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Is MBA worth it in 2024?
MBA in 2024
Is MBA even worth it in 2024? This is a widespread question most students face these days. You scrolling through the internet and all the varied comments with pros and cons add to this confusion. We get it. That’s why we have designed this blog today to answer whether you should do an MBA in 2024.
The current MBA curriculum is designed to equip you to become future leaders in an ever-evolving world. But, is it sufficient to land you jobs?
Equipped with modern specializations in tech, fintech, healthtech, etc, MBA in 2024 is revolutionized. You can also be specific with your interests and pursue MBA courses with specializations like luxury management, healthcare management, entrepreneurship and innovation.
Today’s blog will highlight the relevant aspects to answer your questions and we believe by the end of this blog you’ll understand if an MBA is worth the investment.
Who is an MBA designed for?
An MBA is for two kinds of people:
- People who want to transition to a new field
For those looking to switch careers, an MBA provides the knowledge, skills, and network needed to break into a new industry. It offers a broad business education that can open doors to opportunities in various sectors.
- People who want to progress in their current field:
For those aiming to progress in their current field, an MBA helps deepen their expertise and prepares them for higher-level positions. It equips them with advanced leadership and management skills, making them more competitive for promotions and leadership roles.
Eligibility for an MBA
- Qualifying degree: For pursuing an MBA you need an undergraduate degree with a minimum of 50% or above in any discipline, quantitative subjects are more desirable but not mandatory.
- Work Experience: MBAs are generally designed for professionals with a minimum of 3 years of working experience. They offer various specializations according to your choice.
- GRE/GMAT: MBAs generally ask for a good GMAT score or equivalent scores on the GRE. Currently, the world's top business schools are giving a GMAT waiver. Check out our website to find a list of universities providing a GMAT waiver here.
- English Proficiency Exams: If you are from a non-English speaking country, a good score in a standardized English proficiency test like IELTS or TOEFL is expected.
- CV: A resume or CV is the most crucial document outlining your professional experience and educational qualifications.
- Statement of Purpose: SOPs or essays help you to pitch yourself. Optimize them to tell your story.
- Letters of recommendation (LOR) is an important part of your MBA application as it is the testimony of your work, abilities and potential. Find yourself referees, ideally, your project supervisor or a professor with whom you have working experience and ask them for letters highlighting the work you did with them and what made you different from the rest. An influential LOR can be the key to your dream school.
Types of MBA
Below we have curated a list of the best MBA colleges in the world to help your journey get started. The type of MBA you choose depends on your experience, flexibility, budget, and niche. Below we have crafted a list of general types of MBA you might pursue.
1. Traditional MBAs are the most common MBAs offered across the globe.
- These are generally full-time MBAs for 2 years.
- Build a strong foundation on Business fundamentals including finance, marketing, accounting and organizational behavior.
- Has strong alumni support and brand recognition.
- Great network leading to better internship to full-time job opportunities.
- Generally requires higher financial investment and commitment.
2. Modern MBA: Recently several Modern MBAs have come up. These MBA programs are designed to meet the evolving needs of today's business landscape. Few such examples of modern MBAs include the likes of Master’s Union(MU), STOA,MESA, etc
These MBAs are flexible and fast-track with a duration of 6-16 months
- They focus on niche, in-demand skills like product management, data analytics, and digital marketing.
- Comparatively cheaper
- New programs, not enough data on quality and job prospects.
3. Executive MBA(or EMBA) are, generally, designed for working professionals with 10+ years of experience.
4. Part-time MBAs are flexible and allow you to complete your MBA while working full-time. Part-time MBAs typically take longer to complete.
5. Online MBA is another popular MBA for working professionals or someone unable to attend an MBA program on campus. It can be completed entirely online, which provides flexibility for students who live far from a university or who have busy schedules.
6. Specialized MBAs are more focused on a specific track like finance ,marketing or business intelligence as per your aspirations. For example, Tech MBA
Doing an MBA, this 2024, is a great way to sharpen your skills in this competitive market and stand out. With GMAT waivers at some of the best B-Schools, you're just steps away from a prosperous career.
With an MBA, you can develop the spectrum of skill sets to launch your career if you dream big and desire leadership.
Can you do an MBA without a GMAT/GRE?
GRE and GMAT used to be one of the most important elements of an MBA application.The major objective of these tests was to weigh your candidature.
But, now in 2024, these standardized tests are only a medium to test your quantitative aptitude and verbal competence. If in any case, you can prove these skills through any other medium like work experience, research papers or undergrad degree credits, then you do not need to appear for the GMAT or GRE.
In 2024, 40+ world’s top B-Schools like Harvard, Kellogg, Ross and many more provide a GMAT waiver. If you want access to a list of the world’s top MBA programs that give a GMAT waiver, click here.
Getting an MBA is a serious investment; you should ensure the program aligns with your skills and ambitions. Below we have listed for you the best college you should prefer for pursuing an MBA in 2024.
