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Why Pursue an Mba

Essay by   •  June 25, 2011  •  Research Paper  •  1,010 Words (5 Pages)  •  993 Views

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Introduction

In an economic time, where the unemployment rate is at a high level and the competition amongst jobseekers is fierce. An individual's credentials must include a strong professional background, an upper level educational experience, or both. Today's companies are in search of tomorrow's leaders who can implement innovative ways and growth strategies. Innovation and creativity has had the most interesting and significant jump. "Most organizations are finally waking up to the fact that they must focus on this issue because [market] competition can come from anywhere quickly." (McKeown, 2011) "For organizations to become more effective at managing this issue, they need to better define what innovation and creativity means to them and how well it will fit into their organizational culture." (McKeown, 2011) To attain business skills and the ability to accelerate your career to its fullest potential, getting a Masters of Business Administration is the politically correct option. However, the cost, time, and computer access are some of the hindrances associated with obtaining this degree. In this paper, we will explore each of these hindrances and what affect they had on my decision to continue my education.

Cost Factor

There is definitely an expensive price tag associated with acquiring an MBA, with the cost varying depending on the quality of the program. When I was considering whether or not to get an MBA, cost was definitely a factor. Upon exiting undergraduate studies, my total student loans accumulated was near the 25,000 dollar mark. The monthly payment for that amount was right under 200 dollars a month. Pursuing a graduate degree would certainly tack on a few (if not several) hundred dollars to that monthly payment amount. The debt repayment was very discouraging and resulted in reconsideration towards pursuing a graduate degree. After a few years of experiencing a glass ceiling in salary and opportunity for advancement, I researched the salaries of engineers whom possess a MBA. "On average, an individual with a Masters in Engineering will make $10,000 annually more than one with only a Bachelor's in Engineering. With an MBA, you can earn on average up to $30,000 more than the Bachelor's. Along with the potential salary increase, the MBA will add flexibility and credibility to your personal portfolio." (Clarke, March 1998) Being that the return on investment (ROI) would be the deciding factor, I begin to search for schools that would maximize my ROI. In searching for those schools, online schools seem to be the cheaper option. "Such courses mainly are distributed online (although students may meet on campus for particular lessons, seminars, or to speak with professors and advisors), so the costs of presenting the class are much lower." (Cost of MBA, 2011) Once I was able to find a school (with accreditation) that would maximize my ROI, I proceeded to move forward to my next area of concern.

Time Factor

As a current electrical engineer, I work for a consulting firm that consults utilities

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