The decision as to whether you should get your MBA is significant and should not be taken lightly or made hastily. Earning your MBA is going to mean making sacrifices with your time, personal life, and finances, especially if you will need to take out private student loans to in order to pay for your MBA. Borrowing money for a higher-level education means that you are committing a portion of your future income to this educational advancement so it’s essential that you first determine if earning your MBA is even necessary. Being able to diversify your capacity as a working professional is one thing that having an MBA can do for you. In some cases, it can trump work experience or even your initial degree and career path.
Financial ROI
In some cases, it takes money to make money, earning your MBA can be a great example of this. Consider your chosen profession and research what type of earning potential is associated with employees that have their MBA versus those who do not. If the gap is significant then it is worth it for you to pursue it, even if that means taking out a private student loan to pay for your MBA education. The borrowed money up front might be a necessary step to avoid a salary plateau in the future.
As you advance in your career you are going to want to do everything you can to stand out from your competition, an MBA is a good way to do that. Traditionally an MBA program is shorter than undergrad, so your loan amounts will not be apples to apples. You are also likely in better financial standing at this stage in the game, so your terms and rates will reflect that. Research various lenders and types of private student loans so when the time is right to make the commitment all you have left to do it apply.
Career Trajectory
What does having, or not having an MBA mean for your specific career goals? If you have not yet determined the trajectory you want for your career, that is step one. Different industries require different specifications, and, in some cases, there are hurdles that an MBA can help you jump. Learning about the top people in your industry, and their pathways to success will also help you to make this decision. Through some basic research you will likely find that many top leaders across the board, have their MBA.
What this tells you is that regardless of if you intend to stay in your current industry or not, without a doubt an MBA can help you pivot into higher level jobs, or business focused roles that you otherwise would not be applicable for. Earning your MBA as someone who is not currently working in business is a highly effective way to throw your hat in the business world, it immediately qualifies you to work as a business professional regardless of what your initial career did or did not consist of. Thinking about this after having some professional experience under your belt gives you the real-life data you will need to make an informed decision you won’t regret.
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