10:44 PM Is studying MBA in USA really worth it? What if I do not make more money in Job? | ||||
Few of my friends question me indirectly questions like:
If you think logically, what my friends are asking is correct. What if I really do not make more money, is my degree going to be waste? Let’s try to analyze the question and possibilities by using some math ! Imagine you are spending $60,000 towards your MBA in USA. What is the Return on your investment for $60,000. When will you be break-even? When will you make more money from the MBA degree? If everything goes well and you get a job promotion and make $5,000 more every year then it takes 12 years for you to break-even. ( I am taking a very minimum hike scenario, in reality you may get more, but for discussion let’s look at worst case scenario as base case ) . Even if you get promotion even at the age of 45, still you will be break even financially. Let’s look at the best case scenario, imagine you get that promotion at age of 35, and then you are making $50,000 dollars on top of your investment. What I have explained above is just layman’s thinking of finances and how most of us looks at finances…This is probably not the right way to look at MBA. It is not just about making more money… After my personal experience of studying MBA courses, here is what I think about MBA. In MBA, you study about many concepts of Business that can be applied to personal life. MBA really gives you the ability to make better decisions financially and personally. Doing MBA online is the worst thing that you can ever do. In fact, you learn NOTHING and may only learn just bookish material. You should go to MBA classes and discuss with professor and fellow classmates. You learn from knowledge and business situations of other companies explained by your fellow classmates. Bringing their companies experiences to class. Classroom is a place for exchange of ideas. Online, you may read the articles and do discussions online. but it is not the same . Few things that I learnt in MBA
I can keep on writing….The key point is, strategically thinking. two to three years of my life and $60,000 of investment is totally worth the time and money for MBA because, if I can make more educated decisions by using logic and knowledge for the next 30 years of my life, I will get at least 20 times more than I invested in my education. Just imagine, if I can invest my savings money 2% better with the knowledge I gained, I make a lot more… Also, imagine I can save and buy better products in the next 30 years, I am saving a lot too. The first case is making profit, the second case is cutting loss by not choosing bad products, both of these are adding value… Some may argue, you do not need MBA to get all these, you can study and learn all these. Come on guys…tell me, How many of you will take time to study all these with dedication, unless you have tremendous self-discipline ? You are investing in yourself to make educated decisions in future based on logic and knowledge. MBA is not just for getting a better job or making more money. You cannot really measure the value of all your decisions by just money. It is more than money ! If you are passionate and want to learn and grow, I personally think MBA is a something right to consider… You may make a ton of money, you may be intrigued to open a company and you may succeed in making millions, you may be failure as an entrepreneur,….or you may not make an extra dime in job or business, but still you know how to manage your finances and other things at hand with more knowledge and logic… www.flickr.com/photos/markhillary/3593836225/
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