Education is expensive, and earning the MBA degree can be particularly expensive. Not only must you pay for tuition, books, and living expenses while at school, you must also forego the salary you could be earning using the undergraduate degree you already have. MBA This article explores some of the ways that may help you to overcome the financial aspects of earning the MBA degree.
With the cost of MBA programs ranging from a low of about $50,000 to a high of over $100,000, many potential students may be asking themselves if the financial sacrifice is warranted. Some studies have claimed the earning the MBA degree has financial value only if it is earned from a top-tier university, and from any other school it results in a financial loss. It is therefore worthwhile, before we get into methods of financing the degree, to look at its monetary value.
Recent statistics on the starting salaries of graduates for four undergraduate fields that pay well can be compared with starting salaries of MBA graduates. The numbers are interesting:You can see that starting salaries of MBA graduates easily exceed mid-career salaries of undergraduates of the most lucrative fields. We can assume, therefore, that the MBA degree is worth attaining. The question then is “How do I pay for it?” Here are some approaches.
A recent Wall Street Journal article described a study of starting salaries for 2010 MBA graduates in the US. Their median starting salary was slightly more than $79,000, not including a sign-up bonus with a median of about $13,000. The median is the middle value. That means that half of the graduates earned less the $79,000 and half earned more. We know that graduates from some of the top MBA programs in the US easily receive salary offers of $100,000 and more.