According to the 2017 GMAC report, 95% of business school alumni rated their MBA education and degree as valuable. But have you ever wondered about the financial worth of these programs? Let’s take a fact check: The illustration below shows the graph of the indebtedness of full-time students in top and prestigious American universities.
So, the best of MBA programs often promise you a bright future; but they don’t show you the burdensome debt that you as a student have to shoulder. Studies have shown that among the top 50 schools in the US, the average student debt has risen to six figures over a period of four years from 2012 to 2016. At MIT’s Sloan School of management alone, the average debt last year was up by about 25% in 2016 compared to what it had been in 2012. Take the case of Wharton, where the student debt rose by 10% from 2012 to 2016. A lucid explanation for these figures would be as follows: if we assume a standard rate of interest at 6.8% for a period of 10 years, a Wharton graduate will pay $1501 each in 120 installments including an overall interest of $49695. Well, of course, Whartonites do land in cushy jobs along with remarkable take home salaries. And they don’t really regret the debt created in the course of their MBA education. But the story may not be the same for others pursuing full time MBA from many other campuses and end up with a big fat dent in their pockets.
So, what are your budget-friendly options for a valid, credible MBA degree? It is at this point that online MBA makes its entry. World over, students have realized that this new alternative to earning a degree is indeed a remarkable solution to the burdens that pursuing full time MBA degree comes with. One thing is for certain – tuition fees across universities is set to climb. Job markets are going through universal slump. So if you are looking for jobs beyond investment banking or consulting or brand management (and trust me, there are a hundred other options looming in the horizon – count jobs in emerging areas such as data sciences, artificial intelligence, digital marketing) online executive MBA could just be your option. When you seek to pursue this opportunity, you are opening up yourself to flexible routes. Studying at your pace while you continue to work full or part time is the simplest and easiest advantage to start with. These programs often come in different shapes and sizes – MBA programs spread over two years, or the ones which allow you to go ahead and finish in a year or so.
Most importantly, the debt that you bear when you graduate from an online program is considerably less. Remember, this is important – considering that lesser debt automatically translates to more earning potential once you graduate. You have not paid for your transportation, or accommodation or textbooks which the conventional programs would have entailed. Instead, online MBA lets you complete your study from the comfort of your home. And you are ready for a career progression – a change or shift, whatever you call it. The financial worth of the program is not measured only on these costs – even the application procedure lets you bypass the otherwise expensive procedure of having to appear for aptitude tests or the expense of preparing for these.
Are you looking to earn an internationally recognized MBA without burning your pockets? Please visit our website www.ebsedu.org to know more about our ideal work-life-study MBA programs and how the busy working professionals around the world are pursuing their MBA at the comfort of their homes or offices, without leaving their job. The Dual Certification MBA is delivered through our Live Interactive Online sessions, at an affordable cost, with flexible monthly fee installment options. Contact our admissions team or simply visit the links below to know all about the course: