Many business professionals choose to earn an MBA as a step toward advancing their careers and honing their management, business, and leadership skills. How challenging, though, is it to earn an MBA? A master’s degree in business administration can be challenging in some ways. To finish the program, you’ll need the necessary amount of time, money, brainpower, experience, and energy.
However, the time spent in school can be well worth it: MBA graduates’ median starting salaries are $115,000, which is 77% more than the $65,000 median for those with only a bachelor’s degree. According to the same survey, 90% of corporate recruiters anticipate an increase in demand for business school graduates over the next five years or a stable supply.
If you’re thinking about getting an MBA, you probably want to know how challenging it will be. We’re here to assist you in determining whether you have what it takes.
The MBA Degree
With a history spanning more than a century, a Master of Business Administration (MBA) is a degree in business that is highly regarded throughout the world. The MBA is one of the most esteemed degrees one can earn, and having one is a great addition to a resume.
Numerous Fortune 500 executives’ use of the degree as evidence for their reputation can be found on their resumes. The majority of people who pursue an MBA already have at least four or five years of work experience and feel prepared to advance in their careers before applying.
The theoretical and practical knowledge emphasized in core and elective courses will help MBA students develop the skills they need to succeed in the business world. With future business leaders in mind, this graduate degree program equips students with the skills necessary for managing a fast-paced company.
The MBA is a popular choice for business owners looking to launch their own companies as well as executives seeking to land high-ranking corporate jobs in major corporations. Regardless of your career aspirations, earning an MBA will undoubtedly aid in your ascent up the corporate ladder.
However, earning an MBA does not mean that your efforts are done once you graduate. Nothing about earning an MBA requires initiative going forward in your career.
There are three main types of MBA degrees: the full-time MBA, the part-time MBA, and the Executive MBA (EMBA). However, business schools frequently have a wide variety of particular MBA programs to offer prospective applicants.
Full-time MBAs
Although some accelerated programs allow you to obtain an MBA in just one year, full-time MBA programs typically require students to complete them in two to three years. It is impossible to maintain a full-time job during this time because these programs frequently require students to spend the entirety of the weekdays in class.
As they spend a lot of time networking and collaborating with their peers, students in full-time programs will have strong connections. At top business schools, tuition for full-time MBA programs can range from $60,000 to more than $120,000 for a two-year program. However, tuition for full-time MBA programs can vary significantly.
Part-time MBAs
A part-time MBA can be completed in as little as two years or as long as six years, depending on the program and your schedule. Part-time programs typically take place on weekends or in the evenings during the week, but some hybrid models let you take a combination of the two or even take some of your classes online.
If you have other family or community responsibilities, need to work full-time, or want to continue doing so, a part-time MBA may be the best option for you. The cost of part-time programs is frequently much lower than that of their full-time counterparts, and the MBA you receive will frequently be the same regardless of the schedule you select.
Executive MBAs (eMBA)
Also typically completed part-time, executive MBAs typically take two years to complete. The EMBA is intended for people with a great deal more professional experience and those in senior or high-level management positions.
These degrees can be quite expensive, frequently costing more than a full-time MBA. Employers frequently pay a portion of your tuition and may ask you to sign a contract committing to work for them after you graduate for a specific period of time.
Is MBA Hard?
A time-intensive investment, as it should be given the career benefits, is an MBA. A traditional MBA program entails 4 semesters of full-time study in the United States or 3 semesters (1.5 years) in Australia or the United Kingdom.
Your drive to succeed and how much you enjoy the subjects will determine how well you manage the demands of a graduate degree, even with a light weekly workload. When returning to school for their master’s degree, many candidates discover they are more focused and disciplined than they were as undergraduates.
Starting with a Graduate Certificate in Business Administration or another course integrated into an MBA program is advised for anyone hesitant to enroll in an MBA. You are eligible for the graduate certificate after completing the first four of a 12-subject MBA.
After completing the graduate certificate component, you might discover that you are in a good studying mood and decide to carry on. At worst, you can stop your MBA program after the first third and still graduate.
There are online MBA programs that are offered at a faster pace. While avoiding extended breaks and exam times, students study throughout the year. You can complete the course in 24 months by working just 10 hours a week on average. Online MBA programs that last a year are also available.
Getting On A Course
Be prepared for an extremely difficult application process if you want to enroll in one of the best business schools. The majority of MBA graduates will even admit that the most challenging aspect of their program was getting accepted into a reputable course.
Acing The Application
Exceptional employer references, a compelling personal essay, your GMAT (Graduate Management Admission Test) score, and your grades should all be included in your vital application. Students at top schools typically have four years of professional experience already.
Your essay, which should be viewed as your statement of intent, will be the most crucial component of your application. Admissions officers will be seeking a compelling summary of your objectives, aspirations, and personality. To differentiate yourself from the competition, you must write something sincere and original.
