MBA beneficial or economical in Marketing?

Question

Hi all...

Is contemplating to do an MBA in Marketing...
Graduated with a BSc in Chemistry...
But hesistating as the current cost of doing an MBA might not be economical as it is costly and will not relay the cost in pay rise upon graduation...

How relevant do you think an MBA is in Marketing especially in private sector?

What say you?

Pls enlighten me....Thanks!

By the way, I am based in Singapore.

Answer 1

Hi,

A good Australian (US and Europe are much more expensive) MBA typically costs about $50000 and above. Let's say you spend $120000 including living expenses and foregone salary for a one-and-a-half year MBA course.

Surveys regularly done on MBA graduates from better schools typically indicate that they will triple their annual income to about US$110000-$120000 within 5 years. That will mean a full return on their investment within 3 years or so after graduation. You can take a look at the biennial FORBES survey results on return on investment for MBA to get a good idea of what I mentioned.

Therefore, if you ask me, it is a good idea to invest in an MBA now, to generate higher income in the near future.

Now, with regard to MBA (Marketing), that is a subjective call on your part. You'll have to decide if you want to specialise in Marketing, or if you want to specialise in another field. Marketing will always be a popular choice among MBA students. However, you may want to consider doing a general MBA, and tailor your MBA to your needs with electives. This way, you can do some marketing subjects, while at the same time doing other subjects that can complement your work experience. This will help you tremendously when you look for a job post-graduation. Most good MBA schools structure their courses this way, rather than through specialising in a particular field.

Hope this helps and good luck!

Answer 2

I don't know where you live, but every study in the U.S. has shown that lifetime earnings are considerably higher for an MBA than for someone with only a bachelor's degree - more than enough to make up for the cost of the degree.