Karen Maskew knew it was time to go back to school when she looked hard at her job and knew she wasn’t going anywhere. She loved working at the Jet Propulsion Laboratories in Pasadena, Calif., as a contract administrator, but she also realized that without specialized business-management skills, she was stuck in a dead-end job.
“For a long time, an MBA has been a discriminator of who will move up the ladder. Now it’s almost a requirement,” Maskew said, recalling her decision in 1997 to enroll in the executive MBA program at Chapman University near her Orange, Calif., home.
The 47-year-old army officer, formerly on active duty and now in the reserves, realized that she wouldn’t advance without corporate skills such as financial analysis, forecasting and strategic planning. She selected the specialized executive MBA program to “send the signal I was executive quality.”
Since graduating in 1999, Maskew said, she has made two major career jumps that have increased her salary–$45,000 annually–more than enough to justify the time and expense.
Earning a master’s degree in business administration part time while you work can give your career a big boost, if you pick the right program and plan carefully. In some jobs, an MBA is now virtually mandatory, and new executive programs are designed to improve even the skills of those already highly ranked in their organizations.
But there are also caveats and pitfalls, such as deciding whether the time is right and how to afford it. The degree can cost as much as $65,000 at some institutions. There are a few clues to help decide whether it’s the right move.
Going back to school while you’re working might be a good career move, but it’s also stressful and tiring. If you have just taken on a new job with more responsibility, or recently made a major life change that requires a time commitment or will distract you, this might not be the best time to start an MBA program, experts say.
Count on spending two to four hours outside the classroom for every hour you spend in class, former students say.
“This is an investment, not a sabbatical,” said JoAnne Starr, assistant dean for MBA programs at the University of California at Irvine Graduate School of Management. “If you have major personal commitments that are draining your time and energy, it’s very hard to go back to school.”
If your boss is not supportive of your decision to seek an MBA, that can create additional stress and might derail your efforts. Finances also play a role in your decision, though most programs offer financial aid.
On the other hand, if you feel bored or unchallenged in your current job, if you feel trapped in the corporate hierarchy, if you don’t have the skills you need to excel, now might be the time to pursue that goal.
“We see a lot of people who have been in the same area in business who are looking to move up,” said Debra Gonda, associate director of the MBA program at Chapman.
“If you have been in sales for six or seven years, and you are looking to become vice president of marketing, where you have to interact with everyone in the company, then you need to look at the big picture and understand the whole company, not just your area.”
Career consultant Rita Horn of Laguna Niguel, Calif., recommends that people think seriously about what they like to do and what they visualize themselves doing in the future before they decide which MBA program to pursue.
With many programs to choose from, MBA candidates can earn a broad-based degree, or specialize in fields like entrepreneurship, finance or information technology.
Horn went back to school 10 years ago and earned an MBA. It equipped her with the organizational and management tools that help her understand the needs and concerns of people in a business environment.
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“I think what’s happened with MBAs over the past decade or so, they have appeared to be the magic key to enhance one’s career, but people need to look at their skill sets,” Horn said. “What are they hoping the MBA will do for them?”
Some employers offer tuition reimbursement, though it could be tied to an agreement to stay with a firm for a specified period. If not, you should consider how much you can afford to invest in your education, and look at the overall issues of quality and suitability, as well as price. Student loans are generally available.
Programs are generally divided according to specific skills desired and amount of work experience. Generally, colleges want to see an undergraduate degree and an assessment test of your ability to do graduate-level work, though the tests vary by institution.
About three-quarters of the people who attend executive MBA programs are men. Recruiters speculate that perhaps women have family responsibilities that preclude them from enrolling, are discouraged by the cost or are less interested in that type of career advancement.
Maskew admits that it’s very hard: “Sometimes I was up till 2 or 3 in the morning battling with homework problems that involved number crunching. I needed to understand the financial part of business development and we actually did the reports and statistics.” But she still recommends the experience, with this advice: “Make the investment in yourself.”