When it comes to engineering students, the path for pursuing an MBA isn’t quite clear to them. Bachelors’ degrees in engineering are directly applicable to your chosen job profile while for MBA, the study matter can seem a bit vague. Additionally, most of the MBA programs only require candidates that have 3+ years of work experience, forcing students to pursue a degree part-time or forego several years of earning potential. Whatever the case be, candidates willing to pursue MBA want full confidence that their hard-earned degree will provide a good return on investment.
Here we will break down the pros and cons of obtaining an MBA after engineering which will have you making your decision simple.
● Pursuing an MBA as an engineer is like learning a different language altogether. For sure you must be having an uncanny ability of problem-solving but with an innate understanding of business, you are a combination of two that organizations dream of.
● In case you want to stay in your current engineering-focused organization and looking to gain some business acumen and skills, then MBA is the right fit for you. Marketing skills acquired from the MBA program can help you in leading for better promotional opportunities for your organization.
● An MBA can be one of your best bets! How? In dire situations like a poor job market, one knows that there are hardly any opportunities so in that case, an education career works as a substitute. MBA will help get an advanced level of management experience.
● If you are willing to switch careers completely, the MBA is definitely the best choice. Most employers will look at you suspiciously if your resume is centric to just one particular profession. So the commitment is necessary to switch fields. In this case, an advanced degree can be a help in backing up your profile and show that you are really serious about the change.
● Straight to facts- MBA is going to be costly. In recent years the cost for higher education is reaching the skies, and an MBA program is no exception. An MBA at Stanford or Harvard will easily cost you above $60k per year and that excludes housing, books, and other travel expenses. If you add on the cost for everything, it’s going to cost you above $175k in a year.
● Chances are you may get less salary! The average salary for an MBA is $131k while the average salary for more targeted degrees like Masters in Engineering is $137k.
● Many organizations may find young and inexperienced MBA graduates as expensive hires who are not worth the cost when it comes to actual knowledge and lack of real-world experience.
Arriving at your question, Is an MBA after engineering worth it? The answer to it is, it depends! The MBA degree can be valuable for you if you want to go into the managerial field for a large corporation, switch careers, and would like to take the role of managing budget and forecasting. On the other hand, if you still want to remove a problem-solver or a technical wizard, need a guaranteed return of investment, and have a set career path, then you should continue with engineering.
In conclusion, it is suggested that you take your time to study the pros and cons. Consider your personality, career aspirations, current organization, and roles. After that, think about ROI, make all the calculations and reasoning, you are an engineer after all. Now that you have got your answers, decide what is your final call.