Alice writes:
It’s a great pleasure to read your articles on Quintessential Careers. I have several questions about an average MBA program.
- What is the average tuition for an MBA student?
- How long is the payback time for students to re-coup their investment?
- What is the placement rate for an average MBA compared to an average graduate students?
Do you have the information or would you please tell me where to find the information? Thanks.
The Career Doctor responds:
The value of the MBA degree ebbs and flows, partly with the economy, partly with the supply of job-seekers with an MBA, partly with the demand for the MBA credential, but I personally believe that for those job-seekers looking to make the next step up the corporate ladder, it is an invaluable tool for success.
MBA tuition varies depending on the type of program you are seeking, but you can expect to pay tens of thousands of dollars. If you’re lucky, you may have an employer who is willing to pay for your MBA in exchange for some commitment to stay with the company for a few years beyond the completion of the degree. In that situation, you won’t have the costs, but you also will not see a big jump in salary.
The other option is to pay for the MBA on your own. If you have solid work experience before completing the MBA, you should expect to see a decent bump in salary (anywhere from $10,000 to $30,000 or more) — and recoup your tuition costs in one or two years.
As for placement, it again depends on the MBA program. Some of the top schools have quite a few recruiters who seek out those grads. In other programs, placement is not so strong. It’s best to do your research and ask each program about its placement record.
Get more information in this article published on Quintessential Careers: The Master of Business Administration: Is the MBA Worth the Time, Effort, and Cost?
