If you’re considering whether to take up an MBA programme, this guide explores why or why not to go for one.
Many people are interested in pursuing an MBA degree, but not everyone knows where to begin or even if it is worth it in the long run. In this article, we go in depth on whether an MBA is worth it, check out where to study and how much it will cost you.
Is an MBA programme worth it?
MBA programmes are becoming increasingly popular all over the world as more and more people see the value of earning this degree. If you are thinking of doing an MBA, here are some things you should consider in order to ensure you get as much as possible out of your education.
What are your career goals?
An MBA can be a great investment if it helps you reach your goals. The answer to this question largely depends on the individual. However, in general, an MBA can be a very beneficial degree for those looking to move up in their careers or start their own businesses.
Study in Singapore or abroad?
In general, studying abroad is more expensive than doing so domestically. In terms of tuition fees alone, international students usually have to pay more than local residents.
How much time will you need to devote?
Most full-time MBA programs in Singapore require students to attend classes for about two hours per day, five days a week. However, this may vary depending on the programme and school you choose.
Difference between MBA and EMBA degrees
An EMBA degree is an Executive MBA. This type of MBA is designed for working professionals who want to continue working while they study. The EMBA is sometimes regarded as superior to the MBA, but in reality, the distinction between the two programmes is based on the experience level of the candidate who applies.
EMBAs usually take into consideration candidates with more years of professional work experience, and who are usually already in leadership positions. As a result, candidates are judged based on their professional networks and job expertise rather than academic qualifications.
For example, enrolling in NUS’ MBA requires two years of work experience, but the UCLA-NUS Executive MBA requires a minimum of 10 years work experience.
Pros and cons of studying for an MBA
Let’s look at the advantages and disadvantages of having an MBA and how it can impact your career growth.
It teaches you valuable skills
Companies are always looking to hire people with skills that can move their businesses to the next level. An MBA gives you skills such as strategic planning, managing people from diverse backgrounds, goal setting and how to drive an organisation forward.
An MBA programme is quite comprehensive in enabling you to look at various case studies and challenges in different organisations. Students are given opportunities to give solutions to these challenges, helping them become better leaders.
These skills give you an advantage in a competitive work environment.
Gives you exposure to different industries
An MBA gives you an opportunity to study organisations in different fields, exposing you to different scenarios. The ability to gain experience and interact with other professionals from different backgrounds also makes the experience worthwhile. This exposure may even clarify if you should change career paths.
Can earn you better remuneration
Graduating with an MBA often gives you an edge in your company and can help you get better pay. A large percentage of people who graduate with an MBA get better pay within the first year of their graduation.
Helps you accelerate your career
Have you been stuck in one role for a long period of time? Having an MBA can unlock more senior roles within your organisation. It is worth noting that MBA graduates often get more access to leadership roles within the organisation than their undergraduate counterparts.The average employer expects MBA graduates to be able to offer leadership within the organisation and solve complex problems in the corporate world.
Helps you improve your communication skills
An MBA helps students improve their communication skills through tackling different complex problems that need students to communicate effectively. You can greatly hone both your written and verbal skills through tackling different scenarios and challenges that are often introduced during the programme.
You’re looking to diversify your current network
The main reason why an MBA is worth it is that it gives you an opportunity to be able to grow your network. These networks can greatly open up doors for you as MBA alumni often give each other opportunities and mentorship in the corporate world.
It is also worth noting that many MBA programmes have networking events that allow alumni to simply meet and share ideas. These events can greatly increase your network. As they say, your network is your net worth.
It is not a magic wand
An MBA is not a magic wand that you can wave to instantly get a better-paying job. To get an MBA takes hard work and commitment. A lot of successful students who end up making a name for themselves work hard and are passionate about the programme. It is not worth it if you are only applying for it only because of the money you might make when you complete it.
It requires you to be all in
As earlier stated, an MBA programme is quite tasking and often expensive, therefore you have to be sure that you are all in to make it a success. If you are feeling like changing your career or in doubt of whether your current work suits you, an MBA may not be for you. You need to first find out what you really need before enrolling in an MBA programme.
Not suitable if you do not intend to work in a business or management field
MBAs are often suited for individuals seeking to work in a leadership role. All businesses and management roles require leadership hence the need of a programme that will usher them into these roles. If you are not looking to grow into these roles then an MBA is simply not worth it for you.
MBA fees in Singapore
The average tuition fees for an MBA programme in Singapore ranges from S$30,000 to S$140,000. However, this amount may vary depending on the school and the duration of the course. For example, a 12-month programme at INSEAD will cost over S$130,000. On the other hand, a full-time MBA at Singapore Management University (SMU) will cost around S$70,000.
The school’s ranking may also determine how much you have to pay for education there.
In conclusion, the MBA programmes in Singapore offer a variety of options and tuition rates. For those looking for the best bang for their buck, SMU offers an affordable programme which is also among the most competitive in Asia. INSEAD also has one of the top-ranked full-time MBAs in all of Asia, so if you’re interested in taking your career to the next level, you could consider getting an MBA from one of these institutions.
If you are certain about your career path and sure that an MBA will take you to the next level, why not check out these education loans that can help you finance your MBA programme.
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