Should I go back to school for an MBA?

If you’ve considered pursuing an MBA degree but aren’t sure if the investment is worth the payoff, you’ll want to do a cost-benefit analysis to determine what’s the right decision for you.

Costs to Completing an MBA

Obviously, an MBA is not free. Most students experience the following costs when pursuing an MBA degree:

• Time – How long it takes to complete an MBA depends on what type of MBA program you attend. If you attend college full time, you can finish an MBA program in one to two years. If you attend  night school, it will probably take you somewhere between four and five years. Online MBA programs usually fall somewhere in between these two ranges.
• Money – Online programs cost anywhere from $5,000 to $45,000, but conventional MBA programs can cost anywhere from $60,000 to $130,000, depending on how expensive of a college you attend. Before signing up for an MBA, you should check into various forms of financial aid. If you are working full time, check with your place of employment to see if they will pay for your schooling. Your place of employment may have certain limitations as to what programs they will or will not support, so don’t assume a “yes” grants you a free ticket to any MBA program you choose. Make sure to work with your Human Resources representative to discover exactly what programs your workplace supports and what procedures you must follow to get the financial aid.
• Effort – When pursuing an MBA, you’re going to have to put some of your life on hold while you focus on your education. Make sure your personal life can handle the sacrifices demanded by an MBA before you sign up.

Benefits of an MBA

While there are significant costs to getting an MBA, the benefits are tremendous. Consider the following:

• Interview advantages – While an MBA will put your resume on the top of any employment pile, you’ll find the MBA internships available through your educational institution are incredibly valuable “ins”. A large percentage of corporations hire through MBA internship pools since they get to test you out before taking you on full time.
• On-the-Job Advantages – If you’re wondering how an MBA will affect your current job, you’ll be pleased to hear that according to the Association of MBAs (which surveys MBA graduates every few years, recording statistics on salary increases and job advancements) 59% of their MBA graduates advanced to senior management or corporate board positions within five years of getting their MBAs.
• Long-Term Salary Advantages – You probably know an MBA will open up better-paying jobs for you, but what you might now know is that the average person who holds and MBA found their salary increased by 53% within three to five years of getting their MBA.

MBA Options

There are several ways to pursue an MBA degree. The following are the three most popular options:

Conventional MBA Programs
If you’ve got the time to go to school full time, you’ll get the biggest bang out of your buck since you’ll finish the program as quickly as possible, launching you into a higher income bracket sooner. Many students find it works best for them to go straight into grad school immediately after receiving their bachelor’s degree. Students who choose to pursue conventional MBA programs cite the following advantages:
• Concentrated education, allowing them to immerse themselves completely in the material and learn at an accelerated rate
• Beneficial classroom interactions, allowing them to learn from others and network for future job opportunities
• Access to professors, teaching assistants, and resources in a live format

Night School

If you can’t focus 100% on your MBA program, you may need to fit it into night school. Many MBA programs are designed to accommodate a demanding 40-hour workweek schedule. You’ll find professors who teach MBA night school classes will try to set you up for success by offering the following advantages:
• Pacing is set to fit a working person’s schedule
• Additional flexibility with assignments and class attendance, again focused at affording you every advantage as you work your day job and attend school
• You’ll be surrounded with other students in your same situation, so you may find others who are willing to form beneficial study groups, support you as you juggle two demanding commitments at once, and who can help you network for future job opportunities

Online MBA Programs

Online MBA programs are growing in popularity. One popular online MBA program—The University of Phoenix—has experienced a year-to-year enrollment growth of over 50% every single year since its inception. Likewise, Regis University has gone from 14 students to just under 2,000 students registered in their MBA program. Online MBA programs offer the following advantages over conventional MBA programs:
• Flexibility of schedule
• Self-pacing options
• Convenience (what is more convenient than studying in your home office?)
• Extra resources such as online discussion forums (which are less intimidating than asking questions in a live classroom), online libraries, and online tutors
• Lower cost (usually, but not always)
• Access to teachers and teaching assistants via email and chat rooms, which many students find inviting

Making the Decision

Only you can determine if an MBA is right for you and your situation. Weigh the costs, talk to your employer or school counselor, and examine your career goals. If the answers line up in favor, then go for it! Certainly one of the available options will fit your life situation.

In an effort to assist business-minded professionals, Benedictine University is now offering a Master of Business Administration (M.B.A.) with a concentration in Internet Marketing and an online Certificate in Internet Marketing at the graduate level. The flexible distance-learning program was created in conjunction with Market Motive, a leader in Internet marketing education—and is continuously updated—by leading experts, cutting-edge practitioners and best-selling authors in the field of Internet marketing.

Internet Marketing Program Description

The Internet Marketing Certificate is designed for professionals who want to expand their marketing career opportunities, move to a position specific to online marketing and extend their knowledge base. Graduates of the online Certificate in Internet Marketing develop proficiency in social media strategy and tactics, including blogging and viral marketing; search engine optimization (SEO); web analytics, pay-per-click (PPC) advertising and campaign planning; online public relations; and converting website visitors to paying customers.

