Is an MBA for you? Find Out 5 Quick Facts

Chances are you’re thinking about pursuing your education further if you are a business major graduating with a Bachelor’s degree. Read this post to find out the basics about Masters of Business Administration programs. Written by Juliet Rocco

Am I being interrogated? Over the past few months, I’ve been probed with questions about my future and MBA degrees repeatedly. Countless people asking, “What are your plans after college?”, “Are you going for your MBA?”, “Are you staying in Rochester after you graduate?”

Let’s keep in mind, I have one more year of undergrad left. My mind is not focused on graduation quite yet.

Is that your final answer? My answers to all of these questions are uncertain. I take my life one day at a time and enjoy it. That’s how it should be, although I do believe in planning ahead when it comes to my education and major life choices.

For myself, I plan on waiting a few years to get work experience, pay off undergrad loans, and hopefully find a company nice enough to foot some of the MBA tuition bills.

Putting things into perspective: An MBA is the new Bachelor’s degree. If you want to move past a basic management role in your career, you are going to have to step up to the plate and hit that $60,000 MBA ball. That’s right, a reputable MBA program can cost anywhere from $45-90k for a one-year or two-year program. Consider this an investment in your future, much like the Bachelor’s degree you’re working towards now to help you land a job.

Quick Facts:

1. Many programs want you to have prior work experience, anywhere from 2-8 years. Experience is the greatest teacher. This provides good reference sources as well.

2. You must take the GMAT exams before applying to schools. The overall score can fall between 200-800. The top business schools are looking for scores ranging from 630-730.

3. After you complete the GMATs, you will apply using a similar process that you used to get into college. Expect a much larger application fee, though. Wharton School of Business charges $265 and this is nonrefundable.

4. According to a QS Global Employer Survey in 2011, there was a 36% increase in overall MBA job opportunities.

5. In 2011, the average MBA salary in the U.S. was $92,000. The average MBA bonus in the U.S. and Europe was $23,000.

Takeaway: You can wait to get your MBA or you can enroll in a program that allows you to complete it right after finishing undergrad. You should not feel forced into completing your education, so take some time off if you need to and get some real-world experience first.

Source: http://www.mbahome.com/Special/qsapple2/images/TopMBA.com_Jobs_&_Salary_Report_2011-12.pdf

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