Get an MBA now or later? 6 questions to ask yourself
For many, getting a Master of Business Administration (MBA) falls into the “someday” bucket. Perhaps you’re wondering if now is the right time to take the plunge. Here are six questions to help you decide:
1. Can I spare the time?
With work, exercise, family, and friends filling your weeknights and weekends - it can feel like you’re up to your ears with commitments. The prospect of fitting in anything else may feel impossible, especially a post-graduate degree.
Let’s crunch the numbers. Assuming you get eight hours of sleep a night and work 37 hours a week, that leaves you with 75 hours of free time a week. An online MBA with the University of Adelaide takes a minimum of 25 hours, which still leaves you with 50 hours free. With no commutes to campus, around the clock access, and smart time management, you can make it work.
2. Will my boss like it?
Going back to Uni may seem daunting, especially if you’re nervous your boss won’t be happy. Will it make them suspect you want to jump ship or that your priorities are elsewhere?
The University of Adelaide online MBA is taught in focused six-week blocks, covering a single unit in that time. This method means that you can immediately implement your new skills at work. Chances are it will also signal to your manager that you’re serious about your career (and that you’re ready for that promotion!).
3. Can I afford it?
MBAs can get notoriously expensive. Fees can get well into the six figures at some business schools. For those who choose to study full time on-campus, there’s also the potential hit to your salary.
Domestic students have access to FEE-HELP, which means that you don’t have to pay anything upfront and won’t start paying back the loan until you are earning over a certain amount. And with MBA graduates reporting a 30% increase in salary, you’ll be paying off that debt in no time.
4. Can I afford not to?
Are you or your business on track to achieve your goals? Or do you feel like you’ve plateaued?
Relying on experience alone doesn’t always cut in in the competitive job market. MBAs are a great way to fast track that promotion or bust through that infuriating glass ceiling. Employers are looking for internationally recognised qualifications that can give them the assurance you have the skills they need to take on the next level of responsibility.
5. What have your role models done?
Jump onto Linkedin and look at someone’s profile who has your dream job. Scroll down to education, and what do you see? Chances are they’ve done an MBA at some point. If not, how else did they get there? How long have they been in the industry?
6. When was the last time you studied?
The world is changing at breakneck speed. Keeping ahead of the business curve is hard. Organisations are increasingly looking to their managers to have the skills they need to navigate these challenging times.
If you studied a few years ago (or even decades), chances are you didn’t learn new skills such as entrepreneurship or managing innovation. The University of Adelaide’s online MBA has an up-to-the-minute curriculum that covers all these skills and much more.
We all dream of more time, more money and more flexibility. Chances are that a perfect time will never arrive. To achieve your goals you need to step outside your comfort zone. Now is the time to stop putting off the thing you’ve always wanted and open up to what you’re truly capable of.