Your GMAT score will rank second on the list of factors in your application. This test evaluates your English analytical, writing, quantitative, verbal, and reading abilities. Aim high because each year, over 100,000 people apply to the top 10 MBA programs.
It’s a good idea to retake the GMAT if you don’t achieve the minimum GMAT score requirement of 700, which the best schools will require. Many candidates will take the GMAT at least a year before they intend to apply, giving themselves plenty of time to study and perform well on the test.
Impressing At Interview
This is a major accomplishment if you make it to the interview stage. Don’t relax just yet; give yourself a pat on the back. Isiadinso, a former assistant director of admissions at Harvard Business School, claims that between 30 and 60 percent of applicants can expect to receive an offer after interviews, so you still need to put in a lot of effort to stand out.
Make sure you thoroughly research the schools you want to attend, perfect your personal sales pitch, and practice your responses to typical MBA interview questions (you can find a ton of them online).
Here’s some good news: if you have what it takes to get on your dream course, you have what it takes to finish it. This should stop you from breaking down just thinking about the application requirements. Read More: Are MBA Interviews Hard: How To Survive?
Pros And Cons Of An MBA
An MBA offers a variety of advantages after graduation. Several of the fantastic benefits of earning an MBA are listed below.
Better Job Opportunities And Higher Salaries
Achieving an MBA can open doors to better and higher-ranking jobs, despite the lengthy application process. Employers are aware that you have the theoretical and practical training necessary to address management and business issues head-on, which can help you stand out from your peers. This is why having an MBA can help you do just that.
Many higher-level jobs that were not previously available to them are now open to MBA graduates.
According to a recent survey, 75% of students said their career advancement was accelerated after graduating from an MBA program. 93% of these students said the MBA experience was so personally fulfilling that they would do it again.
Your path has opened up to these executive positions, it should come as no surprise that your pay will increase significantly. After earning their degree, MBA graduates frequently experience a significant return on their investment and can more than double their income.
Your industry, job title, and business school of choice are all important factors that will determine how much more money you can expect to make.
In spite of this, a recent study claims that MBA graduates made an average salary of over $105,000 a year, excluding signing bonuses. graduates from the nation’s top business schools can expect to see even more significant financial compensation for their work, with average annual earnings of over $170,000.
If you decide to pursue your MBA full-time, there is a chance that you could lose money, but the return on investment is still quite high.
Broader Networking Opportunities Await
Gaining an MBA can help you expand your personal and professional networks. You’ll have the chance to network in the classroom as you work and study alongside other students from various industries and backgrounds. They might end up being your long-term friends, coworkers, or even business partners.
You will have the chance to network with your school’s alumni network in addition to your connections with current students. Alumni from your school are frequently established in their positions and businesses and can provide you with helpful advice, resources, and connections to other professionals.
You can also communicate with the faculty, visiting speakers, and other members of your business school community. Although the term “networking” can come off as a little robotic and artificial, you should view networking as more of a relationship-building exercise than a business transaction if you want to really succeed in expanding your network.
It’s helpful to remember that in the business world, “everyone is connected in some way – and even something that seems very niche may one day be useful or even vital to one of your undertakings.” If you keep an open mind, you can create a lot of worthwhile connections that benefit both parties.
New Skills And Better Business Understanding
You will develop new skills during your MBA program and build upon your existing skill set. As students navigate the complexity that awaits them in the business world, MBA programs support their personal and professional growth.
Because the classes are so difficult, getting an MBA can be difficult, but they will improve your critical thinking skills. While most programs offer a variety of electives to customize your MBA experience, many schools require all students to take the same core courses focused on topics like leadership and teamwork.
You’ll be able to engage in critical thought regarding regional, national, and international business issues with the help of an MBA. You will have the chance to approach current issues in a solution-oriented manner and consider the results of these solutions.
Your understanding of the subtleties and complexity of the business world and how you fit into it will improve with the help of an MBA. Addressing international problems like poverty, homelessness, and climate change can help MBA graduates make a positive difference in the world.
While earning an MBA has many other advantages, there are a few things to keep in mind as well.
Cost
The cost of an MBA education can be high. Depending on the school, you can anticipate paying annual tuition, but these costs are not cheap. There are, however, ways to reduce the cost, such as enrolling part-time or beginning the application process early for various MBA scholarships.
You must take into account the potential wages you will lose by working a full-time schedule in addition to the tuition you must pay for an MBA program. The good news is that this situation will pay off handsomely once you graduate.
Even so, it can be frightening to consider that you will lose money while you are in your program.
Time And Balancing Other Obligations
Perhaps the two biggest drawbacks to getting an MBA are time and money. Expect to devote your weekdays and even weekends to coursework and other projects for at least a year or two if you enroll in a full-time program.
If you plan to finish your MBA part-time, you should also think about how you want to strike a good work-life balance. Keep in mind that you will need to schedule time for your job, your coursework, and any additional family obligations. Read More: How Long Does It Take To Get Your MBA?
