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Opportunity Cost Essay

Decent Essays

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 …show more content…

The money that is paid to obtain your degree would be considered your explicit cost. Explicit costs can include but not limited to, tuition, fees, student loans, and books to name a few. If you decide to take classes online you also have to invest money in to a computer or laptop and internet services. The good news to some students is that some employers will offset explicit costs by offering tuition assistance. (Thomas-Maurice, 2008)
One of the most important step that I took in the decision-making process, I did my research on universities that had a good MBA program. But before that, I researched the benefits of obtaining an MBA. According to Kelly Wingard, in the process of obtaining your MBA, you will develop skills such as communication, strategic planning abilities, leadership qualities, and analytical thought processes. I felt that in the pursuit of a new career in corporate America, these skills will build my confidence, open doors to new opportunities and hopefully provide some job security. (Wingard, 2008)
From the economic standpoint, yes I can say that obtaining a MBA is very expensive, but I know in the long run it is a minor investment compared to the amount of opportunities that will be available to me in the future.

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

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