Is an MBA Worth It for Me? The Top Three Things to Consider

Originally published on November 23, 2023. Updated on November 14, 2024.

If you’ve begun to consider whether to apply to business school (maybe you even read our last article, ‘Should I Get an MBA? Stuff They Tell You and Stuff They Don’t‘), you likely have a multitude of questions swirling in your mind. Where should I apply? Will I get into a program I’m excited about? And, perhaps most importantly, is going to business school and getting an MBA worth it for me?

If you plan to attend a full-time program, stepping away from your current job for a post-MBA goal that you think sounds appealing can be daunting. To help structure your decision about whether an MBA is worth it, here are the top three factors we recommend you consider.

While an MBA is often an investment with a strong ROI, it’s essential to understand the total costs involved and plan how you will cover them.

Tuition and Expenses

The costs associated with an MBA vary widely. For a top full-time MBA program, you’re looking at $250,000 or more over two years. Part-time MBA programs tend to cost around $150,000, while executive programs can be around $200,000. Beyond tuition, you’ll also want to consider expenses like living costs, books, and supplies.

Travel and Extras

Beyond tuition, you’ll want to think about some of the “extras” that come with business school. Travel expenses can add up, particularly if you’re interested in extracurricular trips or experiences with classmates. Some travel is optional—like ski trips or European summer tours with new friends. But, be realistic about FOMO (fear of missing out); these opportunities are hard to pass up, especially in a close-knit campus environment.

Other travel may be a required part of the curriculum. Many MBA programs offer or require global coursework, which involves immersive travel to study regions around the world. Part-time and executive programs may also require travel if the school isn’t in your city, including lodging costs if you attend on-campus sessions.

Opportunity Cost

For full-time MBA students, there’s an extra financial consideration: opportunity cost. Stepping away from your job for two years means forgoing income during that time. This cost varies, but it’s essential to weigh this lost income as part of your financial plan. Scholarships and financial aid can help offset these costs; in fact, you may even be able to negotiate some scholarship offers. For tips on how to do this, see our article on MBA Scholarships: Can You Negotiate Them, and If So, How?.

#2 – Timing

Timing is an important factor when asking, Is an MBA worth it for me? Timing actually refers to two aspects: first, how much work experience you have, and second, how far in advance you’re preparing to apply.

Career Stage

Consider how much work experience you have. MBA programs target students with different levels of experience. Full-time MBAs often attract younger students early in their careers. Since these students have a lower opportunity cost in leaving the workforce, it’s easier for them to step away. Younger students also often benefit more from an MBA, using it to grow within or pivot to a new career.

If you’re further along in your career, part-time or executive programs may be a better fit. These programs allow you to keep working while you study and are designed for mid-career professionals.

Application Preparation

The timeline to apply also matters. For top full-time programs, it’s best to start preparing at least a year before you plan to enroll. Many applicants begin by studying for the GMAT or GRE, visiting campuses, and networking with current students or alumni. Applications for full-time MBAs are generally due in January or February, with classes starting in the fall.

Your career goals are perhaps the most critical factor when considering, Is an MBA worth it? We can’t stress this enough: define your personal and professional goals before committing to an MBA program.

Importance of Clear Goals

Having clear, ambitious, yet realistic goals is essential. These goals not only give you direction, but they also strengthen your application. Admissions committees seek candidates who have a well-defined purpose for pursuing an MBA. Knowing what you want to achieve shows the admissions team that you’re likely to make the most of the MBA experience.

Maximizing Your MBA Experience

Arriving on campus with clear goals also helps you navigate the MBA experience effectively. Full-time MBA programs move quickly. To make the most of it, you need a clear sense of what skills you want to build and which people you want to network with. Without this focus, you risk missing out on important career opportunities, including internships and job offers.

For tips on setting strong career goals that resonate with admissions, read our guide on Crafting Your MBA Career Goals.

Reasons to Pause and Reflect

If you’re considering an MBA to “take a break” or escape a job you dislike, it’s worth pausing to reflect. The same goes if you’re applying to satisfy someone else’s expectations, like those of a parent, partner, or boss. An MBA is a substantial investment of time, money, and energy, and it’s best pursued for reasons that align with your own goals.

Valid Reasons for Pursuing an MBA

Some ‘good’ reasons for pursuing an MBA often include the desire to pivot into a career that feels more personally meaningful. Many applicants enjoy the path they’re on but want to accelerate their trajectory or shift from ‘doing’ to ‘leading.’ Others may dream of starting their own business one day. Each of these objectives can point to a ‘yes’ when considering whether going to business school for an MBA is worth it. These goals can also help determine the type of program that best suits you—such as a part-time or executive MBA for those looking to accelerate within their current career path.

If you think your answer is ‘yes’ to the question, ‘is an MBA is worth it for me?’ and are ready to apply, let’s chat! Click here to request an initial consultation.