dixitp_iitg, the question you ask is certainly on top of many prospective students’ minds. While the MBA education certainly is worth the costs (both direct and opportunity costs) your return on investment from your MBA degree will depend as much on you, as it will on the quality and the nature of the MBA program you choose to attend. For more information on finding an MBA program that’s right for you, please see our business schools community (bschools.learnhub.com).
There are several alternatives, however, that students should also explore if financing a two year degree becomes challenging.
First, there are Master of Science programs in business. These are typically one year long programs (vs. 2 years in an MBA), and unlike an MBA which tends to be slightly general, the Master of Science programs are somewhat specialized. Most common MS in business programs are Accountancy, which has gained popularity after the financial scandals of the early 2000s, Marketing, Finance, and Organizational Strategy.
Second, as a starting point and a more affordable alternative, you may want to look into diploma programs that are offered by many colleges and universities and provide an opportunity to gain training in an area of business that may be of interest and relevant to your career aspirations.
Finally, several schools around the world are starting to offer 12-15-month MBA programs. These are typically newer programs and don’t incorporate an internship.
As you can see, the options and opportunities are out there and they are for you to grasp. One final thing to keep in mind is that most business schools are also feeling the credit crunch, including the top 10 US schools like Harvard and MIT, and most are still offering merit and leadership scholarships to students who demonstrate prior academic achievements and leadership abilities.