Is getting an MBA worth it?
I’ve recently hired my second employee, a newly-graduated technical writer who aspires to one day run his own business. He’s proactive, punctual, hardworking and very capable. The mentor in me wants to make sure he has a great career ahead of him. So imagine my alarm when I heard him say, “Yeah, I’m thinking about going for an MBA in a few years.” As the holder of not one but two MBAs (it’s a long story), I have a somewhat negative view of the degree. An MBA often costs a lot of money and provides very little return. However, as I began to consider how to tell my new employee that his plan was flawed, I also began to reevaluate my view of the MBA.
Note: MBA stands for Masters of Business Administration. It’s a two year graduate degree that is held up as the “must have” for any executive or mid-level manager hoping to one day become an executive. The top business schools tout their MBA programs as a must-have for any career-oriented person, promising fast-track promotions, higher salaries, better networks, and a whole host of other benefits. Oddly enough, very few of these schools actually talk about the quality of their curriculum — but that’s a whole other story.
So, if I’m going to be honest with my employee, I first need to be honest with myself. Was the MBA worth it? Or was it a big waste of money? Was there a flaw to the program itself? Or was I to blame for not taking advantage of what was offered me?
ROI Analysis
I first tried to do this calculation in purely financial terms. Take the cost of an MBA and the average return per year and see if the return on investment (or ROI) makes sense. Unfortunately, both costs and returns vary widely. For example:
- A full-time MBA program at a top-tier school might cost you $80,000 in tuition and $140,000 in opportunity costs, but that assumes you’re paying for it yourself.
- A part-time MBA at a middle-tier school will cost $50,000 and very little in terms of opportunity cost, but the return might be lower depending on your chosen career.
- And what about students who get their MBA programs paid for them by their employers?
In the end, I decided that a financial analysis would be too generalized to be worthwhile and focused more on the actual deliverables of the MBA.
Marginal Benefits of an MBA
Schools will tell you that their advanced degrees will help you earn more, advance faster, work smarter and in general be a better human being. But what does that actually mean? What do you really get out of an advanced degree that’s supposed to help you in getting all of this? Let’s take a look.
Knowledge
First, you gain a lot of information. This information could be useful or it could be useless but either way, you know it. For example, after the MBA, I know a lot more about how the Federal Reserve operates. Is this going to advance my career in tech? Probably not, but it’s useful nonetheless. Personally, I believe that no knowledge is ever truly useless (except possibly knowing that James Cameron’s first movie was Piranha 2: The Spawning) but the problem with this knowledge is that I could have picked it up elsewhere for a lot cheaper. During business school, I had several classes (at $8,000 a course) from Nobel laureates and I could have picked up the exact same knowledge by reading their books ($19.95 a copy). So really, the MBA experience is not worth it if you’re looking for knowledge.
Skills
As opposed to knowledge, skills are the ability to do something. For example, business school taught me how to analyze a balance sheet, value a company, and negotiate a deal. These are directly applicable to my day-to-day work. Could I have picked up these skills elsewhere? Probably. In fact, almost certainly. There are plenty of books out there on these topics. You can also learn by doing, or you can just download video podcasts of many business school courses if you want. However, learning from a qualified teacher is better, in my opinion, so score one for the MBA program.
Network
Graduate schools are a great place to make friends with people who will be able to help you later on. It certainly was for me. However, I could have made the same sort of connections in other ways. In fact, I find that former coworkers are a much better network than my fellow MBA grads.
So really, what I gained was knowledge that I could have picked up elsewhere, skills that I could have picked up (more slowly) without the MBA, and a network I could have built myself. So far, this isn’t looking so good for the MBA.
Actual Benefits of an MBA
There are two more intangible advantages to an MBA which I’ve yet to come to. Namely:
Inflection point
Going to business school is a good point at which to reevaluate your career and make a change without any penalty. In fact, this is almost expected; many people make career path changes post-MBA. You could probably do this in other ways, but the business school path is very easy.
