![]() I’ve heard a lot of people deciding to do this instead of an MBA. If I were to do it all over again, I think I would have maybe tried to start my own business first for a couple years right out of undergrad and even gone through an accelerator (though they didn’t really exist back in 2005). It was a fantastic experience and something I absolutely do not regret doing! It did payoff quite a bit in terms of ROI as it doubled my corporate job salary right out of business school. I self-funded my MBA (and still am via student loans) as I went back full-time. If a degree is a golden ticket to a traditional 9-5 corporate job (hey I can’t fault it - that’s the path I took), but people will increasingly be working for themselves, who’s going to care about your diploma(s)?Įmployers may still value the degree, but if you’re going to be your own boss (by choice or by necessity), do you really need it?īut after that little preamble, what I really wanted to do in this post is get some expert opinions on the merits of earning an MBA vs. I call this the “who you trying to impress?” dilemma. The second problem is the rise of the freelance economy, which is expected to encompass 40% of the workforce in the next 5 years. Either way, the trend can’t go on forever. At a certain point, it’s a trade that no longer makes sense. After all, colleges aren’t suffering any enrollment shortages, and by definition, people wouldn’t buy something they didn’t think was worth it.īut what the BLS chart above doesn’t show is that while tuition keeps increasing, wages are flat. Perhaps the rising tuition costs are merely a reflection of a marketplace inefficiency they’re just catching up to what value they provide. The first combines the spiraling cost of education - roughly $37,000 for a 4-year degree at a public university and increasing at 8-9% per year - with the flat-lining value of that degree. There are a couple potential problems with that argument. Over a lifetime, those differences can add up to massive chunk of change, with college grads earning $1 million more than high school grads over the course of their careers.Īnd since no tuition (yet?) costs $1 million, a degree is still a purchase that makes sense, right? According to some Congressional Budget Office estimates, Uncle Sam could earn $100 billion or more in student loan interest over the next 10 years.)īut according to the government data, higher education graduates earn significantly more than their degree-less peers, and enjoy much lower unemployment rates. The Bureau of Labor Statistics paints a rosy picture of the value of education: ![]() Reasons to Just Start a Business Instead. ![]()
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