An online Master of Business Administration (MBA) in Marketing from Northwest Missouri State University (Northwest) offers knowledge and skills vital 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 while pursuing 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? A 2022 report from Business Because aggregated data on the total cost of top full-time MBA programs. According to the report, the average 2022 cost of these programs (in the U.S.) totaled $225,605, including tuition, fees and materials, average healthcare expenses and regional cost-of-living estimates.
What Is Opportunity Cost?
Simply put, by attending a residential MBA program, you lose out on 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.
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.” As a simplified way to quantify this concept, if you make $50,000 per year before enrolling in a full-time MBA program and quit your job for two years while earning your degree, you would lose $100,000 worth of income while in school. Let alone other opportunity cost factors, this lost income, in effect, can add substantially to the cost of earning an MBA.
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. According to the 2022 Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC), the median 2022 starting salary that surveyed recruiters in the U.S. offered bachelor’s degree holders was $75,000. In comparison, GMAC reports the median 2022 starting salary for MBA grads to be $115,000. With such a wage premium for earning an MBA, graduates can expect a considerable return on investment (ROI) over time, even considering the high costs associated with MBA programs.
Moreover, entry-level marketing professionals who earn an MBA can use their new academic credentials to reach higher-level positions. And the knowledge and skills gained through a quality MBA program can help graduates be most effective in whatever marketing role they pursue.
A wage comparison can further emphasize the benefits of moving into managerial-level marketing roles. According to the U.S. Bureau of Labor Statistics (BLS), market research analysts made a median annual wage of $63,920 in 2021. In comparison, the median annual wage of marketing managers in 2021 was $135,030.
So, an MBA can certainly 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 Your Financial Burden and Opportunity Cost?
Northwest’s online MBA in Marketing program is an affordable way to get a high-quality master’s-level education in business administration and marketing. Plus, 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, and you can avoid moving expenses. You can still take any career opportunities that come your way during online school. In addition, students can complete Northwest’s online MBA in Marketing program in as few as 12 to 18 months, meaning you may see a return on your investment quicker than in a two-year program.
Taken together, this can 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 thinking about enrolling in a marketing graduate degree program, Northwest’s online MBA in Marketing offers both quality education and convenience. Considering the cost of living, high tuition and opportunity cost of attending a full-time, two-year MBA program, earning an MBA online can make more sense financially, accelerating your career without accruing excessive debt. 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.