If considering an MBA, you are no doubt wondering if it will be worth the investment. Well, we are happy to report than an MBA is undeniably worth the time and the cost, as you will not only see a financial return, but also one with personal growth.
Quacquarelli Symonds (QS) published a comprehensive report in 2018 that analyzed the financial reward of an MBA globally. According to the report, the global payback time is an average of 51 months. Factors that contribute to the payback period include tuition cost, of course, but also the loss of earned income while pursuing the degree. For this reason, Europe offers the quickest return, with an average of 39 months, compared to 55 months in the United States. Europe was the quickest due to the fact that a one-year MBA format is the most common. Do you know who else has a one-year MBA? The College of Charleston. As such, you can expect the payback time for our MBA to be more aligned with Europe’s 39 months, lower than the average of the United States. In just a little over three years, you will have paid off your MBA and be in the black on your investment.
The QS study also found the average payback period for a few other master’s programs, and an MBA has a shorter period than a Master of Finance (87 months), Master in Management (87 months) and Master in Business Analytics (73 months).
According to the QS study, the average salary of an MBA in the United States and Canada is $89,037, which is the highest in the world. The global average salary for an MBA is $79,829. These salaries are higher than the average salaries of other business master’s programs like finance ($77,659), management ($62,027), and business analytics ($79,313).
The average MBA salary is also higher than the average salary for a bachelor’s degree in business, which, according to Payscale.com, is $62,804.
In regards to salary potential and payback period, it is without question that an MBA is worth the investment. However, in addition to the finances, an MBA opens other doors, too. With an MBA, you immerse yourself into a group of other success-driven business professional, broadening your network, which is always a good thing.
Also, an MBA distinguishes you from others. If you and another individual are vying to the same job, your MBA could easily be a deciding factor if your competition only has a bachelor’s.
Lastly, an MBA, especially one from a high-quality institution like the College of Charleston, gives you new skills and expert knowledge. It’s an important life skill to never stop learning, and the education that you get from an MBA is applicable to many life situations outside of an office.
Is an MBA worth the investment? There is no doubt that it is. So, what are you waiting for? Contact us for more information.