Elon Musk once said, “Corporate America has too many MBAs.” Musk explained that CEOs of product companies spend too much time looking at PowerPoints, and not enough time building “awesome” products or seeing a firm’s frontlines.

Regardless of what Musk might think, one of the best ways to uplevel your career is to pursue an advanced degree, like an MBA. But there are lots of programs out there – how can you decide the right one for you?

Algence was founded by two guys with MBAs, and we’re a little biased, but we’re going to suggest the most stereotypical approach imaginable: create a 2×2 framework. Here’s what we mean.

First, write down the main reason you want to get an MBA. Do you want to pivot career paths? Start a new company? Establish a network in a specific niche such as venture capital or investment banking? Or do you want to stay at your current company and get promoted? 

Second, figure out how much your all-in cost will be. Also called your “willingness to pay,” your all-in cost includes not only the upfront tuition, fees and materials you have to pay to get the degree. We also mean the opportunity cost of losing income from quitting your job (in the case of full time programs). As well, consider the opportunity cost of your time – you could get a second job instead of pursuing the degree, create a side hustle, or spend more time with your family. That’s worth something!

Once you’ve determined both your reason for pursuing the MBAand your all-in willingness to pay, you can narrow your search to programs that fit your needs. 

If you’re looking for a major change AND  willing to pay a lot, then an in-person T25 program might be for you. US News and r/MBA will help you find the best programs.

If you’re willing to pay a decent amount and open to a career change, but not exactly sure which direction, consider a reputable part-time program. You can take classes at night, meet new people at local companies, and still make progress on your current career track. You don’t have to forgo income to get an MBA.

But if you don’t want to pay much for an MBA, and if you’re not looking to use the degree to change career tracks or employers, then a less expensive fully online program might be the best fit for you. Boston University’s Online MBA or the University of Illinois’ iMBA program are popular options.

Regardless of why you might get an MBA, it takes a lot of effort to invest in your own upskilling program. Algence is continually adding new upskilling roadmaps, and if you have an idea for what we should work on next, shoot us an email at admin@algence.com.