Are you thinking about getting an MBA but unsure if it's going to make a tangible difference in your career trajectory or if it's worth the investment in general? We get this question a lot at twenty, so in collaboration with a few of our mentors who’ve taken the plunge, we broke things down in a 3-step framework you can use to aid your decision-making—self-reflection, cost analysis, and seeking relevant advice.

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Reflect on the gap you want business school to fill‍

Start with this question from Roberto Bandeira, a twenty mentor who graduated from the Stanford Graduate School of Business:

"Who are you now, and who do you wish to be at the end of your MBA on a professional and personal level? Gaining clarity around this question will ease many of the concerns you might have about whether this is the right next step for you."

In other words, what gap do you want business school to fill for you? Are you looking to:

• Strengthen your skills in finance, marketing, accounting, or negotiations?
• Connect with diverse leaders from around the world and grow your network?
• Get a salary (or title) boost?
• Pivot to a new industry or job… or build your own company? 
• Add a prestigious degree or stamp of credibility to your resume?
• Strengthen your personal brand and reputation?

List all of your goals (both personal and professional), and circle the top 3 most important to you. Then, ask yourself this question from Grant Anhorn, a twenty mentor who's currently at MIT Sloan:

"Do you know exactly what career you want after business school? If so, do you actually need an MBA to get that position?"

In other words, could you achieve your goals without getting an MBA, and if so, how? Would you join a startup accelerator program? Take an online accounting class? Switch companies or industries to try something new? Explore a new side hustle outside your full-time job? Take a gap year or mini “learning sabbatical”? Or, would you spend the next 5-10 years second-guessing your decision not to get an MBA, always wondering, “What if?”

By painting a clear picture of what you might do (and how you might feel) if you didn’t get an MBA, you’ll be able to compare your options side-by-side more clearly and be honest with yourself about which path might be right for you. 

Weigh the costs

Getting an MBA can be expensive. At the time of publishing this article, Harvard Business School is estimated to cost $115K per year for single individuals, including food, housing, transportation, and other living expenses. In the meantime, you won’t be making a full-time salary, so those MBA costs will hit a little bit harder; this is part of what’s typically referred to as your “opportunity cost.” On the flip side, remember that famous quote...

“Without risk, there is no reward."

Going to business school is a short-term expense and a long-term investment in yourself and your career. You’ll be surrounded by and learning directly alongside many of the leaders of tomorrow. Listing an MBA from a top school on your resume can be a strong stamp of credibility for future employers, open up amazing new job opportunities, and increase your earning potential. Newly-minted Harvard MBAs, for example, have a median salary of $175K per year with a $30K signing bonus. Here’s how to figure out if an MBA is worth the investment for you:

First, assess where you stand financially right now.

• How much money do you feel comfortable spending over the next two years?
• Could your current employer cover the costs of business school for you?
• What needs-based scholarships or fellowships might be a fit for you?
• Do you have any other big financial investments coming up, e.g. starting a family, buying a home?

Then, project your post-MBA finances.

• How much money do you roughly expect to make, spend, and save in the first 3-5 years after business school? (Make a ballpark guess.)
• Based on that, will you recoup the financial investment you made to get an MBA within those first few years after graduation… or will it take longer to breakeven?

The trickiest part of this exercise (besides the fact that we’re not psychic!) is that many business school benefits are impossible to capture in numbers. Think about all the intangibles: How do you quantify the impact of building lifelong friendships, or of finding the confidence to launch your first venture? What if this 2-year program permanently transforms your perspective on the world and helps you meet the love of your life? How do you measure the impact of that? In Roberto’s words:

"There are two things that you really can't put a dollar value on: the alumni network, which honestly has opened incredible doors to me over and over. And the personal experience you go through while at the MBA. I changed my belief system a lot and the way I interact with people. I made incredible friends for life and even met my life partner."

Eric Kotin, another mentor who attended Stanford GSB, agrees that the interpersonal relationships he made in business school were infinitely valuable:

"No way will you have the chance to form that many authentic relationships with that many smart and ambitious people in that short a time period at that late 20s and early 30s age."

There is a special serendipity to the MBA program, where it feels like anything could happen and that your future best friend, co-founder, investor, teammate, or partner could be right around the corner. Only you can decide if the benefits of business school—especially the intangible ones!—are worth the time and investment.

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Talk to a lot of people who did (and didn’t) get MBAs

Finally, to figure out what makes sense for you, speak with current MBA students (or recent grads) as well as people who chose not to get one. Ask curious, open-ended questions to get a full, honest picture of the ups and downs, surprises, and real deal of what it's like to get an MBA, what motivated some to go all in, and why others chose a different path.

A few questions you might ask:

• What inspired you to go to business school? Was there a moment when you first decided this path was right for you?
• Did you explore any other graduate school programs? Why business school?
• What would you have done if you didn’t get an MBA?
• How would you describe the impact of getting an MBA on your personal life and career?
• What’s one thing you wish you’d known before getting an MBA?