degree, such as a Master of Engineering Management, Master of Healthcare Leadership, Master of IT Management, or a Master of Project Management?
Ultimately, you can’t calculate a concrete ROI until you’ve actually paid off your MBA and progressed in your career. However, you can work out whether your projected ROI is enough to make investing in an MBA worth it for you.
Speak with one of our Student Enrolment Advisors, by calling 1300 589 882, for a personalised analysis of your career potential with an MBA today