At various times during your career, you will feel as if you are stuck. It happens to everyone. You may feel like you can’t advance with the degree and experience you have. You start tossing ideas around in your head whether another degree will give you the push forward you want. For those in the corporate world who already have a Bachelor’s degree, the most likely choice is the MBA (Masters in Business Administration).
There are several things that will help you get the most out of your degree and help it work for you. But you also need to understand what obstacles there are.
Have a plan
This is not an easy decision by any means. If you get the MBA you will be very accomplished and could be a power player in the corporate world. However, you may also spend over two years of your life, a lot of money, and be in the exact same place that you were before. The difference between the former and the latter is to have a plan. Don’t wait until you have your MBA to start that plan either. You want to work toward that plan while you are getting your MBA. Are you going to own your own business? Are you going for that director’s position? Will you get a raise? Or are you just disappointed with your Bachelor’s Degree?
Don’t just ask yourself those questions – have an answer.
Can you willingly spare the time?
You can get your degree while working full time and having a family. The question is – do you want to? You will need on average 20 hours a week to dedicate to school. Sometimes you will need more if it involves a lot of travel or team work. If you can find time that doesn’t affect your family to work, such as when they are sleeping, then you can do it.
Paying for it
Who is going to pay for it? Is your company going to pay for it? Do you have to stay with them for a specific period of time after you get the degree? Or is your new job going to make you enough money to pay for it? Can you afford the monthly payments if you take out a loan? It will be about $500 a month for five years for a $20,000 loan. It’s helpful to have some money saved up in a savings account or money market account so you won’t have to borrow as much.
Can you work in a team
For the majority of business colleges, you will have to work in a team. If you are someone that can put up with all sorts of personalities, and make it work, then it may be worth your time. You will be faced with someone who wants to do minimal work. You will be faced with someone who can only meet on Mondays. You will be faced with someone on your team with whom you do not agree. Are you ready and willing to deal with all the various people and situations that will most certainly arise?
Make it work for you
Let me repeat that. Make it work for you. Every class has a paper or project that is based on something you are already doing in your work, or want to do at your business. Don’t reinvent the wheel – turn the assignments into something that you are already doing, and expand on it.
If this is something that you can do, then you are already well on your way to that second degree and taking charge of your life.
Once you graduate, and before you start paying your student loans, put all the money you can in a money market account where it can earn you a lot of interest!
