When Does Pursuing an MBA Degree Make Sense?

Perhaps you’re mulling getting an MBA degree to forestall a career decision. Or maybe you want one because it’s the thing to do in your field. Whatever the case, such a pursuit can’t be taken lightly, what with all the time, effort, and money involved. Perhaps you’re wondering, when does pursuing an MBA degree make sense? Read on. 

What is an MBA? 

A Master of Business Administration (MBA) is a graduate degree that concentrates on business administration, healthcare administration, psychology, and investment management. Such a course of study also aims to produce leadership skills. 

How Common is an MBA? 

While the number of applicants has been dropping in recent years, business school grads continue to have markedly high placement rates. 

Is an MBA Degree Worth It? 

It can be a tough decision, what with everything involved.  The degree does have its advantages, including providing you with a formidable professional network, more job options, and a fatter paycheck (the average graduate from a top biz school can expect a six-figure salary).  

However, those benefits may take a few years to manifest. So, if your head isn’t screwed on straight about your decision, or if you’re considering such a degree primarily because of the elite status it affords, things may not work out optimally for you. And don’t forget the cost, which for most people is something to consider. Check out Juno for info on MBA student loans. 

What are the Best Reasons for Pursuing an MBA? 

• To expand your skillset. Organizations are increasingly seeking to emerge from the stubborn pandemic in better shape than they were before by focusing on agility and adjusting upended business models. That means attracting the right talent. In that light, ask yourself how you can future-ready your skillset and capabilities to match the roles being offered. Check out this MBA reddit piece for more on the subject. 
• To change careers. An MBA can help you take a clear-eyed look at whether you should shift gears. After all, you’ll have exposure to faculty, peers, and an alumni network, all of whom may ultimately influence your decision. Class projects and case studies will also help acquaint you with different industries. 
• To advance your station. You don’t have to want a career pivot to pursue an MBA. Perhaps you want to accelerate your career path. That does happen with a business degree, as graduates of top business schools frequently nab leadership-track positions. 
• To enlarge your network. It’s cool to become part of a community of up-and-comers and well-connected alumni. These people can help grease the skids for your endeavors, and you’ll ultimately be able to do the same for others. 

What are the Worst Reasons for Pursuing an MBA? 

• You want an automatic boost. Unfortunately for you, that’s not how it works. You won’t automatically get a rad job with more responsibilities. No, it takes drive and hard work to complete an MBA program. You must want it. 
• Your parents will pay. While such a proffer is awesome, that shouldn’t be the sole reason for enrollment. The fact is that more than half of MBA students wind up taking out student loans for their education. 
• You’re stuck. Perhaps you’re in the doldrums, as far as your career. You need to do something to shake things up. But you shouldn’t pursue such a tough degree simply because you’re bored. Rather, you should think about why you’re in the current situation and where you want to go. 

When does pursuing an MBA degree make sense? Now you know. You also know some of the worst reasons. If financing your MBA pursuit is a key issue in your decision, we recommend you contact Juno for its student loan offerings.