Many students choose to earn their MBA online so they can continue working. This allows them to use their income to cover costs and reduce the time it takes to enjoy an ROI. Ideally, your salary increase will be put toward paying off your debt; however, most people will likely increase their lifestyle as well. Regardless, your MBA program should yield long-term value and an online MBA in marketing can help you do just that.
Cost of Attendance
There's no denying that earning an MBA comes with a price tag. If you choose to finance your graduate degree, it's essential to consider how long it will take to recoup those costs and begin seeing a return on your investment.
One straightforward way to calculate ROI is by comparing the total cost of your MBA with the salary increase you anticipate after graduation. If you plan to put all your salary increases toward paying off the cost of your education, you can earn back the money spent on tuition in just over two and a half years.
An MBA marketing online offers a more streamlined path to career advancement without sacrificing your professional income. Programs like the Barry University Online MBA equip you with world-class business expertise, sought-after soft skills, career opportunities, and lifetime networking connections, all while allowing you to keep your full-time job and salary. You can even find employers that offer tuition reimbursement programs to help offset the cost of an online MBA.
Salary Increase
Whether you are interested in a career change or looking to boost your resume with a graduate degree, an MBA in marketing can provide you with the skill set to land a higher-paying job. According to a report by TransparentCareer, MBA graduates earn an average salary of $116,248 per year.
This salary increase can help you recoup the cost of your MBA program and make it an investment in your future career. However, it is essential to consider the local cost of living when evaluating potential salary increases.
An online marketing MBA can open new opportunities in the business world, including a role as a market research analyst or a marketing manager. With a 7% growth rate projected for these roles from 2021-2031, an MBA in marketing could help you secure your next business role. Moreover, you can gain leadership experience through an MBA's experiential learning opportunities, such as international immersion periods and alums events. This will help you build your network and strengthen your resume for future business opportunities.
Employer Reimbursement
An online MBA program may save you significant money if your company offers tuition reimbursement. You'll also benefit from the new skills, knowledge, and professional network you gain, plus your potential salary increase.
In addition to potential sign-on bonuses, an MBA is a valuable credential when applying for promotions or job changes, as evidenced by the high percentage of career advancement and pay increases reported among MBA graduates. Many business schools support students looking for a new position or switching careers, such as virtual job fairs and interview coaching.
The ROI calculators you find on the internet won't give you an exact reading, but they can help you estimate your initial boost in earnings and how long it will take to break even or begin profiting from your degree. Keep in mind, however, that these calculations assume that you'll put all your salary increase toward recouping your MBA investment and won't increase your lifestyle with the extra money.
Personal Benefits
A substantial salary increase is one of the most significant benefits of earning an MBA in marketing. However, the actual salary you receive is only part of the equation. There are also the costs of tuition, fees, and forgone income you'll pay while pursuing your degree.
Many online MBA programs offer a flexible study experience that allows students to work around their existing professional commitments. However, some programs require short campus residencies that can add to your overall cost of attendance.
Those with a busy schedule should consider the ROI of an MBA in marketing online that offers a fully immersive study experience without the need for campus visits. This option will allow you to focus on your career advancement and salary increase while minimizing the time investment required by the program. Online MBAs also provide valuable networking opportunities and mentorship options with seasoned professionals in your industry.
