The right time to return to college is entirely dependent upon a person’s goals. Looking at return on investment (ROI), however, can help. ROI compares the amount of money a person is likely to earn by getting a degree to the amount of money spent on obtaining that degree. Younger college students can typically expect a higher ROI after completing a full-time MBA program. Once they return to the workforce, they have more years to leverage a graduate degree into career advancement and increase their earnings.
Professionals who earn their MBA at a later age may consider ROI more heavily, weighing how many more years they plan to be working and factoring that into potential earnings. Nevertheless, although the average starting age for all MBA students is 28, there is evidence to suggest that students in their 30s, 40s, and beyond are choosing to earn MBAs, especially through online programs.
For this reason, prospective students interested in pursuing an MBA while continuing full-time work may consider an Executive MBA program. Enrollment is usually limited to business professionals who’ve been in the workplace for at least five years. The accelerated coursework in these programs is specifically designed to capitalize on students’ first-hand work experience and contribute to their career goals.
There are additional factors to consider beyond ROI. A later-in-life degree may allow someone to pivot their career into something more rewarding and fulfilling. Further, some individuals are motivated to earn a graduate degree for the sake of specialized knowledge, personal interest, and a sense of accomplishment.