Is an MBA Necessary for Professional Development?

At this time of year I hear a lot of questions that ask, "Is an MBA worth it?"  or "Should I get an MBA?".  Sometimes the questioner is wondering because he or she has just been accepted to a program and the reality of leaving a job or paying a hefty tuition is setting in. Sometimes the question is asked by someone getting ready to apply next year or is wondering about what the next step in their career will require.  

You will hear many people tell you that an MBA is absolutely necessary and just as many tell you it's a waste of time and money. So how do you make a decision? 

When I work with people making this decision we start out by talking about why are you considering an MBA. Some people have very targeted answers and many more believe it is the degree to get if you want to be "successful" or have a high income. We will spend some time really talking about what is important to you in a career and the rest of your life. Are the reasons for getting an MBA really aligned with your goals, who you are and the lifestyle you want to lead?  Are you unsure?  Did someone tell you the only path to "success" is with an MBA and you believed them? What are the alternatives?

We also talk about your particular financial situation -- are you giving up a job to go back to school, how will you be paying for school, etc. What type of job do you hope to get after graduation?  What do you expect it will pay?  How satisfied will you be with that job? We'll actually develop the financial cost benefit analysis for you.  Of course the decision is not all about dollars and cents. It is about personal fulfillment. These non-monetary costs and benefits can tip the decision one way or another depending on how you answer them. 

Only you have the answers that are right for you. I can help you ask the right questions and get the right information so that you can make the most informed decision possible. If you're going to invest $50,000 or $100,000 on an education what is it worth to you to make sure you're making an investment that will give you the return you want?