Is an MBA worth it? Understanding Long-Term Benefits

According to the Education Data Initiative, student loan debt in the United States totaled $1.753 trillion in 2023.¹ Taking on the significant financial responsibility of graduate school may make you wonder if a Master of Business Administration (MBA) is still worth it. In addition to tuition, getting an MBA takes time and dedication. As reported by U.S. News & World Report, it also helps you learn critical business skills and enhances your professional network.² And there’s the promise—and likelihood—of much higher salaries as an MBA graduate.

From fully online to on-campus programs, with part-time and Executive MBA programs in the mix, you have multiple options to fit business school around your full-time job and into your schedule. If you’re wondering, “Is getting an MBA worth it?” read on for a better understanding of the impact that an MBA education and credential can have on your career, and how to choose the right program.

A strong MBA curriculum helps you develop and hone the skills you need to be a successful business leader. You can expect your program to include coursework in finance, accounting, leadership, marketing strategy, operations, and corporate social responsibility.

By earning an MBA, you gain a deeper understanding of different aspects of management so you can easily lead a team and make data-driven, strategic decisions. You will work in multiple groups during your MBA program, honing your skills in collaboration, negotiation, accountability, and strategic thinking. The process of earning an MBA degree helps you network with alumni and other professionals to broaden your business contacts and improve your chances of successfully landing a job after graduate school.

Before taking on the financial and time commitment of graduate education, you probably want to know what it will do for you. What are you going to get in return for sacrificing personal time to further your education? Understanding the financial and other big-picture benefits of an MBA before taking your first class will help you determine if it’s worth pursuing.

Although many MBA programs cost more than $200,000, you can earn the degree for between $30,000 and $60,000, as detailed by the Education Data Initiative.³ To recoup your tuition costs, you need to boost your salary by a certain dollar value over a certain number of years. Your average salary gains will depend on your location, industry, and eventual job title. An MBA can easily push your earnings up enough to cover the cost of school. An October 2024 article in Forbes noted that first-year MBA graduates earn an average of $190,000 a year, and your earnings increase with more work experience.⁴ Improving your earning potential helps you offset the costs of your degree.

A master’s degree can open doors to more job prospects with higher pay. According to the Graduate Management Admission Council, MBA graduates will continue to be in high demand in the coming years. Corporate recruiters have confidence that MBA programs prepare graduates for success, and trust that they can fill leadership roles.⁵

As an MBA student, you’ll gain a transferable skillset, which makes you a strong candidate for leadership positions in a variety of industries. Your group projects within the program can strengthen your collaboration and communication skills. You’ll learn how to assess problems from multiple angles and devise varied, multi-faceted solutions.

You also get to know faculty members with professional experience and networks of their own. This can become a vital career resource long after graduation. Your faculty can connect you with people who can help you find an internship or a job. If you start your own business, these networks can connect you with potential clients.

Every student has different needs. If in-person classes don’t appeal to you or fit with your schedule, an online MBA program could be an ideal choice. It’s a flexible alternative to in-person coursework for people juggling full-time jobs, family obligations, and other responsibilities. Most online MBA programs are accredited and offer similar or identical curricula to in-person programs.⁶ As you pursue your degree, you can access coursework on your time and have a fixed deadline for completing assignments and discussions.

Another benefit that makes an online MBA worth it is that some programs offer an accelerated timeframe. You could complete them in as little as 18 months. If you want to finish school quickly so that you can commit all of your energies to your personal and professional life, this can be a helpful option.

If you live far from the university where you want to earn your MBA, an online program can be exactly what you need. You’ll likely have assignments due every week and be required to participate in group discussions, so you need to make sure you have the discipline and time to dedicate to your program.

Before you start applying to schools, develop your personal set of criteria for a program. For starters, you may consider accreditation status, admissions, the core curriculum, specialization options, the program length, and the tuition.

Once you’ve found a program that meets your criteria, you might look at the school’s added benefits such as alumni groups, job placement rates, university resources, and university culture. Start by assessing admissions requirements and look for institutions where you meet the necessary requirements.

See if the application requirements include GMAT scores, or if you can use professional experience instead of the test as a qualifier for admission. If a school requires you to take the GMAT, you will need to pay to take the test, but some MBA programs will waive the GMAT requirement.⁷ Next, consider your budget and look for schools that fit your requirements. Finally, look through the curriculum or talk to an admissions outreach advisor to assess the program’s flexibility regarding courseload and in-person or online requirements.

Why get an MBA? Whether you're looking to change careers or scale the corporate ladder in your current field, an MBA positions you for upper-level opportunities, career advancement, and the benefits of making significantly more money than people who hold only a bachelor's degree. Your experience in business school helps you build a strong network and provides an excellent way to find more, and more lucrative, career paths.

In Chico State’s Online MBA program, you’ll learn from supportive faculty experts as you develop much-needed leadership and business acumen and strengthen your critical reasoning and leadership skills. Complete with two specialization options, the robust curriculum instills in-depth knowledge about topics you might not encounter in your current job, such as marketing, financial and strategic management, business analytics, and more.

Advance your education on your own time, from any location in a program designed for working professionals. Start by contacting an admissions outreach advisor today.