Receiving a higher level of education is traditionally associated with the ability to get higher income. This is especially true when speaking about management, as one of the imperatives for acquiring a top-paying position in the sphere is having a master’s degree in business administration (MBA). However, receiving an MBA may be associated with additional costs, such as getting a student’s loan to pay for education. The present paper offers a comprehensive review of a quantitative research that will provide proof that receiving an MBA is financially profitable in the long run.
Problem Statement
The primary goal of getting an MBA is to advance one’s career and get a higher paying job. Indeed, knowledge acquired while obtaining a master’s degree can be applied in practice and transformed into money. Additionally, many management positions require all the applicants to have at least an MBA. However, while needing a considerable investment, an MBA does not guarantee getting a higher-paid position. At the same time, even if a person receives such a job, it is unclear whether an increased wage can cover all the expenses associated with doing an MBA. Therefore, thorough research is needed to justify that getting an MBA is profitable in the long run.
Variables
Primary and Control Variables
Independent and dependent variables are identified as primary variables in this paper. For an independent variable, the education level is to be stated, which can be a high-school diploma, a bachelor’s degree, and a master’s degree. For dependent variables, the income level, total debt, and the value of the property are to be measured. The research is expected to find significant correlations between these two types of variables in people having a job in business administration or management. The results acquired from the juxtaposition of the primary variables are to be adjusted by the control variables. First, personal data needs to be collected, such as age, gender, and race of the recruited applicants. Second, the number of years since getting the MBA needs to be measured to acquire a better appreciation of the situation. The adjusted results will be analyzed and the conclusions will be made.
List of Variables and Rationale
- Education Level. It is the independent variable alteration of which should lead to changes in dependent variables.
- Income Level, Total Debt, and Value of Property. These are dependent variables that are expected to be affected by the education level.
- Age, Gender, and Race. These are control variables that will help to understand if other things influence the dependent variables.
- Years Since Getting MBA. This variable will help to understand when on average getting an MBA becomes profitable.
Example
Plan and Justification
The data should be collected in the appropriate environment while using an adequate amount of resources for the matter. The most efficient way to acquire the data is through an online survey. The instructions for obtaining the data are as follows:
- A questionnaire for the participants needs to be elaborated that would let the researcher determine the values for all the variables.
- An adequate cohort that includes people working in business administration is to be recruited for the study.
- Informed consent is to be signed, and all the participants are to be informed about the purpose of the study.
- An online platform for the survey is to be determined, and the questionnaire uploaded to the website.
- The participants should be provided with links to the survey and informed about the completion dates.
- After the study is finished, the data is to be compiled into a database or an excel document and thoroughly analyzed.
The data gathered through the questionnaire will be of appropriate quality, as the method for obtaining the information is optimal. The data received from the survey will be self-reported, which is adequate, as the variables are closed to interpretation and every person is aware of the values of interest in the survey. The online platform will provide the natural environment for the participants to fill in the forms, which will positively affect the credibility of the answers. Additionally, the design of variables allows high completion rates, as the survey is easy to complete and does not require special skills. In short, the plan for information gathering as adequate considering the purpose of the research.
Conclusion
Even though the fact that getting an MBA is profitable in the long run is intuitive, exact numbers received from well-designed research is needed to confirm the fact. The plan for information gathering presented in the paper will be helpful for such research. However, additional variables, such as satisfaction, family status, and health status may be added to the study to realize if it is worth having an MBA.