/How Business School Boosts Your Finances

How Business School Boosts Your Finances

U.S. News and World Report recently released its 2019 ranking of the best business schools in the country. The top-10 names are what you’d expect:

1. Harvard University (tie)
1. University of Chicago (tie)
3. University of Pennsylvania
4. Stanford University
5. Massachusetts Institute of Technology
6. Northwestern University
7. University of California, Berkeley (tie)
7. University of Michigan, Ann Arbor (tie)
9. Columbia University
10. Dartmouth College

If you’re interested in attending business school—whether the school is top-notch or not—it’s important to perform a cost-benefit analysis. How much is tuition? How much debt will you take on? And how much can you expect to earn after graduation?

Student loans can take years or even decades to pay off, but post-graduate careers are generally more lucrative. Business school prepares you for a career in management consulting, investment banking, and other high-powered industries.

Earnest, a student loan refinancer, crunched the numbers on median debt and earnings associated with the most popular graduate degree types. Here’s what they found:

Median debt and earnings for some major graduate degree types. Source: Earnest.com

As you can see, an MBA will shackle you with $64,000 in debt on average, but you can expect to earn nearly twice that in annual income three years after graduation.

A six-figure career is obviously worth pursuing. But perform a cost-benefit analysis first!