Is it really worth it to go to business school and get your mba?

Answer 1

If you can get into a top program, it is worth it. Students at top 15 schools enter making an average $60,000 per year. When they leave, they usually have two or three offers for jobs. The average salary for students from top schools is six figures. These schools employ people who will help you get a great job.

The increase in salary drops off pretty quickly. Schools in the second 15 help -- but not as much as those in the top 15. Students going to schools ranked 30-45 usually get some increase in salary -- but do not do as well as those at top 30 schools. Students going to unranked schools do not usually get much of a bump in salary and do not have the kinds of job offers available to those in ranked schools. These programs really only help students who already have jobs and want to get ahead in their current company.,

Answer 2

Good question. I think every prospective candidate asks themselves that.

The short answer is, it depends on what you intend to do. First make a career plan. If that career plan involves anything in corporate marketing, finance, consulting/analysis, product management or some other such profession employed within a structured corporate ladder system- then yes, it is worth it. An MBA from a good school is a way to climb the hierarchy and get promoted faster. In some of these fields, its a downright unwritten requirement.

The other reason of course, is if you are a career changer to one of these fields. Many liberal arts or scientific people want to try their hand in the traditional business world. This is a good way to get your foot in the door.

Keep in mind though that the value of an MBA is somewhat related to where you got it. Youy should probably avoid going to some low-ranking school just to say you got an MBA. Its not worth the time and money for the differential pay increase after you graduate. Look at Businessweek's annual rankings as a guide.