An MBA or Master of Business Administration course is still very popular among employers. With an MBA study you work on your own development and open the door to a higher salary and better career opportunities. It is no wonder that many business professionals choose to pursue an MBA at some point in their career. It is well worth the cost and effort. But what exactly does an MBA course cost? Does that differ between providers? And: What is the price-quality ratio?
Why do business people actually choose to study an MBA?
An MBA course is a unique opportunity to further develop your talents and skills. And that generally pays off because companies like to hire or acquire candidates who have completed an MBA study. And companies are willing to pay for this. For an MBA professional, there are avenues for advancement within the organization and the gross pay is up to thousands of euros per month than for a non-MBA trained colleague. Particularly for those who have not previously completed university studies, an MBA can be a solution to a stalled career. Over time, such a title will often count for higher positions and you may have a better chance with an MBA diploma. An MBA study is also a personal enrichment for many people. They learn to think differently and become better and more all-round professionals. This is very good for self-confidence and also increases job satisfaction.
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What are the costs of an MBA course: Why is an MBA course expensive?
There is a proliferation of MBA providers and courses of study. Unfortunately, there are also many fairly dubious courses that do not offer what they promise and add little value. The costs for an MBA are always considerable, but here too they are cheap and expensive. Renowned institutions such as Nijenrode, Rotterdam School of Management, TIAS or Nimbas charge a lot of money, but also offer a curriculum that matches this. These studies often have an international component, so that you come into contact with other cultures and ways of thinking. Guest speakers are also invited to present the latest in their field. The study material, teachers and lectures are all of the best quality. You will also come into contact with professionals like yourself, so that you can learn from each other. You can take MBAs online and there is even a one-day MBA. It is clear that these do carry a title but add little or nothing to your personal development. A company will also not be impressed by such an MBA course. Companies know very well which institutes offer something and which offer high-quality MBA courses.
What exactly does an MBA course cost?
The costs of an MBA vary between EUR 10,000 and EUR 60,000 for the entire process. Most courses are part-time and have a study load of between 10 and 20 hours per week. These courses usually last between two and three years. The LOI MBA course is one of the cheapest, while the courses from Nijenrode, Rotterdam Business School and TIAS are at the top of the range. The cost of the course generally includes lectures, study abroad and exams. Please note that costs for lunches, airline tickets and study materials are usually exclusive.
Does an employer pay the costs for an MBA study?
In general, employers respond favorably when you indicate that you want to follow an MBA course. To obtain approval, thorough explanation and substantiation is expected. The employer specifically wants to know how “the new you” will compensate the costs for the MBA: In other words, in what sense will your company receive a better professional in return after the training? It is usually the case that companies are willing to cover all or part of the costs for a master’s degree, provided you can demonstrate that this adds value to the company. Agreements are often made about the conditions: For example, it is expected that you will remain with this company for 5 years after completing the training or it is expected that the study time will not interfere with your performance at work.
Is an MBA study worth the cost?
Yes, provided you opt for a thorough education that is close to you. An MBA guarantees personal development and greater appreciation on the labor market. An MBA education correlates with a higher salary and more career opportunities. However, you must realize that an MBA, in addition to being expensive, also requires a lot of effort from you and often infringes on your free time and private life. In other words: You have to do something for it, but then it is certainly worth the effort and costs. Research carefully to ensure that you choose a good provider and a direction that suits you. Think carefully before making your final choice of study. You can only choose once.