Is an MBA worth it?
It’s a common question among people midway through their careers, who may be finding themselves unsatisfied or under-compensated in their current positions. There are many, many factors to consider in the decision, but here are some facts on MBA costs and benefits.
- The average MBA graduate can expect a salary of about $70,000-$90,000, per Seattlepi.com. An undergraduate degree in business yields an average salary of $54,000 starting out, according to Forbes.
- Though an MBA may be costly, the average graduate only needs three and a half years to pay off his or her student loans, per Forbes.
- MBA coursework usually includes statistics, accounting, communications, economics, entrepreneurship and management.
- A 2015 study by U.S. News & World Report showed the best salary-to-debt ratio for an MBA program – 7.4 to 1 – was at the University of Wisconsin-Madison.
- The Ohio State University’s part-time MBA program for working adults is ranked No. 9 in the country, and No. 5 among public universities, by U.S. News & World Report.
- Jobs in business administration are projected to increase by 12 percent from 2015 to 2025, according to Economic Modeling Specialists International.
- Some schools, such as Ohio Dominican University, have MBA programs that are 100 percent online.
Jake Nerone is a contributing writer. Feedback welcome at gbishop@cityscenemediagroup.com.
