Opportunity Cost
Discuss the opportunity cost of getting your MBA. What steps and economic factors must a student make when choosing between getting a degree and taking another route in life? Feel free to include aspects from your own decision to pursue your MBA.
When considering to starting an MBA program, there are many questions that you have to ask yourself. Can I afford the program? Will it help me to become more marketable in the job industry? Will I have time to dedicate into completing coursework? Should I obtain it online or in the classroom? Hopefully after you have answered all of the questions and weighed the pros and cons, you will be able to come to the conclusion of whether getting your MBA is worth it.
The opportunity cost of receiving such a degree heavily depends on your personal and professional situations. Evaluating your personal situation can be more important than professional because you have to be able to put yourself in a position where you are able to start a program, be successful, and stick with it. To do these things you have to sacrifice time that you spend for yourself, your family, and other activities that you enjoy doing. Anything that is non-monetary that you sacrifice in obtaining your MBA is considered to be your implicit costs. Sometimes you even have to put things to the side such as getting a part-time job to make extra money or even starting a family. Your professional opportunities also play a factor. Evaluating whether obtaining an MBA for professional growth really depends on how you see yourself in the future. Do you want to advance your career at the same company where you are currently employed, or make a career change? Does getting your MBA assist you in achieving higher positions in your current field? Are you comfortable with the current level of education that you have earned? These professional issues play a huge role in deciding whether you should continue on in school. (Thomas-Maurice, 2008)
One of the
When considering to starting an MBA program, there are many questions that you have to ask yourself. Can I afford the program? Will it help me to become more marketable in the job industry? Will I have time to dedicate into completing coursework? Should I obtain it online or in the classroom? Hopefully after you have answered all of the questions and weighed the pros and cons, you will be able to come to the conclusion of whether getting your MBA is worth it.
The opportunity cost of receiving such a degree heavily depends on your personal and professional situations. Evaluating your personal situation can be more important than professional because you have to be able to put yourself in a position where you are able to start a program, be successful, and stick with it. To do these things you have to sacrifice time that you spend for yourself, your family, and other activities that you enjoy doing. Anything that is non-monetary that you sacrifice in obtaining your MBA is considered to be your implicit costs. Sometimes you even have to put things to the side such as getting a part-time job to make extra money or even starting a family. Your professional opportunities also play a factor. Evaluating whether obtaining an MBA for professional growth really depends on how you see yourself in the future. Do you want to advance your career at the same company where you are currently employed, or make a career change? Does getting your MBA assist you in achieving higher positions in your current field? Are you comfortable with the current level of education that you have earned? These professional issues play a huge role in deciding whether you should continue on in school. (Thomas-Maurice, 2008)
One of the
References: Thomas-Maurice. (2008). Managerial Economics. McGraw Hill Companies. Wingard, K. (2008). MBA - The Wonder Degree: Boost Your Income and Improve Your Outlook without Breaking Your Budget. Retrieved 11 11, 2009, from Yahoo Education: education.yahoo.net/degrees/articles/business_mba_the_wonder_degree.html