An online Master of Business Administration (MBA) from Northwest Missouri State University offers degree candidates the opportunity to gain knowledge and skills which can be very helpful for success in the field of marketing. Moreover, this is a fully online program, allowing students to work, earn a living, and pursue career advancement opportunities at the same time they are earning their MBA.
Students currently working in marketing can also put what they learn in the MBA program to use immediately on the job, creating the depth of learning and application found only through experiential education. An online MBA can be an effective and convenient way to advance one's career in marketing.
How Much Does It Cost to Earn an MBA?
Graduate school is not cheap. Tuition alone can be exorbitant. And, in a traditional, on-campus MBA program, students might need to put their careers (and salaries) on hold while they go to school. Two years of tuition plus living expenses like food, housing and insurance add up quickly. And two years without income is hard on anyone's finances.
How do the numbers add up? Data from a Financial Times survey of 2012 MBA graduates, conducted as part of the publication's 2016 rankings, revealed an "average cost of $222,000 for an MBA in North America, ranging from $177,000 to $264,000." Included in the cost figure are "tuition, accommodation and day-to-day costs."
What Is Opportunity Cost?
Simply put, by attending a residential MBA program you, as a student, are losing out on your potential income for the duration of that program. But your salary is not the only thing you might forgo. You also miss out on opportunities for promotions and raises. You might get hired by a better marketing firm in a more lucrative position. Or maybe you would like to start your own marketing company, and would have to delay that dream to attend an MBA program. All of these are just a few examples of the many opportunities you might not pursue if you attend traditional graduate school -- hence the term "opportunity cost."
What Are the Benefits of Having an MBA?
Clearly, the price tag of earning an MBA is quite high, but the payoff is also substantial. A Poets & Quants article reports an average pre-MBA salary of $58,000 per year. GMAC found in its 2017 Alumni Perspectives Survey that the median yearly (base) salary for MBA graduates ranges from $63,932 at the entry level to $272,772 for a C-suite executive, with total compensation ranging from $75,513 to $440,122.
Entry level marketing professionals who earn an MBA can use their new academic credentials to work their way into higher level positions. And of course the knowledge and skills gained through a quality MBA program can help graduates be most effective in whatever role they pursue in the marketing field. So, an MBA certainly does pay off in the long run. But even if it might be worth it, most people simply cannot imagine making such a substantial investment in school. So how can you go about earning an MBA in a financially sustainable way?
How Can an Online MBA Lessen the Financial and Opportunity Cost of Earning an MBA?
Northwest's online MBA in Marketing is an affordable way to get a high quality master's-level education in business administration and marketing. The total tuition for the Northwest MBA is less than $14,000. Given the fully online format of this program, you do not have to forgo your salary while earning the MBA. Because there's no need to relocate, there is no change in your cost of living. You can still take any career opportunities that come your way during school. This all could add up to hundreds of thousands of dollars saved compared to a traditional, residential MBA. And you can take what you learn and put it to use every day, making the most of your degree even as you are earning it.
If you are considering a graduate degree in marketing, Northwest's online MBA program offers both quality education and convenience.
When you consider the cost of living, high tuition and opportunity cost of attending a full-time, two-year MBA program, earning an MBA online makes much more sense financially, accelerating your career without accruing exorbitant amounts of debt in the process. And, of course, the ability to continue pursuing advancements in your marketing career while attending grad school can be priceless.
Learn more about Northwest's online MBA in Marketing.
Sources:Forbes: The First Person in My Family NOT to Go to College
Have a question or concern about this article? Please contact us.