Although there are many personally and professionally rewarding careers that an individual could pursue, selecting marketing as a vocation can be particularly beneficial. One of the main questions that arises when individuals think about getting an MBA in marketing is whether it will be worth the cost. By considering the information listed below, you can make an informed decision regarding whether attaining an MBA in marketing will be appropriate and/or advantageous for you.
The Marketing MBA
Individuals who opt to pursue a career in marketing often attain a formal education such as a marketing MBA to prepare them to work within the field. A marketing MBA is a Masters of Business Administration in marketing. This degree prepares students to operate successfully in the business sector by offering knowledge on subjects such as competitors, markets, and operating technologies. The marketing MBA prepares students to work within a plethora of sectors such as line management, entrepreneurial management, and consulting. Some of the courses that are typically taken include Advertising and Promotion, International Marketing, and Social Media Marketing.
Average Cost Of An MBA Degree
As many marketing experts know, the cost of an MBA degree can vary. However, business school guide Karen Schweitzer, in her article “How Much Does It Cost To Earn An MBA,” notes that the average tuition for a two-year MBA program will exceed $60,000. She goes on to point out that attending one of the U.S.’s top business schools can cost up to $100,000.
Tuition vs. Salary
In recognizing that attaining an MBA in marketing can cost anywhere from $60,000-$100,000, individuals interested in obtaining the degree may wonder how soon they can begin earning a competitive salary that compensates for their educational investment. Determining what type of salary you will be able to obtain with an MBA in marketing is contingent upon the type of job you apply for. For example, some individuals who obtain an MBA may opt to become marketing managers. The Bureau of Labor Statistics reports that marketing managers earn about $115,750 annually. This means that an individual who chose this occupation could earn back the money spent on their MBA in one year. On the other hand, opting to become a market research analyst warrants an annual salary of about $60,300 per year, meaning that it might take more than a year to earn back the money spent on tuition.
Yet another consideration that students who want to pursue the MBA in marketing should consider is the time investment involved. In some cases, the degree can be earned in as little as one year. In other cases, MBA programs take longer to complete, meaning that the student will have to devote more time to studying than earning money through employment. If you are interested in expediting the process, you may find that taking online MBA in marketing classes at your leisure very helpful. Because you can take online classes whenever they are convenient for you, you will often find that you don’t have to restrict your work hours or limit time spent with your family.
Other Considerations
When one considers the costs involved in attaining an MBA in marketing, determining whether the cost is reasonable is an important thing to do. There are a variety of advantages that many experts cite when referencing the benefits of attaining an MBA in marketing. Three of these benefits include knowledge, skill, and networking ability. In earning an MBA in marketing, individuals definitely gain the opportunity to attain extensive knowledge in their subject of study. Additionally, classroom experiences afford students the opportunity to develop and sharpen their marketing skills. Finally, attaining an MBA in marketing can help develop and expand one’s professional networking group. Each of these factors can help MBA students become marketable job candidates by giving them an edge over other hopeful employees who do not hold the degree. Thus if you are pursuing an MBA in marketing in order to obtain a job or sharpen your skills and knowledge base, it is safe to say that pursuing the degree will eventually be worth the cost.
If you are thinking about obtaining an MBA in marketing, you should know that doing so could be personally and professionally beneficial. By taking the time to gain knowledge and skills while simultaneously expanding your networking base, you could obtain the job of your dreams. If this is your ultimate goal, then pursuing the degree is well worth the costs involved.
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