Management

Why Earn an MBA' Robert Edson University of Phoenix MGT/521 Quality Management and Productivity Instructor: Harold Ricardo Abstract Overrated and expensive are two adjectives that may be heard when one asks for a peers opinion in regard to them earning their master of business administration (MBA) degree. To some earning an MBA is the popular route to take when enrolling in a graduate program. Is it bad because the program is a common choice among many Americans seeking higher education' Is it foolish to pay $70,000.00 to go back to school when they are already $50,000.00 in debt with prior school loans from their undergraduate degree' This paper argues the benefit of earning an MBA and why it should be looked at more as an investment than debt. The United States Department of Labor (2009) website uncovered that “as of December 2009, 15.3 million Americans were unemployed. This is compared to the 7.7 million Americans that were unemployed in 2007." This downward trend results in an increased amount of the United States population looking for jobs. Millions of Americans have been left scrambling to find work to support there families, pay bills, and put food on the table. Who will have the best chance of recovering or being the least affected' The answer is the individuals who earned their college degrees. Even more profitable are individuals who earned their masters degree. According to About.Com (2010), “84 percent of American adults age 25 and over had at least completed high school and 26 percent continued to earn a bachelor's degree or higher” (Lifetime Earnings Soar with Education, para. 6). The job market has become saturated with the unemployed. Employers are trending more toward hiring based on education than work experience. The majority of Americans who only hold a high school diploma are at a serious disadvantage when applying for jobs. The more education one has the more marketable they are to a potential employer. The cost of earning an MBA should not be looked at as debt but rather an investment. Sure taking out loans as assistance to further a person’s education can be scary but one must look at the benefits of taking this step. “A college master's degree is worth $1.3 million more in lifetime earnings than a high school diploma, according to a recent report from the Commerce Department's Census Bureau” (About.com, 2010). This appears to be a rather safe investment of time and money. Most Americans set out with goals to have a high quality of life for themselves and their families. What better way to be in a position to be happy, comfortable, and successful than by earning an MBA. The MBA program is broad business program that can be used in just about every sector of the business world. Rather it is in the education, health care, or technology fields, to name a few. An MBA does not limit an individual to a specific sector in the workforce. The MBA educates students in areas of marketing, law, accounting, management, economics, and leadership. Once a student earns his or her MBA they will have gained a vast knowledge in all areas of business. As a result they will be more capable of making effective business decisions once out in the field. When deciding to return to school to earn my MBA, I researched many of the statistics referenced through out this paper to make my final decision. It was an easy choice to make. This is both a personal and professional goal. To be the first person in my family to receive an MBA is what motivates me. Being able to reference on a resume that not only did I graduate from the University of Kansas with a bachelor’s degree but I hold a Master’s of Business Administration from the University of Phoenix. Achieving something that most Americans are lacking will open many doors. According to the Jungian Personality Self Assessment, I am as charismatic, compassionate, and highly persuasive. Those attributes along with higher education will help me achieve my career goals. It also states that my possible careers include TV producer, fundraiser, drama, teacher, and health adviser. I am confident that having my MBA will allow me to be competitive and successful if I chose either of those paths. So why earn an MBA' Higher education is the most direct path for success and I believe an MBA will allow me to achieve my career goals. References United States Department of Labor. (2009). Bureau of Labor Statistics. Retrieved from http://www.bls.gov/news.release/empsit.nr0.htm About.Com. (2010). US Government Info. Retrieved from http://usgovinfo.about.com/library/weekly/aa072602a.htm