Deadlines for applying to MBA programs are fast approaching, with Round 1 deadlines in September and October, and Round 2 in early 2017. If you are considering an MBA in marketing, here are answers to some key questions you need to consider.
Should I get an MBA in marketing?
Do you have formal education in marketing or your area of expertise? If not, it may work against you in salary negotiations and could make you less attractive to potential future employers. If you have minimal marketing experience, are looking to change your focus or industry, or want to pursue higher level positions, an MBA may improve your likelihood of achieving your career goals.
That being said, take a look at the job profiles in our list of 50 marketing jobs. If you have a significant amount of experience already, you may not need to pursue official education.
Why should I go to business school?
First, research shows that getting an MBA in marketing raises your earning potential. All Business Schools reports that having a bachelor’s degree and an MBA can add $9,000 to $16,000 to a marketer’s salary, although they note that many MBA graduates start out at higher positions with larger salaries.
Second, some marketing jobs may require or strongly prefer candidates with advanced degrees.
Third, if your undergraduate degree was not in marketing and you are looking to improve your educational background or switch into the marketing field, going back to school is one way to expedite your career transition.
When should I get my MBA?
Most MBA programs expect you to have a few years of experience under your belt before applying, so timing can vary. Keep in mind that MBAs are expensive. The average cost of a two-year MBA program is more than $60,000, and some of the best-rated business schools in the country can cost more than $100,000. Financial aid can help, and some companies offer tuition assistance programs or they could even cover the entire cost of your tuition.
Where are the best places to get an MBA in marketing?
U.S. News & World Report is a key source for information and stats on the best MBA programs for marketers. You can access basic data on top tier schools for free, or you can sign up to get information on the full list.
The Top 10 Best Business Schools for Marketing
- The Kellogg School of Management at Northwestern University
Tuition: $64,059 per year (full-time)
Enrollment (full-time): 1,272 - The Wharton School at University of Pennsylvania
Tuition: $64,920 per year (full-time)
Enrollment (full-time): 1,715 - The Business School at Harvard University
Tuition: $61,225 per year (full-time)
Enrollment (full-time): 1,872 - The Graduate School of Business at Stanford University
Tuition: $64,050 per year (full-time)
Enrollment (full-time): 824 - The Columbia Business School at Columbia University
Tuition: $65,988 per year (full-time)
Enrollment (full-time): 1,287 - The Fuqua School of Business at Duke University (Tie)
Tuition: $60,600 per year (full-time)
Enrollment (full-time): 894 - The Stephen M. Ross School of Business at University of Michigan (Tie)
Tuition: $56,590 per year (in-state, full-time); $61,590 per year (out-of-state, full-time)
Enrollment (full-time): 836 - The Booth School of Business at University of Chicago
Tuition: $63,980 per year (full-time)
Enrollment (full-time): 1,180 - The Haas School of Business at University of California-Berkeley
Tuition: $53,907 per year (in-state, full-time); $55,968 per year (out-of-state, full-time)
Enrollment (full-time): 502 - The Leonard N. Stern School of Business at New York University
Tuition: $63,720 per year (full-time)
Enrollment (full-time): 799
Are there alternatives for getting an education in marketing?
If you have some experience, you may be able to improve and showcase your educational background through certification or training courses. Two good options are the Professional Researcher Certification (PRC) offered by the Marketing Research Association for market research analysts, and the professional certifications offered by the Public Relations Society of America.
Additionally, some companies even offer training programs, so be sure to do your research before applying.
Want to learn more about requirements and earning potential for marketing jobs? Check out our Ultimate Marketing Careers Guide, which included profiles of 50 top marketing jobs.