Mulling over an MBA

[Haku]

Anybody have any experience or thoughts they'd like to share on this? It's just an idea I'm tossing around. While I'm feeling up to it, I don't know if I want to dig any deeper into my student loan. As is, I'm trying to eliminate it. What do you think?

[BCHGRL]

I am currently studying for the GMAT to apply. You need to consider whether it will be an investment or a liability. Are you currently employed in a business-related career field? Will you have to go further into debt to finance it?

From what I read, it is highly recommended that you pursue your MBA after you have adequate work experience (i.e. at least 2-3 years full-time in somewhat business career field).

I would not get an MBA just to have one. If it will help your career and your earning potential, then it will be worthwhile.

Good luck!

[Haku]

Insightful. Thank you.

[CRFSaver]

Brings up a lot of questions. Do you want to do it part time or full time. Part time MBA's you dont have to put yourself in debt and you might even get your company to pay for it. On the other hand you do get a little bit more from a full time program, the interaction with students and professors, ability to do research and internships. I did mine part time and my company paid for almost half of it through reimbursement.

What do you want to do for a living. Investment banking? Only do it if you can get into a University of Chicago, Wharton School, Harvard, etc. Same goes for consulting, brand management and other prestigious careers. If you have a job and it will be to help you move along, school is less important then the job but see what your company has to say about whether school makes a difference.

Is there industry education you can get? I only know a few that I am looking at. This would include CFA and I will be working on ARM and ERMP designations. Sometimes these can take you further then an MBA. Company might pay for them outright too as training instead of tuition reimbursement. My last company paid for my CFA books, registration, tests, study course, etc.

Specialized programs. Do you work in the science field? One of my friends was a molecular biologist. Instead of doing an MBA he did a Masters in Biotechnology and business. He has about doubled his salary since then and moved out of research into project management. Each field kinda has its specialized degrees that could be useful.

I have discovered the only real difference between the top 10 school and non-top 10 grad schools is recruiting. If you are doing it and expect to change jobs after it, visit their recruiting area. Talk to the head of that department. Don't just look at who recruits there but what they recruit there for. A top notch company might recruit at one school for one type of positions but at another school for other type of positions. An example is the consulting firms. For MIS and other similar specialities they recruit at lots of places but only go to a select few for their strategy roles.

The best thing I got out of grad school (besides good friends) is time management skills. When you work full time and do two classes a week you learn real quick how to prioritize.

[sweeps]

Great points. I chose the part-time route to get my MBA. My employer paid for roughly half of the $50K tuition, and part of the rest was tax-deductible, so fortunately I didn't have to take on any debt.