A Master’s in Business Administration, MBA, is an internationally recognized degree that was designed to help professionals develop the necessary skills for careers in business and management. It is value and application, however, is not limited to business alone as it can equally be applied in any sector including government positions.
Many people debate the usefulness of an MBA but there are several reasons why having an MBA is a plus to one’s academic record and career in general and we will see some of these reasons later in the article. For one to qualify for an MBA, one must first have completed a degree from an accredited institution; although rare, some people have been able to acquire one without an undergraduate degree.
The cost of an MBA varies from institution to institution; however, on average, a two-year master’s in business administration program often exceeds $60,000 but can cost as much as $100,000 at top business schools. This high cost is one of the many reasons people shy away from an MBA, while others who absolutely need it apply for student loans to finance the program. Loans are one of the most common ways people finance their Master’s in Business Administration program.
Click here to learn more about the cost of an MBA in top business schools in the U.S.
Generally, a professional with an MBA is perceived to have more value than one with only a bachelor’s degree for several reasons. Aside from the obvious reason that the former is a higher educational qualification, the process of attaining it alone is one of both personal and professional growth.
As for whether a Master’s in Business Administration is worth it or not, the only way to get the best answer is by considering how it will help you in your career as a professional. For some people, having an MBA guarantees them a promotion and a salary increase, possibly a company requirement for certain roles.
If you are looking to expand your network, build more quality connections, and open doors to more opportunities, then this degree will be worth your money and time. You see, when you enroll for a Master’s in Business Administration, you expose yourself to many other like-minded professionals like you that are goal-driven. By interacting with these people, you better your chances of getting that dream job or connection you have been yearning for.
Here are five tips that will help you get the best out of your master’s loan
1. Calculate Your Expenses: Many students agree that this is a no-brainer, yet they often do it wrong. Before taking out a loan, some students only calculate tuition costs and accommodation, leaving out other expenses like feeding, transportation, and occasional team/group outings.
While they may seem to be insignificant, sums of money spent on these expenses add up to significant amounts. To avoid running low on cash, ensure you have an estimate of how much you would need to get by for the duration of the program. You can access information like this by contacting past students at the school you are considering; they will be more than glad to help.
Having this estimate in hand, you can then proceed to explore the different MBA student loans you qualify for and see which will offer that amount or close to it.
2. Shop for the Cheapest: What some students do not know is that master’s loan terms are not all the same. This means that some are more favorable than others and so, ample time should be set aside to find the one with interest rates and terms that are most favorable to you. You can approach different lenders and compare their offers before making a choice.
3. Pay Interest While in School: Waiting till you are done before making payments gives the interest enough time to compound and add up to thousands of dollars. To make repayment easy for yourself, make pay up the interest during the program so that upon completion, you only have the principal to take care of.
· Advanced Management Skills: Through this master’s degree program, graduates and professionals can develop advanced management skills that are needed to succeed not only in business, but in other sectors of the economy.
· Better Salary: Master’s in Business Administration graduates earn more than regular graduates. This is because they have attained a higher level of education that has not only given a better understanding of business and management but has also added to their overall value in the corporate market. Visit https://www.mastersportal.com/articles/340/10-very-good-reasons-to-do-an-mba-degree.html to learn more about the benefits of an MBA.
If you do not have the funds to finance this program, you need not lose sleep over it as there are hundreds of loan providers that have special offers just for master’s programs. Banks are not exempted as they also offer loans to students looking to attain this higher level of education. That said, scholarships and grants are also other option that you could explore.