Is It Really Worth It? Obtaining My MBA

Dear fellow zoomers,

Today I discuss the age-old question, to degree or not to degree.

When we start researching the opportunity to obtain a graduate degree we are often sold on the promise of many things including career advancement, increased earning potential, higher entrepreneurial success, and more, but is it true?!

Let's get into what I have experienced since obtaining my Masters in 2020.

The Year I Graduated

The year I graduated I had been met with a backhand of luck. My manager quit and my department had been left leaderless. Now most would think of this happening and go "Crap, my manager quit! What am I going to do?" But if you're like me you said... "This is my opportunity to be promoted??"

I turned into my own biggest fan, and I sang my good song to anyone who would listen in order to shoot my shot for this position. My biggest advantage? I was only a semester or so away from finishing my graduate degree, and the odds of getting someone with the same level of education and experience in the role (pre-covid, pre-remote at scale, pre-layoff hell) who was already familiar to some degree with the industry would be low.

My fancy piece of paper served as the ultimate tipping point for me receiving my first promotion within the Marketing industry. So I guess that is a tally in its favor.

Let's Talk Dollaz??

According to payscale, the median salary for a person with an MBA is $98,000 , and the median salary for someone with just a BBA is $75,000 a robust 30% increase in earning potential. Has this been true for me out of a single position? No, and there could be many reasons why.

The intersectionality of gender, race, motherhood, preferences in accommodation, my location, and many other factors all play a role in how much I have been able to earn in a single position during my career (so far). What is important to note here is how you see these various intersections impacting your own individual career and being paid equitably for what you are doing, your cost of living, and your skills. As the saying goes mo' money mo' problems, so understand the impact on your lifestyle and health when you accept that higher salary in exchange for XYZ.

Competitiveness in the Industry

One of the things we are often sold into when obtaining an MBA is that you will ultimately be more competitive in the market and you will have a higher advantage when applying to jobs. What I have personally experienced is that regardless of my MBA there were other factors that needed to be in deep alignment for me to have any "advantage."

I have received opportunities as a direct reflection of my at the time newly found education, but I have also experienced being in competition for the same opportunity with those less educated and less experienced and not being taken seriously because of other factors...????

What I would like to convey to those within my community who are working to amplify themselves by leveraging the completion of a graduate-level degree is that sometimes, despite your hard work, your achievements, and your experience, there may still be times when we are underestimated. "Working twice as hard to get half as far."

Let's Wrap This Up With a Tidy Bow

If you are currently in the market for an MBA or other graduate-level degree that is pertinent to the corporate space, know that it CAN be a vessel for additional opportunities and privileges, however, that will not always be the case. Just as much as someone with a BBA or other level of education, how much effort you put in, how often you choose to put yourself out there or network, how often you upskill, and other factors, will impact the trajectory of your career.

Taking on an MBA is a risk, it can come with high rewards, but it can also come at a cost, and affordability has become a huge hurdle made worse by a bone-thin job market, inflation, and a friggin' pandemic.

Regardless of what stage you end your education on, know that you are your own best advocate. When you are improving yourself in any way that will impact your career, you need to speak up and celebrate, especially with your organization. A closed mouth will not get fed.

Until next time zoomers, stay sharp!

Signing off for the day.

Claudia Lopez

Don't forget - this lovely letter is powered by The Less Than 1% Club , founded with the mission of bridging the gap between marketing professionals of color and the BIPOC businesses they can empower. Be sure to follow to show us we are on track.