When you work in Human Resources, you must decide if becoming a Human Resources MBA student will pay off in the end. Enrolling in a Master of Business Administration program helps you expand your knowledge by learning about real-world business issues. While business school is a place where you can learn new concepts and develop new relationships, there has been a widespread debate concerning whether or not MBA degrees are worth the money. Here is what you must consider to research the worth of a business degree with a concentration in HR.
How Much Does an MBA with a Concentration in HR Cost?
The cost of earning an MBA degree varies. The actual cost depends on where you live, the business school that you choose, how long you take to complete your degree program, and what type of instruction you choose. The actual costs can vary, but research shows that the average tuition for a 2-year MBA degree program is more than $60,000.
Tuition is not the only thing you must worry about. You will take on other educational expenses in addition to the advertised cost of the program. You have to consider how much you will spend on textbooks, laptops and other supplies related to your education. Since the expenses add up they cannot be overlooked.
The Opportunity Costs of Earning an MBA Degree
If you work firsthand in HR, you know how much value is placed on post-secondary degrees. More value is placed on a graduate degree because of how much time and effort it takes to earn. With more value comes opportunity costs. In economics, opportunity costs are the benefits that you must forgo to pursue another action.
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In this case, the opportunity costs of earning your MBA in Human Resources is what you have to give up while you are in school. Not only will you part with some money, you also have to give up your personal life and may have to put your career on hold. If you do decide to study full-time instead of working, you are missing out on not just income, but also on job opportunities that could have been added to your resume.
The Advantages of Earning Your MBA as an HR Professional
You will spend money and a great deal of time studying for your Human Resources MBA, but the investment of time and money can pay off in the end. In the field of HR, most companies are seeking HR professionals who possess their master’s to fill management and other executive roles. This is why having a business degree from a reputable business school can give you more access to upper-level opportunities. In fact, some companies require all HR managers to possess an MBA before they can oversee, plan, direct and coordinate HR functions.
At the end of the day it helps to know how much you can earn in the field with an MBA degree. On average, HR professionals in management roles earn $102,780 per year with bonuses. Since graduate degree holders earn approximately 13% more per year than professionals with a Bachelor’s degree, there is potential to pay loans off quickly. It is best to consider how much longer you want to work in HR, whether or not you want to get certified, and if you will receive benefits through work that help pay for your graduate education. If you can manage the costs, earning a Human Resources MBA could definitely be worth it.
