Although a Masters of Business Administration (MBA) is very advantageous in many ways, it does have its drawbacks. The following disadvantages should play a part when you are deciding whether this degree is right for you.
Of course getting an MBA is far from inexpensive. In many cases it will cost tens of thousands of dollars. Because it is graduate level work, a lot of the scholarships may not be offered like they are for undergraduate work. Many people go into deep debt paying for their MBA and it can take a long time to pay it off. In addition to the tuition cost you will often incur many other miscellaneous fees such as school fees, book costs, transportation/parking fees and more. Of course many people who go to a full time program cannot work or only work part time thus you will lose out on the opportunity to make money while you are studying.
It is a lot of work
Getting an MBA is by no means easy. You will need to take classes in a wide variety of subjects including finance, accounting, marketing, management and more. Graduate level work can be much more intensive than undergraduate work. Many people have already felt they went to a lot of school to get their undergraduate degree and do not want more.
An MBA can also be a lot of time. This is time that you may have otherwise been using to get experience in your field. This experience may have even been more valuable than the degree.
It is very common
An MBA is a relatively common graduate degree. Of course any graduate degree can provide a competitive advantage, however you may not stand out because a lot of other people may also have this degree.
You may be able to get the same jobs without it
There are a great many people in the business world and many of them do not have MBA degrees. In the business world, a lot of people rely on experience. You will often work your way up through a company. You may not feel like you got your money and effort’s worth out of the MBA. You may feel like you could have gotten equally as far without it.
You will need to think through all of the pros and cons when deciding whether to pursue a Masters of Business Administration degree. The above disadvantages are some that may come with this degree.