When making decisions in personal and professional lives, one must identify and compare opportunity costs. When comparing options, it is important to analyze every cost and other opportunities that one must give up. Choosing between taking an absence from work, moving out of town and pursuing a MBA degree full time or maintaining one’s current job while enrolled in a local MBA program has many opportunity costs for each. Focusing first on taking an absence from work, moving out of town and pursuing a MBA degree full time, there are many hidden costs. By taking an absence from work, one must adjust to saving money and taking time to find a part time job in a new town. If the individual earned an average of twenty dollars an hour, and eight hundred a week, they have to identify the cost of living in the new area and live within the means to pay the bills. Looking for a part time job requires a great deal of time and money as well. Taking the time to search for possible jobs on the Internet, newspapers, and also using gasoline to drive to interviews is a cost that one wouldn’t normally consider. Moving out of town requires the selling of one’s current house and buying or renting a new place with deposits and downpayments. Also, hiring movers, or renting trucks for moving day is very expensive. Since gas prices are constantly increasing, relocating costs are very high and time consuming.
Although beginning a new education program is exciting it is very expensive. Average classes are approximately fourteen hundred dollars not including books. Since this will be a new town, this individual will have to pay out of state educational fees. Also, since he/she does not have a full-time job, there is no opportunity for educational assistance through work. Some companies offer one hundred percent reimbursement, and others offer certain percentages based on the grade earned. However, since this individual will be attending full-time, they will earn their degree in two years as opposed to three or four while attending part-time. This will ensure a bigger pay-off in a shorter amount of time.
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The second option of maintaining one’s job while enrolled in a local university also has opportunity costs that need addressed. Keeping a full-time job will ensure the same income level and they won’t have to spend time and money searching for a new job. Relocation costs are expensive and my attending a local university he/she will save money on gas and out-of-state education fees. Also, the corporation may offer educational assistance to help pay for the credits earned. By attending a local university and maintaining the current job, this individual will not have to adjust being away from friends and family. However, this individual will have to attend the program longer since it will not be full-time. This payoff will happen at a later time, but the costs saved up front are much cheaper and more convenient for daily living.
Although many of the costs and time constraints are similar, the second option of maintaining the full-time job and attending a local university seems like a more logical choice for myself. Either way, one has to pay for the gas to attend school, application fees, take the time to study and meet with groups, and pay for some of the education costs. Depending on the person and the lifestyle they lead and values they desire, these options both have a positive outcome.
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