[MBA]

The decision to attend graduate school to earn an MBA will have a major impact on your life and should be taken seriously. While there are indeed many benefits that can come from earning the degree, there are also costs involved. Possible benefits include:

• Acquiring a new knowledge base and skill set that will serve you in your career
  
• Making new connections that will enhance your business and social lives
  
• Attaining the instant credibility that comes from having an advanced degree
  
• Using business school as a springboard into a different career

On the other hand, depending on your choice of school and your financial situation, earning an MBA may require you to take on a large amount of debt. Harvard Business School, for example, charges annual tuition of $35,600 plus various other fees and costs such as health insurance and books. When these costs are added to room and board expenses, an MBA may well end up costing over $100,000. Additionally, students step out of the work world for the two years they are in school and in some careers, the degree may not be more valuable then those two years of work experience.

When calculating the cost and benefits, be sure to consider that your earning potential may be increased because you have an MBA. Also, remember that the economy in general or your targeted industry in particular may be different by the time you graduate. Salaries and the availability of jobs in any particular field may be different from your expectations.