It’s a great pleasure to read your articles on Quintessential Careers.
I have several questions about an average MBA program.
- What is the average tuition for an MBA student?
- How long is the payback time for students to re-coup their investment?
- What is the placement rate for an average MBA compared to an average graduate students?
Do you have the information or would you please tell me where to find the information? Thanks.
The Career Doctor responds:
The value of the MBA degree ebbs and flows partly with the economy partly
with the supply of job-seekers with an MBA partly with the demand for the
MBA credential but I personally believe that for those job-seekers looking to make the next step up the corporate ladder it is an invaluable tool for success.
MBA tuition varies depending on the type of program you are seeking but you
can expect to pay tens of thousands of dollars. If you’re lucky you may have an
employer who is willing to pay for your MBA in exchange for some commitment to
stay with the company for a few years beyond the completion of the degree. In that
situation you won’t have the costs but you also will not see a big jump in salary.
The other option is to pay for the MBA on your own. If you have solid work experience
before completing the MBA you should expect to see a decent bump in salary
(anywhere from $10000 to $30000 or more) — and recoup your tuition costs in one
or two years.
As for placement it again depends on the MBA program. Some of the top schools
have quite a few recruiters who seek out those grads. In other programs placement
is not so strong. It’s best to do your research and ask each program about its placement record.
Get more information in this article published on Quintessential Careers:
The Master of Business
Administration: Is the MBA Worth the Time Effort and Cost?