What is the price of an MBA program? The average cost of
tuition for a two-year MBA graduate degree is $66,300, as reported by
experian.com. Although this may seem like a significant expense, the actual
tuition costs can vary depending on factors such as the institution, program
format (in-person or online), and other considerations. It's important to note
that the total cost of your education can be reduced by taking advantage of the
flexibility that an MBA offers. Unlike undergraduate programs, MBA programs are
often less demanding, allowing you the option to work full-time while pursuing
your degree.
How much do MBA graduates earn? According to a survey
conducted by GMAC, individuals with MBAs who are newly hired can expect a
median base salary of $115,000, whereas those with only a bachelor's degree
earn a median base salary of $65,000. The increased salary earned with an MBA
can quickly make up for the investment made in pursuing the degree.
However, it is worth considering whether the higher salaries earned by MBA graduates are solely attributed to the degree itself. Some argue that individuals with natural leadership qualities would eventually reach similar positions and earn comparable salaries even without an MBA. While both perspectives hold merit, an MBA can serve as a catalyst to expedite career progression, potentially allowing you to achieve certain positions much faster than through years of work experience alone.