Many wannabe entrepreneurs and managers consider getting MBAs to get ahead in the game. So, is An MBA worth it? While an MBA might help you get ahead for promotions within a company (emphasis on might), the value of postgraduate degrees in a business that you start for yourself is minimal – if cash is the only thing you are after. The fact is, MBA programs are now increasingly expensive, and their payoffs are often minimal, even for ostensible purposes.
MBAs are certainly not the only way. MBAs are great for some and not for others. You don’t need an MBA to succeed in business or start one. However, pursuing a good Executive MBA Online can open many doors you wouldn’t otherwise know existed, especially for working professionals looking to advance their careers without leaving their jobs.
MBAs can help professionals with no previous business experience – doctors, engineers, etc.- get a sufficient grounding for entrepreneurship.
However, there are many strong arguments against getting MBAs, as this infographic from MBAOnline shows.
However, what’s driving the numbers against MBAs is likely to be the recent recession and the glut of diploma mills. If you feel you need an MBA, you’ll have to make sure it’s from a reputable program that’s actually worth it. That would probably be the wrong approach if you only need an MBA to pad your CV.
The wide availability of free information has undoubtedly made an MBA a less important tool for success. With the cost of an MBA often being more than the development cost of new business models, one must really think things through before spending a fair chunk of change on a degree.
That said, if you’re short on time and have limited resources, you might want to start your own business rather than get just any MBA. If you want one, make sure it’s worth it.