When to Get an MBA: A Guide to Deciding the Right Time for You

Is now the right time for me to take the next step in my career?

If you are contemplating a Master of Business Administration, you may be asking yourself this question. A Master of Business Administration is a graduate degree that builds upon your leadership and executive skills to advance your career in business administration. An MBA degree can provide you with a higher salary, promotion opportunities, and expand your professional network throughout the remainder of your career.

Pursuing an MBA is a personal decision that depends on a number of factors. If you are considering when to get an MBA, you should carefully evaluate your personal and professional goals, financial situation, and other commitments to determine the best time.

Research types of MBA programs to see which one best fits your career goals: an Early advantage MBA, an Executive MBA, or a Professional MBA. From there, you can find the top MBA programs for that area of expertise. During this portion of your research, make a list of the top business schools you would like to apply to, then consider the time commitment your schedule allows. You can opt for full-time MBA programs, part-time MBA programs, or online MBA programs. Some business schools offer a hybrid program with in-person classes and online courses to offer more flexibility in attaining your degree. 

Throughout this article, we will help you figure out why you should get an MBA, weigh the pros and cons of obtaining an MBA, and map out your career goals to determine when is the right time for you to get an MBA.

Why Get an MBA?

In today’s competitive job market, an MBA can give you a competitive edge and help you stand out to potential employers. Pursuing an MBA can also be a significant investment of your time and money but provide numerous benefits for the rest of your career. 

MBA programs teach you practical skills and refine your leadership skills so that you become a top business administrator. Other graduate degrees may give you ample industry knowledge, but not hone the skills you need to run and grow a successful business.

Benefits of an MBA Degree

You may be wondering if getting your MBA is actually worth it. The full ROI of your degree may come out in phases, but there are numerous benefits an MBA can provide for you throughout your career.  Read below for a few ways that having a Master of Business can benefit your career. 

Career Advancement

An MBA can help you advance your career path by providing you with the skills and knowledge needed to pursue leadership roles in your organization. Many companies prefer to hire or promote people who hold an MBA degree, especially for higher-level management positions. Having an MBA can help you meet your career goals by opening up higher-quality job opportunities. 

Specialization

An MBA program allows you to specialize in a particular field of business, such as finance, marketing, or operations. This specialization can help you become an expert in your field, making you more valuable to your organization. Most MBA programs offer concentrations so that you can dive into coursework that focuses on specific knowledge within your industry. If you are browsing certifications and having a difficult time making a decision, look at the rankings of the programs to help you identify how renowned each one is and which one would be the best fit for you. 

Entrepreneurship

Many MBA programs offer courses on entrepreneurship, which is beneficial if you want to start your own business. If you are in pursuit of entrepreneurship, an EMBA may be the MBA program for you. This program is for people who are further along in their careers and are looking to branch off into a startup or take over a business. To see the highest return on investment, you will need to score high on your GRE and come prepared to put in the effort throughout the program.

Networking

MBA programs offer a great opportunity to network with other business professionals. Students can meet and interact with peers, professors, and have access to an alumni network that may be able to provide valuable insights and opportunities for career advancement. Expanding your professional network can help you better connect with recruiters and provide you with more professional development opportunities. 

Higher Salary

On average, individuals with an MBA degree earn a higher salary than those without one. The exact amount varies depending on the industry, your experience, and other factors, but MBA graduates can increase their earning potential over the long term.

Despite which MBA program you choose, it is mostly up to you to determine the extent of your MBA worth. MBA applicants  should apply online or directly with MBA admissions on campus. MBA students are expected to manage work and school, so be prepared to demonstrate your work ethic in both areas. 

Factors to Consider When Deciding When to Get an MBA

Deciding when to pursue a Master of Business Administration can be a significant decision that requires careful consideration. When making this decision, you need to make sure you are doing it for the right reasons. While the benefits of an MBA degree are well-known, there are various factors to consider when deciding when to pursue it.

Personal Goals and Aspirations

Before pursuing an MBA, you should consider your personal goals and aspirations and determine whether earning a business degree can help you achieve these goals. Plan your career goals and think about the soft skills you currently possess. Can business school help you sharpen your skill set, and set you on the career path you have your sights on? Business education is highly valuable, but also a huge commitment. Make sure your aspirations align before pursuing an MBA degree. 

Current Stage of Career

The decision to enroll in an MBA program should be based on your career goals, work experience, and current stage of your career. Business school will have to work around your schedule, so ensure that you are willing to shift things around for a while. A business degree requires a lot of effort inside and outside of the classroom, so it is important to be dedicated to your desired career path.

If you have just started your career, pursuing an MBA may not be the best option for you. It’s important to gain practical work experience and build a solid foundation of skills before pursuing an MBA degree. While business education provides you with valuable knowledge, it is most powerful when paired with hands-on experience in your industry.

Time and Life Commitments

Is getting an MBA worth your time? Pursuing an MBA can require you to put other commitments on hold, such as family, hobbies, and social life. Therefore, you should consider how pursuing an MBA may affect your personal life and whether you have the support and resources needed to manage your personal commitments while attaining an MBA. 

