Looking to Get a Raise: Get Your MBA
According to most salary researchers and guides, getting your MBA can mean a $10,000 to $30,000 salary increase, but don’t let the numbers get you too excited about the possibilities; there are still other factors to consider when calculating the potential for and the size of a salary increase if you get your MBA.
Timing
Timing is everything when you’re trying to get your MBA. If you get the degree too early in your career, you may have trouble finding a job that offers a salary comparable to what you deserve for your advanced degree. At the same time, if you wait too late, you simply may not need it or may not be able to find an employer willing to pay for you to go back to school.
A Free Degree
The advantage to working for one company for a while is that they may be willing to pay for your degree. Then, not only will you be getting a pay raise, but also you’ll be getting a free degree out of the bargain that will come in handy in the future. Just realize that your current employer will want you to promise to stay for a certain amount of time or they won’t pay for the degree. If you do leave the company early, you’ll owe them the cost of at least part of your tuition and sometimes even a hefty interest payment. So, if you’re thinking about leaving soon, think again about allowing the company to pay for your degree.
Get Some Real World Experience First
In most industries, experience is worth much more than a degree. If you’re looking for a significant pay increase, it’s best to work for a while before getting your Masters. Your experience will usually add quite a bit to your new pay, and it can be nice to start a new job with experience and credentials so that you get the highest salary possible starting out. Then, you have nowhere to go but up.
Is the Increase Worth It?
For some people, the salary increase simply isn’t worth all the work. Perhaps you’ve already reached the top of your salary spectrum or maybe as a high ranking executive a simple MBA just doesn’t make sense. You may want to choose a different degree that would better add to your experience and increase your knowledge.
For some people, though, getting a higher degree simply isn’t reasonable. Maybe retirement is only another five years away - why bother now? Decide based on your schedule and needs whether an MBA is really worthwhile for your situation. Don’t get a degree just because it’s a popular thing to do.
Others may find that it makes sense to get a degree but they don’t have time. If this describes your situation, consider getting a degree online. Most of the schools offer classes that are just as challenging, or more challenging, than those offered in traditional programs, and you can make the classes fit your schedule, not the other way around.
Before Signing Up
Before applying and paying for an MBA program, consider the following:
Is the timing right?
Can you get a free degree?
Do you have applicable real world experience?
Is the salary increase worth all that work?
When you’ve answered all the questions, then you’ll be ready to decide whether or not an MBA program is right for you.
Review more industry related articles by Catherine Zandueta at CareersandEducation.com. Catherine Zandueta is a feature writer and often covers topics related to Campus Degree Programs and Career advice.
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Written by info on July 10th, 2007 with
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