The main advantage of an MBA degree is the opportunity it provides. MBA degree programs greatly increase the wealth of business knowledge held by graduates and can be very beneficial for employees who wish to be promoted to management-level positions. For some jobs, such as investment banking or management consulting, an MBA degree is a minimum requirement. No matter the career field, a graduate business degree often makes a job seeker more valuable to employers.
MBA degrees are certainly not cheap. The high cost of a graduate business degree is a significant disadvantage. As of 2011, an MBA degree has an average price tag of $30,000 or more. At prestigious universities, this amount can be even higher. The cost summary for the class of 2013 at Harvard Business School, for example, is $84,000. This cost is in addition to the tuition costs of a bachelor's degree, which is typically a prerequisite for graduate study.
A second advantage of an MBA degree is increased pay. According to DegreesFinder.com, employees with MBA credentials typically earn between $10,000 and $30,000 more per year than employees with only bachelor's degrees. After several years, this increased level of pay can cover the educational costs of a graduate program and contribute to increased personal prosperity over the course of a business career.
An MBA degree is much less exclusive than in the past. This can be a disadvantage for employees who wish to differentiate themselves from their peers. In 2006, graduate business school enrollment increased by 42 percent compared to the previous year. This trend continued in 2007, with another 41 percent increase in MBA enrollment. As MBA degrees become more common, individuals must find new ways to stand out, such as hands-on business experience and internships.