The decision to pursue a postgraduate degree is usually an important and often expensive one. With every passing day the cost of college education across the globe is rising constantly which is compelling most students to take out heavy student loans. However, still many students feel motivated to pursue higher education as it helps to enhance your employability and earning potential. I believe an MBA degree can certainly open up great new avenues for boosting your career and fetch you excellent opportunities. But is an MBA worth the time and money?
As B-schools now charge ridiculous amount of tuition fees, pursuing a traditional MBA is often not feasible for most students. However, studying an online MBA top up programme can enable you to acquire a business degree in a faster and more affordable way. Let's take a quick look at what an MBA can do for you and what is the best way to earn it....
The financial gain after earning an MBA degree can either be exciting or discouraging, depending on your determination. A recent 2014 study conducted by Poets & Quants revealed that while some MBA graduates got jobs with lucrative salaries, many others with an MBA landed jobs that offered salary lower than bachelor degree jobs.
A survey conducted by PayScale analysed median salaries of more than 34,294 MBA graduates with different specialisations. The study revealed that 1.5 per cent of the respondents had gained below 1 year of work experience and claimed to get a national average salary of around $50,453. Moreover, 1.9 per cent of participants had 1 to 4 years of work experience with an average salary of almost $58,092. An additional 34 per cent reported to make an average of $98,252 annually with ten to nineteen years of experience.
The study clearly shows that your earnings will depend not only on your MBA degree but also on the amount of your work experience. This is why pursuing an online top up MBA can be more beneficial for you as it allows you to study and work at the same time. You can easily choose to do a full time job in a relevant field and yet study business at your convenience.
However, it should also be noted that your average salary will also vary depending on the type of job your are employed in. Finance managers earned an average salary of 93,978, while financial analysts made $60,704 yearly. On the other hand, chief financial officers and marketing directors had a national average salary of $128,201 and $118,654 respectively. So now that you know your field of work greatly influences your earnings, you can simply seek out relevant work experience opportunities in your desired field while pursuing your top up MBA programme through online or distance learning.
One of the biggest advantage of an online MBA top up course is that apart from being highly affordable, it allows you to fast track to the final year of an accredited MBA programme from associated B-schools and universities and allows you to earn your MBA degree without investing excessive time and money. Coupled with the experience that you will gain while studying business online, your MBA degree will help you get the best job opportunities available globally and earn a lucrative salary.
With news of more than 2.5 million Nigerians currently residing in the United Kingdom for academic and professional opportunities, online MBA top up programmes might be the ideal solution to keep our boys home and encourage them to add to the national economy instead of going abroad.
The Bottom Line
No matter what, I cannot deny the fact that an MBA degree will lead to better employment opportunities and higher salaries. Even though extremes of high and low average salaries have been observed, but it only pertains to a small segment of MBA graduates. So if you are planning to study business, then this is the right time for you to go online and earn your MBA degree the smart way.
What do you think about MBA? Feel free to share your thoughts and ideas with me by commenting below.
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