Sponsored by Warwick Business School

The MBA is a progressive and vocational business degree that requires significant professional experience and, on average, an investment of around £50,000 (~US$66,387).

With its heavy price tag, the return on investment of an MBA can be a make or break factor. We spoke to three full-time MBA students at Warwick Business School to find out about their MBA journey so far, and what you should take into consideration when deciding if an MBA will be financially worthwhile.

Ask yourself why you want to do it

It's not enough to have an interest in business, you need to ask yourself what you want to achieve by studying an MBA. An increased salary? Better career prospects? An entire change of career direction? Everybody has their own reason for wanting to study an MBA, and as long as your career aspirations meet up with the elements of the MBA, you should be on the right track.

Time is money

The next questions to ask are where and at what cost should you study your MBA. It's no secret the UK has some of the most eye-watering tuition fees in the world. But you would be forgiven for thinking that London is the only place where you can get a first-class MBA education, considering it's home to one of the world's busiest business and financial districts.

Looking away from London, Warwick Business School's full-time MBA program costs £39,950(~US$52,701) ¡V almost half the price of the average tuition fee for an MBA in the English capital.

Ranked fifth in the UK, 16th in Europe and 37th in the world for its MBA program according to the QS Global MBA Rankings 2019, the full-time, triple-accredited MBA at Warwick Business School is geared towards preparing professionals for the real world of business.

You'll acquire an acute understanding of business standards and frameworks, from analytics to supply chain and general management as you study a broad spectrum of modules, including accounting, marketing and entrepreneurship.

Brittany Walker, a full-time MBA student at Warwick Business School told us how she appreciates the choice of various specializations available to study, saying: "One factor that highly impacted my decision was the structure of the program and the inclusion of the LeadershipPlus module, which I felt would be pivotal in moulding my leadership skills throughout the year."

The MBA is highly valued by employers around the world

An MBA doesn't automatically mean higher salaries or better career prospects, but it can certainly help. In 2016, City AM reported Warwick Business School placed second in the world's top 25 business schools by return on investment, with graduates earning an average salary of £82,000 (~US$108,827). Of course, salary prospects ultimately depend on your level of position and area of work, but it's an encouraging figure for those weighing up the costs and benefit of pursuing an MBA.

Many who undertake an MBA do so in the hope of changing career paths or reaching higher career goals. Tiffany Pilioua, also a full-time MBA student at Warwick Business School, is one such person, and she hopes the MBA will allow her to transform herself "into a business executive who has the analytical skills, passion and confidence to tackle global business problems."

"It's the perfect match to become a master of management, business, and leadership," says Tiffany. So, it's unsurprising that the 2018 GMAC Corporate Recruiter Survey reported 81 percent of companies have plans in place to hire recent MBA graduates.

In 2014, Warwick Business School took up residence in The Shard to join ranks with other leading business schools across London, offering individuals the chance to do a part-time MBA. While Warwick Business School full-time MBA students can practically have their cake and eat it ¡V paying cheaper tuition fees while having the opportunity to network and study selected elective modules in the bustling capital's financial district. 

The power of networking

An MBA enhances more than just your prospects of a higher salary and better employment opportunities, it also allows you to collaborate and build professional contacts with a diverse group of highly ambitious individuals and academic professionals.

James Smith, another full-time MBA student at Warwick Business School told us: "Getting to know a diverse range of fellow students, with perspectives from a broad range of industries has been most enjoyable. Their contributions in lectures and group work have enriched the experience for me."

Understanding the value of networking and getting to know your fellow cohort can be highly beneficial to your professional and personal growth. From study sessions, to helping with referrals for job applications, networking is a considerably valuable element of the MBA. 

Tiffany agrees, saying: "It's a huge opportunity to be exposed to new ideas, energies and careers. And it gives me a global perspective for a global impact."