Best 5 MBA Reddit Posts and If a MBA Is Worth It
If you're debating an MBA, Reddit is an easy place to turn to. This article details the top posts about the value of an MBA.
A Master's of Business Administration (MBA) can potentially open up a lot of opportunities for graduates. But it can be challenging to determine if the MBA is worth it for you and your particular career plans.
To help you determine the right path for you, we've compiled a list of five posts from MBA Reddit from people who are on the other side.
Is an MBA worth it? Reddit users weigh in
Reddit can be an excellent place to share knowledge and learn from others. For those who are interested in learning if an MBA is right for them, we found posts in the r/mba and r/personalfinance subreddits that have a lot of answers and things to think about.
1. Determine your reasons
There are only two good reasons to consider an MBA, according to user h2ohhhyeah. In a massive post detailing their journey, along with good and bad reasons to get the graduate degree, the first reason they suggested is if you want to pivot your career fast.
"The beauty of an MBA is that the first day you set foot on campus, you get to choose your ‘new persona.’ And it’s totally acceptable in the eyes of employers," says the post. So if you're in the engineering field and want to transition to becoming a financial professional, an MBA can help you do that without needing to start at the bottom and spend years working toward your goal.
The other reason is if your company requires it to become a vice president or C-suite executive.
H2ohhhyeah does not recommend spending the money on an MBA if you're hoping it will help you figure out what you want to do with your life, you want to network or increase your salary, you're hoping it will impress others, or you simply want to learn more about business.
So think about your reasons for going back to school to get an MBA and consider whether they're good enough to merit the investment.
Also, one person's opinion about whether a reason is good or bad can help you put things into perspective. But ultimately, you get to decide for yourself whether a reason is a good or a bad one.
2. Think about the skill sets you want to develop
Depending on your strengths and weaknesses, an MBA may or may not be the right move. In one post where a Redditor asked the same question, "Is an MBA worth it?" Some commenters provided some excellent advice.
Although there are some specialized MBAs, the graduate program often requires that you focus on a broad range of skill sets. According to user AVK83, "you'll need to understand:
- How to market your product or service
- Economic factors that impact your industry
- Accounting methods/rules/results that determine how investible your company is
- What options you have to finance future projects
- Human networking company > employee or employee > employee and the leadership structure that guides it
- Long and short term strategic planning"
If you're hoping to focus on just one or two areas, look into certification programs that may meet your needs and save some money.
3. Run the numbers
Some believe that getting an MBA to increase your salary is a bad idea because it's not guaranteed. But the fact is that professionals with an MBA do earn more on average than professionals without one.
So with both of those facts in mind, consider running the numbers for your situation. In this Reddit post, user andyiam asked if an MBA is worth it if their salary is already relatively high.
The cost of the program they were considering was $98,500, and in the best-case scenario for average salaries in their field, they'd get a pay bump of $25,000 per year.
In this case, the degree would pay for itself in just under four years, but remember, that's the best case. On average, their salary might increase by only a few thousand dollars a year, which means the MBA wouldn't pay for itself by the time they retire.
Do your research on how an MBA might impact your salary in your field and compare it to the cost of the program. Also, remember that while average salary numbers can help you make an informed decision, they're not guaranteed.
4. Consider an online program
Online degree programs often get a bad rap, but with the right university, an online MBA can be a less expensive way to achieve your goal.
In a post by user NotLostJustWanderin, they shared their experience doing an online MBA program. They made sure to choose an accredited program from a school with a good reputation, and the online nature of the program gave them the flexibility they needed to earn their degree in two-and-a-half years while still working full-time.
The result? They were able to nab a new job that paid $54,000 more than they were earning before they started the program.
To make up for the lack of networking that can happen in an online setting, they put together a spreadsheet of all the other students in the program, along with contact information, work history, current jobs and select connections, which they've used since graduating.
Not all online programs are created equal, though, so make sure you do your due diligence to make sure that the program is solid and well-respected in the business community.
5. Look for assistance to reduce your costs
The cost of an MBA can be a major roadblock for some, but it's possible to get your degree without paying full price. In one post, user redditkxk says their employer offers $10,000 per year in tuition assistance for an MBA program and asked other users about what their employers offer.
Answers range, but many said their employers offer 100% coverage, though some had requirements. For example, you may need to be in a management position or agree to stay with the company for a set period after you graduate.
Also, keep in mind that the IRS won't tax the employee on up to $5,250 in educational benefits received from an employer. Any amount above that will be taxed as income.
Ben Luthi is a personal finance and travel writer based in Salt Lake City, UT. He loves helping people better understand their finances. When he's not traveling, Ben enjoys spending time with his kids, hiking, and watching films. His work has been featured in U.S. News & World Report, The New York Times, MarketWatch, Fox Business, and many other publications.
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