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
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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
From the financial aspect, the opportunity cost of taking MBA program will keep increasing as his
I intend to pursue an MBA in Finance. The said concentration will equip me with the relevant skills I require to succeed as a finance director in a reputable organization my long-term career goal. I am certain that with an MBA in finance from a reputable institution like Terry College of Business, I will not encounter any difficulties securing employment in a top firm. This is more so the case given that as the college points out in its website, "our programs not only get you to the table-they keep you there" (Terry College of Business, 2013). For this reason, I am certain that having an MBA in finance from a top business school will jumpstart my career and shepherd it in the right direction.
This course applies the tools available to University of Phoenix graduate students and the competencies of successful managers to understand the functions of business. Students develop an increased awareness of their own perceptions and values in order to manage and communicate with others more effectively. Other topics include MBA program goals, argument construction, decision making, collaboration, and academic research.
In conclusion, by recognizing my values, principles and goals, I was able to have a picture of how long I can achieve my set objectives and more precisely how I go about in attaining it. With my MBA, I believe not only I can change certain things but also develop it into a higher success for a longer term effects. The shared practices within the forum, helped me to be more analytical and logic. Reading from my peers their diverse experience and goals, not only powered me to achieve more, open other types of companies, listen more, better creative ideas, but most importantly they give me the “determination” in achieving them
As a nontraditional undergraduate student, motivation for pursuing an MBA at UNK has always been an easy subject to explain. I grew up in a small farming community with neither parent ever having a college degree. My mom stayed at home with four kids so the primary model was how to be a good mom and wife. After attending Mid-Plains Community College, I received a degree in dental assisting, got married, had three girls, and stayed home to raise them in the same small town I grew up in. It was during this time that realized the potential influence I could have on my children. I wanted to prove to myself and my girls that you can be from a small town and be academically successful.
After making the decision to advance my career with an MBA degree, I researched several programs both traditional and online. I spoke with several friends about their MBA programs. Each program had its pros and cons, whereas, Bethel University did not.
Whether you want to have a worthwhile business career or want to expand your business knowledge, then attending a business college is an ideal solution for you. In fact, this path could jump-start your career and get you off to a better start than you would have if you had not taken the time to educate yourself in this way. Besides, to get ahead in the business world today you need to have the right skills and the right education. Not to mention the fact that, a good business college will also assist you in finding a paid position once you have successfully completed your training. However, while you can find a plethora of business colleges offering courses like BA in business management among others, choosing the right one
Furthermore, to understand the cost of higher education, we also have to look at what we consider the “price” of college and how institutions come up with this number. According to most models, the cost of tuition is the cost charged by the school of choice minus any financial aid; it actually has little to do with the school’s actual costs. We also have to remember, too, that schools gather revenue from other sources than tuition as well, usually in the form of fees, money from federal and state governments, etc. This is important to consider in this discussion because the amount of tuition students pay is not enough to cover the cost of running an institution, private or public, there is always a shortage to cover. It’s also important to remember that schools are a business and businesses are aimed at making money.
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I am very excited about entering an MBA program that will allow me to focus on my interest in healthcare management as well as provide me with the career possibilities and exposure to resources. My education and work experience have provided me with an excellent introduction to healthcare, and they have sparked my interest in management. I consider a Carlow MBA to be necessary since I need to gain a broader understanding of management and to sharpen my analytical skills in order to be successful. I develop an understanding of how to apply
A year and half has passed since I’ve completed my undergraduate degree. In this time, I’ve had a chance to reflect on my career goals. I am now ready to earn my MBA in health care management. With this degree, I will be able to accomplish my career goals and objectives. I plan to use my master 's degree to help me pursue a career in health care management. My career goal is to become a health care manager in one of my area hospitals. I’ve research the strategies needed to successfully complete a MBA program. I’m motived and fully prepared to start working on my MBA. I ecstatic to embark on this new journey
The MBA program was introduced for the first time in the United States in the early 20 th Century and was modeled on the basis of the prevalent 2-year graduate programs. It gained significant traction after its inception, however was later criticized for its lack of practical relevance. It was often said that “MBA was too academic, too theoretical and divorced from real-life business practice.”1 Business school subsequently responded by improving quality of teaching and content. The first year was dedicated to
The decision to pursue an MBA was a process that started in 1998. At that time, I was newly married and had been a Physical Therapist for eight years. I have experienced working in various settings, but what I discovered was that not one setting had all the attributes that I wanted in order to sustain my interest until retirement.
Reprinted with the kind permission of Anthony C Moulds. This essay should be viewed as an example of a well written, structured, referenced and argued assignment. It has been issued to MBA students on commencement of their studies, prior to submission of their first assignment.
By having an MBA, it is easier to move across industries if my job does not pan out. With the median salary around $85,000, down $5,000 from 2009 (Damast, 2010), for students just out of the MBA program, I will be able to leverage my experience along with the MBA to do rather well in the salary field. Experience along with an MBA makes me a more viable commodity when competing for a job. Most employers look for a good mix of experience and