Eytan Elbaz, the former Head of Domain Channel at Google (google.com), discusses the pros and cons of pursuing an MBA. Asking yourself these questions will help you decide whether a degree in business can advance your career.
- Factor the opportunity cost
- Determine the potential financial cost
- Is the knowledge available elsewhere?
A common question people ask of me is “Should I go ahead and get my MBA?” And I think there are three different things you should consider before making that decision.
Number one; you’re going to want to consider the time opportunity cost involved in getting the MBA. An MBA can take two to three years. What other things might you be able to do? Go and start a business. Work for somebody else. Gain some work experience.
Secondly you’re going to want to consider the financial cost of pursuing your MBA. An MBA is an expensive degree. What else could you do with that money? Could you invest into a start up? Invest into another business or even a traditional investment like real estate or the stock market.
Lastly you’re going to want to consider whether or not you can gain this information elsewhere. You might be able learn information from an advisor, a mentor or even a family member.
These are three of the things you may want to consider before you decide whether or not to get an MBA.