Is an MBA worth it? As you consider investing your hard-earned money, as well as nearly two years of your life in acquiring this qualification, this is a fair question to ask. What are the benefits of pursuing an MBA, and what kind of return can you expect on this investment? To help you find an answer to this question, International Business University (IBU) provides a breakdown of the benefits, costs and potential career benefits of an MBA degree.
Why an Online MBA is Worth it
Online MBA programs offer a particularly beneficial and cost-efficient way for mid-career professionals to move their working lives into higher gear. MBA degrees undoubtedly help graduates move up the ladder and land a better job. These courses are specifically designed to propel career development and transformation. Even well-established professionals can use an MBA to learn new skills and leverage further career growth. If we look at it in purely financial terms, earning an MBA qualification can certainly help you increase your revenue and ask for a better salary. With newly upgraded skills, a new qualification, and an expanded network, you have all you need to move yourself up to a higher income bracket.
An online program gives even the busiest people the chance to access the benefits of an MBA, without having to sacrifice their work commitments. You can fit your studies into your current work life. However, as we have already noted, these benefits come at a cost. Do the ultimate benefits justify the price you have to pay in money, time and effort?
Pros and Cons of Pursuing an MBA
Let’s consider the pros and cons of pursuing an MBA program. As far as the benefits are concerned:
- You can increase your earning potential dramatically. Once you have received your qualification, you could increase your income by 50%. This benefit will increase even more as time passes and you are able to take advantage of more lucrative career opportunities as a result of your degree.
- You can boost your career potential and open up new roles.
- Long-term career opportunities will likely open up over the next three to five years.
- You can also access an expanded professional network, which will increase your career chances even more.
- An MBA degree augments your professional knowledge and makes you a more confident candidate for any role you may apply for.
Most of the cons are related to the short-term costs you will deal with as you work through your MBA course:
- The financial cost of the course
- Investment of time you will have to make, particularly as you have to juggle your work and personal commitments with your coursework.
- If you decide to pursue the degree full time, then you would also have to sacrifice your income for the duration of the course.
When you measure the pros and cons against one another, the picture that emerges is one of short-term costs versus long-term pay-offs. Let’s look at these short-term costs in more concrete terms.
How Much Does an MBA Cost?
While MBA courses differ as far as costs are concerned, the average amount an MBA candidate would have to pay to complete the program is CAD 30,464 per year. Most courses take two years to complete. The IBU MBA program runs for 16 months and costs a total of CAD 24,100 for domestic students, and CAD 37,300 for international students. Since you can do our course online, you can continue working and earning so you would not have to sacrifice any revenue while you study.
Factors to Consider Before Choosing an MBA Program
Before enrolling in an MBA program, ask yourself whether it is the right move for your career path, ask yourself the following questions:
- Is an MBA the right qualification for my career path?
- How does my work experience relate to the program? Has it prepared me to complete the degree, and will the degree, in turn, help to advance my career further?
- Can I make the time and financial commitment required to complete the course?
Once you have considered these questions, you can select the right MBA program by asking some additional questions:
- Is the institution offering the course a reputable one?
- What is the cost of the program? Does this align with the institution’s reputation, and the quality of the material? Can I afford it, and will it be worth the investment in terms of the results it could yield?
- What teaching methodology does the institution use? Quantitative or case teaching? Is this what I need?
- What is the culture of the institution like? What is campus life like?
Potential MBA Salary for Graduates
The salary improvements enjoyed by MBA graduates will obviously differ from one case to another. That being said, Canadian MBA graduates are among the top 5% of the country’s earners. The average MBA holder in Canada earns between CAD 70,000 and CAD 155,000. When you consider that s two-year MBA course costs about CAD 60,000 on average, you can see each course costs less than a year’s income, even for earners on the lower end of this salary scale.
Is an MBA worth it? We are sure you will find it is. If you would like to know more about IBU’s MBA programs, their costs and benefits, contact us.