Dollars & Sense: The Cost of Getting a Business Degree
Adding a business degree to your resume can put you well ahead of the pack in the eyes of corporate recruiters and organizations who value the management skills business graduates possess. Beyond making you more attractive to potential employers, a business degree can ensure you’ll make more, around $10,000 to 30,000 more per year over what you might earn with just a bachelor's degree.
Choices in Business Schools
Graduate business schools come with varying price tags. A year at the University of Chicago's Booth School of Business will set you back $79,000 in tuition and living expenses. Many MBA programs at state schools can cost only a fraction of that, while still delivering a quality business curriculum. But they're also less likely to impress top corporate recruiters perusing your professional resume. In general, anyone serious about adding an MBA credential to his or her business qualifications should opt for the very best they can afford. Using the business school rankings published in Business Week or other top business periodicals can give you a feel for the status enjoyed by each of the various schools in the wider business community. You'll also get an excellent idea of the costs involved.
Funding Your Studies
So, how are you going to pay for that business school education? If your personal resources aren't enough, there are grants, scholarships or preferential loans available to help finance your dream. A graduate school's admissions office is the best place to start your financing search. Business schools often give out MBA scholarships based on special academic merit or need. Admissions staffers can also help point you in the right direction regarding outside assistance. However, keep in mind that today's economic realities have resulted in both more applications to graduate business schools and less money available due to the "credit crunch."
Nevertheless, as expensive and time consuming as it is, pursuing an MBA degree can be an endeavor which ultimately pays real dividends to you in income, opportunities and prestige.
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