Unless you’ve been living under a rock or trapped in a library for the past year, you’ve likely had someone tell you all about the benefits of investing in cryptocurrency... While the jury is still out on whether or not blockchain investments will see a strong return, many believe buying crypto is the single best thing a person can do with their savings.
While purchasing cryptocurrency may seem less risky than dumping money into slot machines or betting on horse races, it is still a gamble. In fact, most decisions we make have uncertain outcomes… So why would we expect the decision to get an MBA to be any different?
Making the choice to go back to business school can be difficult. All it takes is a quick Google search to see that there are many arguments for why you should or why you shouldn’t get an MBA. But like most decisions with uncertain outcomes, with enough research and knowledge you’ll be able to make the choice that is best for you.
Remember: The most profitable investment isn’t always the most expensive or most popular. This also applies to business schools. You do not have to attend a top 10 school to reap the rewards of getting an MBA. In fact, you may find a degree from a lower-tier school will offer the same, or better, results.
5 Reasons to Consider an MBA from a Lower-Tier School
It’s no secret that going to school out of state is bound to rack up a hefty bill. In fact, the top 5 business schools cost an average of $60,000/year if the student is from out of state and hasn’t received any help from scholarships. When you weight these numbers against in-state tuitions that may average less than $20,000/year, remaining close to home may not be so bad afterall.
To calculate the return on investment (ROI) for getting your MBA, consider the school’s starting salary after graduation as well as the amount of debt you will incur to get there. This is also known as the salary-to-debt ratio. While it is true that less competitive schools offer lower tuition, their graduates also tend to have lower starting salaries. By understanding the ROI at schools of different rankings, you may find a lesser-known business school to be the best fit.
It is possible to increase a school’s ROI by taking advantage of all available scholarship opportunities. Top applicants are the most likely to be awarded scholarships, resulting in less debt after graduation. Newsflash: It is far more likely to have luck with scholarships at lower-ranked schools where you qualify as a top applicant.
Before going to business school, consider your goals honestly. If you have a clear path, you may find that a lesser-known school offers a program that is directly in line with your trajectory. If you are looking to be hired by a large company, you may be surprised to know that not all hire exclusively from top tier schools. On the other hand, if your goal it to work on Wall Street, you may want to consider getting a degree from Harvard, Wharton, or Stanford.
To get a clear picture of what jobs you will be a top candidate for after graduation, talk to alumni and the school’s placement office. Be sure that the careers born out of your target schools are in line with your vision for your future. You may find that a non-elite school is more likely to provide you with the career you want, regardless of its ranking.
There’s no objective answer to whether or not getting an MBA from any school is going to be worth the investment. Just like those investing in cryptocurrency, no matter how confident they may seem, you can never be sure you will see their investment back, let alone turn a profit. The best you can do is weigh your options, do your research, and make the most educated decision. Perhaps this will mean shooting for Stanford or maybe you’ll find your perfect match in a school you still haven’t heard of.
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