Many full-time and part-time programs offer on-campus and online options, so there may be some flexibility. You may also be able to find a full online program if you need more flexibility. However, in-person coursework often provides you with real-world opportunities to apply your knowledge, which will further prepare you for a career in business administration. 

Admissions Requirements and Timelines

Graduate programs have specific MBA admissions requirements that must be met before you can be accepted into the degree program. Additionally, the graduate degree application process can have strict deadlines that MBA applicants must meet to be considered for graduate school. 

To get your Master’s degree, you will typically be required to hold a bachelor’s degree, have an acceptable GPA and GMAT scores, and have a certain level of professional experience. The GMAT is not required to earn an undergraduate degree, so you will need to familiarize yourself with this process and understand what your score needs to be to get into the program you want. Graduate school is more intense than undergrad, so research carefully.

Timing Strategies for Pursuing an MBA

Timing strategies are an essential factor to consider when deciding to pursue an MBA. Attaining an MBA at the right time can have a significant impact on your career trajectory and future opportunities.

Let’s consider some timing strategies to keep in mind when wanting to pursue an MBA. 

Early Career

Pursuing an MBA early in your career can be advantageous as it can help establish a solid foundation for your career. If you are still building your work experience, you can practically apply your knowledge from business school within your work, and use your graduate school experience to jumpstart your career. 

Mid-Career

Pursuing an MBA mid-career can provide you with the opportunity to gain a competitive edge in the job market. At this point, you have racked up years of work experience and have clarity about what you want the rest of your career to look like. Getting your MBA mid-career can be the catalyst you need to set you on a higher career path.

Executive MBA

Pursuing an Executive MBA can help you develop advanced leadership and management skills and expand your network of contacts. At this point in your career, you have ample professional experience that you can build upon in order to land a C-suite spot or start your own business.  

Part-time MBA

Enrolling in a part-time MBA program can be an excellent option if you want to continue working while earning your MBA. There are typically in-person and online options, as well as hybrid programs. If you go this route, make sure you are committing to a program that best fits your schedule while providing you with the best educational experience.

Online MBA 

Getting an MBA online can be an excellent option if you need more flexibility in your schedule. This is a great option if you are a caretaker with limited time in your schedule. While much of online coursework can be at your own pace, MBA programs often have hard deadlines you are required to meet. Enroll in an online option if you are a self-starter and easily motivated. 

Pros and Cons of Pursuing an MBA at Different Times

Deciding on the right time to pursue an MBA can be a challenging decision, as it requires careful consideration of personal and professional goals, work experience, and life commitments. It is important to weigh the pros and cons before thoroughly considering pursuing an MBA, especially at different times in your career. Understanding these factors can help you decide on the optimal timing for pursuing an MBA that aligns with your goals and objectives because there is no answer that will fit your specific situation. 

Early Career

Pros: 

• Getting your MBA early in your career may bring you more opportunities earlier in your career, with a better outcome in the long run. 
• You have the potential to earn a higher salary sooner than if you wait to pursue your MBA.
• You have a chance at getting more promotions and gaining leadership skills early on in your career. 

Cons:

• You may not have enough quality work experience.
• You may not be clear on your career goals.
• It may be harder for you to get accepted into MBA programs due to a lack of professional experience. 

Mid-Career

Pros:

• An MBA can put you in a managerial role. 
• An MBA will make you more competitive if you are switching industries.
• An MBA can introduce you to a professional network. 

Cons:

• A graduate program may be harder to fit into your schedule.
• An MBA may not be a requirement to move up within your industry.
• The opportunity cost may be low.

Executive MBA

Pros: 

• It is easier to get accepted.
• You have more valuable work experience to build upon. 
• You are more likely to have higher-level classmates.

Cons:

• Juggling school and work is stressful. 
• EMBA programs may be harder to find near you.
• Your schedule may not be as flexible.

Part-time MBA

Pros:

• There is more flexibility in your schedule.
• Most of your classmates will be working professionals. 
• It eases your educational workload.

Cons:

• You will likely be working and going to school.
• It may take longer to complete.
• It may cost more in the long run.

Online MBA

Pros:

• Complete coursework on your own time.
• Costs less than traditional programs.
• You build an online network.

Cons:

• No readily available support.
• May be difficult to manage time.
• Often less competitive than traditional MBA programs.

Final Thoughts

Ultimately, deciding when to get an MBA is up to you and your specific situation. There is no right or wrong path or time in up-leveling your career- there is only the timing that makes sense for you. 

You can weigh your options by asking yourself what you want out of your career. What positions do you want to hold, and are you at a stage in your career where pursuing an MBA would be most beneficial? Is an MBA a requirement to move up within your company or switch industries? Are you able and willing to shift your schedule and devote time and effort to an MBA program?

These are all valid questions that are essential in your MBA decision-making process. Click here to discover which MBA program is right for you!