Is a Master Degree Worth your Time and Money?

 

An article published by CareerOne WatercoolerTalk on August 13, 2014 caught our attention. Why? Because the title is not only brutal, but rings true! ‘Why an MBA is a waste of time and money’.

As a registered and accredited engineering college, we are aware of the very costly fees charged by a range of institutions, particularly for master degrees. This is aggravated by the fact that a number of students need to forfeit or reduce their incomes to facilitate campus-bound classes and the burden of study. But perhaps more critically, the qualification is often valued less by employers than relevant work experience.

It then begs the question, ‘How do I get ahead in my career? How do I add real value to myself and employer or business?’ Careful research, of all options, is a great start. Consider specialized programs that are in- line with current industry needs and which provide the necessary tools and relevant knowledge that can be immediately applied in the workplace.

 

After you have done your research, you shall find that our Master of Engineering (Industrial Automation) is well worth your time and money. Contact us today to find out more.

 

The full article (by CareerOne WatercoolerTalk) is published below. 

 

Why an MBA is a waste of time and money

Oliver Gaywood

 

When trying to get ahead in the business world, or changing career path, many people opt to study – often going for a Master of Business Administration (MBA). However, with so many candidates now getting this qualification and so few having relevant working experience, it’s now less valuable than ever.

Waste of time

If you're in a position where you can afford to study full-time, you can get the qualification in a year from some universities, while part-time it may take up to three years.
In this time in a ‘hands-on job’ you're likely to learn the basics of the business world, getting a good general overview of how a company runs, including the finance, HR and marketing sides. Courses, in comparison, give a very wide view of how a business actually works, covering topics you may already know, some that you may never need to know and others that may be out of date very quickly.

Waste of money

One of the biggest drawbacks of getting an MBA is the cost. In Australia there are a number of universities that offer this course, and while some charge around $20,000 or $30,000, the top universities ask for much more: Melbourne Business School charges $75,000 for its one-year course. On top of this you'll have all your living and travel expenses to pay and you’ll probably have little or no income for the duration of the course. If you’re a business owner, or looking to start a company, there are much more productive ways to spend that sort of money.

If you're taking the course to improve your salary, think about how much more you're realistically likely to make per year and how long it would take you to pay back your education costs. With the value of such a degree not worth as much on a resume as it once did, it may take a lot longer than you think.

Alternatives

Getting to the top of an industry isn't as simple as just going to university for a couple of years. An MBA isn't going to fast-track you to the top of an international organisation, as there are still going to be better qualified and more experienced candidates out there.

If you want to improve your career there are two better options: work from the bottom up or study something much more specialised.

Experience is much more valued than education in today's market, with many graduates taking a long time to find their feet in employment, often discovering that much of what they've been taught in the academic world has no bearing in real life. Employers prefer to look to someone who has similar experience, even if it's at a smaller company, than someone fresh onto the job market.

While the general nature of the MBA appeals to many, it doesn't prepare students for a number of business-related jobs. If that's the field you want to get into, it may be worth considering a more specific course that better prepares you for working life, as people like American investor Mark Cuban testify.