Top MBA Programs 2024
According to stats, MBA graduates from top 50 B-schools in the USA earn a median salary of $125,000. Here’s a list of world’s TOP MBA courses-
UNIVERSITY | COURSE NAME | LOCATION | DURATION |
Stanford University | MBA | California, USA | 2 years |
Harvard University | MBA | Massachusetts, USA | 2 years |
London Business School | MBA | London, UK | 15 -21 months |
MIT | MBA | Massachusetts, USA | 2 years |
HEC Paris | MBA | Jouy-en-Josas, France | 16 months |
Columbia University | MBA | New York, USA | 2 years |
INSEAD | MBA | Fontainebleau, France | 10 months |
University of Pennsylvania | MBA | PA, USA | 2 years |
IE Business School | MBA | Madrid, Spain | 11-19 months |
Cambridge University | MBA | Cambridgeshire, UK | 12 months |
IESE Business School | MBA | Barcelona, Spain | 15-19 months |
UC Berkeley | MBA | California, USA | 21 months |
Northwestern University | MBA | Illinois, USA | 2 years |
University of Chicago | MBA | Chicago, USA | 2 years |
UCLA | MBA | LA, California, USA | 2 years |
Yale | MBA | New Haven, USA | 2 years |
NYU | MBA | New York, USA | 2 years |
University of Oxford | MBA | Oxford, UK | 1 year |
ESADE | MBA | Barcelona, Spain | 12-18 months |
Imperial College | MBA | London, UK | 12 months |
Looking to start your MBA in 2025? We recommend you Watch Why you should and should not study in the UK!
MFin vs MBA in finance
Many of you, new to the business arena, might be confused about what to pursue. Will an MBA be more suited or a masters in finance? MFin/Master's in Finance differs from an MBA in a lot of aspects. Let’s delve into the differences
Feature | Mfin | MBA in Finance |
Program Focus | Specialized in finance | Broad business education with finance focus |
Curriculum | In-depth finance courses (e.g., investment analysis, risk management, financial modeling) | Core business courses (e.g., management, marketing, operations) + finance electives |
Prerequisites | Often requires an undergraduate degree in finance, economics, or related field | Usually open to all undergraduate majors |
Admission Requirements | Strong emphasis on quantitative skills and finance background | Holistic review (work experience, leadership, GMAT/GRE scores) |
Program Cost | Generally lower than MBA | Generally higher |
Work Experience | 0-2 years of experience required for pre-experience Mfin programs | Average experience at Top MBA programs is 5 years |
Program costs and related expenses can be vital while planning and budgeting your MBA abroad. Here is a list of top-tier affordable MBAs for 2025.
MiM vs MBA
Master’s in Management is a very unique course designed for young graduates with 0-2 years of experience who are looking to transition to entry-level managerial jobs. MIM despite its similarity of structure to an MBA caters to different objectives as discussed below.
Feature | MiM | MBA |
Experience Requirement | Designed for recent graduates with 0-2 years of experience | Designed for experienced professionals with 4+ years of work ex |
Program Cost | Affordable (as compared to an MBA) | Expensive |
Program design | Flexible, designed for student to explore | More strategic, core business courses |
Post-MBA Jobs and Salaries in 2024
Job roles after graduation from a Top MBA include the following,
- Management Consultant
- Investment Banker
- Product Manager
- Marketing Manager
- Financial Analyst/ Associate
- Operations Manager
- Business Development Manager
- Data Scientist/Analyst
- Entrepreneur/Startup Founder
Your salary post-MBA in 2024 will depend on various factors including but not limited to your work experience, specialization, skills, job function, location (a vital factor why salaries are higher in some countries compared to India) and most importantly university ranking and reputation.
Doing an MBA in 2024
So, back to the question. Should you pursue an MBA this 2024?
Yes, an MBA is not only a professional degree but also a game changer especially if you are a professional looking for a transition or planning your Business venture! The market today is like never before. There is a shortage of skilled professionals with leadership and business acumen.
If you are planning to pursue your MBA 2024, feel free to reach out to us here!
Success Stories
Aditi
Admits from John hopkins, Fox Business Schooll, University at Buffalo
I secured admits from six universities, receiving an impressive 63 lakhs in total scholarships. The last-minute application support I received was exceptional, eventhe shortlist strategy.
Simran
Admits from Stevens, UIC,UCD, Rutgers, RIT
Even though I had no tech background, Bijal’s help got me into good business and data analytics programs.Thank you so much for believing in me.
Khushbu
Admit from University of Buffalo
The day I first spoke to Bijal regarding my study abroad journey I knew she was the one I wanted to sign up with. She is absolutely honest and will tell you exactly what you can and cannot get. She makes sure you put in the work that is required to make the best application and so does she.
Kaivan
Admits from HEC Paris, ESSEC, LBS
I got into my dream school too with a scholarship!! Bijal is amazing because she really listens and tells stories in a way that’s super interesting. Just go for it!
Khushi
Admits from Kellogg, Georgetown
Bijal is super informed about various programs, very dedicated to making sure students find the right places for themselves, and understands students’ anxieties associated with applications. I would highly recommend working with her!
Snigdha
Admits- ISB, Oxford MBA, Imperial MBA
I received MBA admits from ISB, Oxford Business School, Imperial College and many more!! Thank you to Bijal for her constant support and motivation. I would definitely recommend Edyou to anyone who wants genuine support!
Yash
Admits from USC Marshall, Simon Business School, Schulich
I cracked into the mfin program at USC Marshall. Not only that, I received a scholarship of 48 lakhs! The personal touch provided by Bijal is what separates EdYou Abroad from the rest.
Merlin Sebastian
Admits from Georgetown, USC, Simon Business School
I got into various top programs of the world with scholarships! This would never have been possible without Bijal! Team Edyou ensured an Extremely personalized journey