The program is comprised of five courses and is timely and relevant to what’s going on in the marketing world today. It can be completed as a stand-alone certificate or as the focus of the student’s M.B.A. from Benedictine University. As a certificate or concentration, the program is all online—flexible, accessible online marketing education customized for each student. Online M.B.A. students adding the Internet marketing concentration to their degree program select three of the following courses:

• Social Media Marketing
• Search Engine Optimization
• Web Analytics
• Pay Per Click Advertising
• Conversion Optimization

Students that pursue Internet Marketing as a certificate program take four, four-credit-hour courses.

The Online Certificate in Internet Marketing is expertly designed by industry leaders to adapt as quickly as the web changes. The classes are continually updated as new online marketing strategies and tools emerge. And when old tactics become outdated, they are phased out. The certificate program offers a real-time curriculum that will quickly propel the student’s Internet marketing career.

“A significant core of marketing jobs didn’t exist just a few years ago,” said Mick Carroll, dean of Benedictine’s Moser College of Adult and Professional Studies. “Titles like Social Media Director, SEO Specialist and Online Reputation Manager have sprung up as companies scramble to unify their online and offline sales, marketing and tracking strategies. We’re offering an in-depth, industry-leading Internet Marketing Certificate at Benedictine University because online marketing expertise is absolutely central to business marketing today.”

Application Process

Applications are currently being accepted and classes begin in June 2011. For more information about the Certificate of Internet Marketing, go to the Internet Marketing section of Benedictine University’s website.

Benedictine University is a private Catholic university located in Lisle, a suburb of Chicago, Illinois. The University was founded by the monks of St. Procopius Abbey in 1887. The campus was moved to its current location in 1901. Benedictine University is an established institution with more than 120 years of history and a tradition of academic excellence. It is consistently well-ranked on US News & World Report’s® annual list of top master’s institutions in the Midwest. The university is dedicated to the education of undergraduate and graduate students from diverse ethnic, racial and religious backgrounds and is regionally accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools (NCA).

The economic downturn has inspired many individuals to enroll in a campus-based or online school in order to increase their business knowledge. As a result, many of these institutions have begun to give their programs in related fields extra attention, and redesigning them to help students gain the skills they will need to succeed in the modern workforce.

Business Programs

The Baltimore Sun reports that enrollment in graduate business programs increased by an average of 4 percent annually between 1998 and 2008 – a period that included two recessions. The unstable economy has led school officials across the country to encourage their students to consider nontraditional careers.

“We do an excellent job of preparing people to be creative, but many of them also see themselves as individual entrepreneurs,” David Gracyalny, dean of the Maryland Institute of Art’s School of Professionals and Continuing Studies, told the news source. The college recently announced that it will begin offering a master’s degree in the business of art and design next year.

Business programs in various fields grow more widespread due to the fact that many typical career fields for business degree holders – such as finance and accounting – have been especially hard-hit by the recession, some schools are creating new programs that are intended to help degree seekers land jobs in other industries. Some are even encouraging them to work abroad.

For example, Johns Hopkins University recently opened the application process for a new Global MBA program, which is intended to make graduates eligible for business-related positions around the world. The Prospector reports that the College of Business Administration at the University of Texas at El Paso has launched a similar offering – its International MBA – which will require enrollees to complete Spanish and Mandarin language classes as part of the curriculum.

Graduate Degrees

Graduates of similar programs may be qualified for management analysis positions. According to the Bureau of Labor Statistics, the proliferation of international markets is expected to foster growth in this field, which typically offers high salaries. Furthermore, employers of management analysts tend to prefer job seekers who hold a graduate degree.

Best Degrees

Other schools are encouraging students to pursue jobs in fast-growing domestic sectors, such as sports management. Liberty University is one school that recently began offering a management degree in this field, which will be available completely over the internet.

Online Degrees

According to school officials, individuals who graduate from this online degree program will gain a foundational knowledge of social and ethical issues in sports, interdisciplinary approaches to management, related legalities, economics, marketing as well as research strategies.

The curriculum is designed to prepare students for careers in public relations, coaching, marketing, sports agencies, broadcasting, promotions, sports information management, interscholastic athletic administration or outdoor recreation.

Traditional MBA programs remain popular

Despite the proliferation of specialized MBA programs, enrollment in traditional courses of study is still on the rise. In fact, some schools are creating new degree-seeking curricula in an effort to cater to the continuous need for higher education in business.

For instance, Southern New Hampshire University recently partnered with Central Maine Community College to create a new MBA program, the Sun Journal reports. This course of study will be offered at the Maine school, and classes are slated to begin in January.

Charles Morrisson, president of the Androscoggin County Chamber of Commerce, told the news source that the new program will answer the community’s need for an advanced degree program in business.

“Whenever we do surveys it’s something people want educationally,” he said.