An MBA may be the right degree to advance your career, develop your leadership skills, or start your own business. While an MBA can lead to higher earnings potential and even signing bonuses, is it worth investing two years of your life?
For instance, according to data from the Education Data Initiative for February 2024, an M.B.A. costs $56,850 on average. The price varies, however, depending on the school. For a two-year MBA program at Harvard Business School, the cost is $231,276. Alternatively, Binghamton University offers a two-year MBA program for $22,620+. In addition to these costs, textbooks, transportation expenses, and living costs in your state also need to be considered.
The good news is that there are plenty of books available that can provide you with the essentials of an MBA education without costing a lot of money.
1. “The Personal MBA: Master the Art of Business” by Josh Kaufman
Do you want to avoid the high cost of business school? You’re not the only one. Often, successful leaders acquire their knowledge and experience by self-teaching. In one comprehensive guide, Josh Kaufman’s The Personal MBA provides everything you need to launch your business.
As a whole, this book provides an excellent introduction to business topics such as accounting, finance, marketing, strategy, and operations. Written in clear and concise language, it’s filled with useful tips.
2. “The 10-Day MBA: A Step-by-Step Guide to Mastering the Skills Taught in Top Business Schools” by Steven Silbiger
A traditional MBA program isn’t the only way to achieve business success. A good example of this is Steven Silbiger’s The Ten-Day MBA, which condenses the essential business knowledge from top schools in a short amount of time and over the following principles;
- Marketing. Learn how to reach your customers.
- Ethics. Take social impact into account when making business decisions.
- Accounting. Assess a company’s health using financial statements.
- Behavior. Manage teams with strong interpersonal skills.
- Quantitative Analysis: Make informed decisions based on data.
- Finance. Maximize a company’s wealth by mastering financial principles.
- Operations. Efficiently streamline production and delivery.
- Economics. Be aware of the market forces that affect your business.
- Strategy. Plan for long-term success.
3. “The 12-Week MBA: Learn the Skills You Need to Lead in Business Today” by Bjorn Billhardt and Nathan Kracklauer
With the 12-week MBA, core business skills from traditional MBA programs are streamlined into a concentrated program that is completed in three months. Whether you’re an entrepreneur, a seasoned professional, or considering an MBA, you’ll gain useful tools to succeed in today’s fast-paced business world via practical knowledge and critical insights.
4. “Don’t Pay for Your MBA: The Faster, Cheaper, Better Way to Get the Business Education You Need” by Laurie Pickard
No-Pay MBA founder Laurie Pickard discovered a way to get the business education she needed to land her dream job without taking out excessive student loans. Others can also benefit by sharing what she learned in Don’t Pay for Your MBA. Among the same business schools offering MBAs so many desire, Pickard found that they also offer MOOCs (massive online open courses) for free.
In this book, you’ll learn how to define your goals, master the language of business, and how to build a strong network.
5. “An MBA in a Book: Everything You Need to Know to Master Business – In One Book!” by Xander Cansell
This comprehensive guide, filled with color illustrations and infographics, covers everything an MBA program teaches. With its clear and engaging presentation, it is ideal for students, managers, and aspiring entrepreneurs.
The book focuses on economics, strategy, and marketing and draws on the curriculum of the top business schools in the world. Its use of real-life examples makes the theory instantly applicable.
6. “Never Split the Difference” by Chris Voss and Tahl Raz
Negotiation is often uncomfortable for new MBA students, but they often have more experience than they realize. After all, the everyday world is filled with negotiation opportunities, from cleaning schedules to car sales. A thorough business education must provide practical strategies and tactics for success in any situation, whether high-stakes or low-stakes.
Whether at work or in high-stakes crises, Chris Voss’ negotiation principles are equally valuable in the boardroom. “Never Split the Difference” provides practical guidance to help them become effective negotiators.
7. “Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant” by W. Chan Kim and Renée Mauborgne
This book introduces the concept of “blue oceans,” markets without competition. In addition to providing a framework for creating innovative products and services that deliver superior value, Blue Ocean Strategy provides companies with new avenues for growth.
8. “Influence: The Psychology of Persuasion” by Robert B. Cialdini
In his influential work, Dr. Cialdini equips readers with persuasive skills. Using six fundamental principles — reciprocity, commitment, social proof, likability, authority, and scarcity – you will learn how to influence others and recognize when the same tactics are being used against you.
Dr. Cialdini’s extensive research empowers readers to apply these concepts personally and professionally. As a result, businesses can gain a competitive edge and build stronger customer relationships, resulting in more positive responses to proposals.
9. “The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses” by Eric Ries
Startups and established companies of all sizes can use this scientific approach to adapt, adjust, and innovate. Ries, a successful entrepreneur himself, details this strategy in his book, which Harvard, Berkeley, and Stanford faculty and CEOs have endorsed.
10. “Good to Great: Why Some Companies Make the Leap… and Others Don’t” by Jim Collins
Jim Collins explores how companies can achieve lasting success through leadership and well-defined practices in his business bestseller. Several factors distinguish great companies from just good ones, according to Collins. Strong leadership, strategic technology use, and a rigorous company culture contribute to these qualities.
An essential concept in Good to Great, especially for MBAs, is the hedgehog concept. Rather than trying to be good at everything, great companies identify a specific area where they can excel.
11.”Thinking, Fast and Slow” by Daniel Kahneman
Want to be a more strategic thinker? In his book Thinking, Fast and Slow, Nobel laureate Daniel Kahneman explains how the human brain makes decisions. According to Kahneman, there are two ways of thinking. The first system is quick, intuitive, and emotional, while the second is slower, logical, and deliberate.
As leaders, we can improve our self-awareness and leadership skills by understanding these systems and their effect on our biases and choices.
12. “Shoe Dog: A Memoir by the Creator of Nike” by Phil Knight
Are you unsure of your career path? Don’t worry, you’re not alone. In Shoe Dog, Nike founder Phil Knight chronicles his early struggles. In his 20s, Knight started a business importing high-quality athletic shoes from Japan. Starting out, he sold them out of his car.
Nike currently generates billions of dollars in revenue and employs thousands of people worldwide. Shoe Dog offers valuable lessons for anyone with an entrepreneurial spirit. As Knight describes Nike’s history, he details challenges, setbacks, early success, and ultimate triumphs.
Image Credit: Tran Nhu Tuan; Pexels
