During a time where it seems Wall Street giants are collapsing all over New
York, many seem to be considering the option of going to business school to
weather the storm. Admissions committees are already reporting a surge in
applications for Round one, and Round two might even see a higher increase. As
noted in a
recent interview with Cornellís Johnson School of Business,
"The volume of applications during round one increased about 10% from last year.
The lingering question that still remains is if it is financially worth a return to school, graduating into a market that - at this time - is unpredictable. One of the factors that students consider, as noted by
Monster.com, is the potential salary increase post-MBA. GMAC states that students can typically expect a 35% salary increase once they graduate.
This figure depends on many factors, one of those being the particular MBA program from which a student graduates. It also matters what kind of experience you had before you entered the program to begin with.
"Sometimes people get their hopes up about salaries when they get out of school," says Petersam in the article.
"If you don't have the background for investment banking, you don't want to be
disappointed when Goldman Sachs won't touch you [after graduation]."
The article goes on to further quote Petersam, "Likewise, you need to make sure
an MBA is right for helping you reach your career goals." Petersam has counseled many prospective MBAs who plan to use their degrees to become financial planners. He helps to advise prospects that, if this is their choice, then they're going after the wrong degree. Instead, he advises them to research a financial planning certification program.
As with any significant educational decision, the value of an MBA lies in the research and effort a student puts into determining if it truly fits for them financially, personally and in their future career plans.
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