A Comparison of the Opportunity Cost of Pursuing an MBA .
Career decisions, as well as all other types of decisions always have an opportunity cost. The cost of pursuing one option involves not only the straightforward costs, but also the costs that might be lost by forgoing other available options. Individuals who desire to excel in business often pursue a Masters of Business Administration Degree (MBA). In the United States there are hundreds of universities offering MBA programs. Adult students often face the dilemma of deciding to put their career on hold and pursue an MBA full-time, or to attempt to juggle career responsibilities and graduate studies simultaneously. All MBA degrees are not the same; there are differences in the quality and the reputation of the many universities. Some programs allow for more networking and provide excellent contacts for career advancement. Other programs market themselves for student convenience. This paper compares and contrasts the opportunity costs involved in taking a leave of absence from work and pursing an MBA full-time or maintaining a full-time position while attending graduate school in a local MBA program. .
Traditionally, a student is known as an individual completely focused on his or her education while living away from home on a university campus. To complete an MBA program this way could cost the student in upwards of approximately $100,000 to $150,000. These figures are based on tuition and living expenses for two years. .
Full-time students have the luxury of being able to focus on their classes and to consider and attempt to discover the many career opportunities available to them. .
"Full-timers can use internships to segue into new careers, and they often can take more varied elective classes, which helps them cultivate new areas of expertise. Harder to quantify, but equally valuable, is the opportunity that full-timers get to knock around campus all day, joining student clubs and going to guest lectures and other activities that help them to explore their options.