Prestige
Yep, there’s a certain amount of prestige that you get simply by holding an MBA, especially from a top-tier school. Sure, some people may not care, but for the most part, Western society places an emphasis on advanced schooling. This means that simply by having an MBA, some people will pay more attention to you and your opinions, which does help with career advancement. This is especially true in large traditional companies. In these companies, an advanced degree like an MBA is almost a must-have for moving up the corporate ladder.
As I looked at these items, it occurs to me that the value of business school is really the fact that you can put “MBA grad” on your resume. Which means that an MBA is only worth it if your career is in a place where an impressive resume makes a difference.
The two best cases:
- You plan to work for large traditional companies like GM, Pfizer, and others. In this case, the MBA is a wonderful investment.
- You’re trying to make a career change and you work at a large company, especially from a technical field to a business-oriented one. For example, you want to move from being an engineer to being in marketing. The MBA will give you the credentials to make a lateral move like this without taking a step back in your career.
Notice that in both of these cases, you have a very specific career path planned.
The Bottom Line
So, is an MBA worth it? In some cases, yes. What makes an MBA worth it?
- Working at organizations that appreciate the prestige if an MBA (large companies, banks, government). A quick way to figure this one is to see if your target organization has a tuition reimbursement plan. If they do, it means they value the MBA. By the way, since it’s the prestige of the MBA that matters here, you’re better off going to a top-10 school. If you can’t afford a top-10 school, then get a job at a company with a tuition program and then apply. Don’t waste your time getting a degree from a no-name school when you’re essentially banking on the prestige of your degree.
- Having a specific career goal that you verify ahead of time will be helped by the MBA (technical to business, small company to big company).
Sadly, neither of these applies to my situation, but hopefully, I can help others make better decisions than I did.
One last note, for you wannabe entrepreneurs. If you think you need business school to teach you how to run a company, you’re wrong. Business school is for people with a plan and who are averse to risk. That’s usually the exact opposite of an entrepreneur.
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There are 107 comments to "Is getting an MBA worth it?".
Absolutely largely agree.
For me my MBA was mostly a signaling tool to my company/management about the type of career I want to pursue.
It also introduced me to some of the best drinking buddies $75k can buy.
Worth it? Only because my company picked up the tab.
Great post and something I have thought about often.
My feeling is that, in general, much of what you wrote can be said about getting a college degree in general.
The only difference is, there are far fewer jobs that an MBA unlocks.
Too many responses to respond to all but will try my best.
Steve is exactly right. An undergrad is far cheaper and opens far more doors. As such, it’s a great investment. An MBA is more of a targeted tool that should only be used if you’re sure of it.
Sol Is Right On The Money.
One Must Bear In Mind That Any Post-Secondary Education — If Taken Solely For Career Advancement, Which I Imagine Most Are — Is Only Valuable If You Actually Obtain A Career In Your Field Of Expertise, Hence, If It Actually Helps You To Gain Employment. It Is, In That Scenario, Simply A Means To An End.
As J.D. Has Pointed Out On Numerous Occasions From His Very Own Personal Account, Neither Of His Creditations (In Psychology & English) Had Anything To Do With Any Of His Careers, Especially His Very Own Entrepreneurial Endeavour. (Although I Do Acknowledge That He Is A Proponent For Post-Secondary Education Overall.)
Being An Ivy-League Student Myself Who Once Proudly (And Albeit Stupidly) Proclaimed “Post-Secondary Education (I.E. College Or University) Is Absolutely Necessary In Life” Am Now Ambiguous Towards This Topic.
Therefore, To Each His Own.
Adrian…do they teach you to capitalize every letter in your sentences at Ivy schools? The price tag definitely isn’t worth it then…
😉
My MBA was very useful to me, and believe me I always wondered if it would be. Within a few months after receiving it, I found a new job that paid me considerably more. I have since been laid off from that job, but then found another within 2 months (just before my severance ran out) making even more money….both positions required an MBA. This market is becoming more competitive. I think if you desire to work in a business function within any Fortune 1000 company, then you should definitely pursue this route….after all, I have worked for three of these companies, and these degrees hold the same value at each one. A top 20 school is ideal for your MBA, however, many of these programs require you work full time and do not work. An MBA from a quality, accredited, smaller school can still be quite beneficial.
Rather than get an MBA, the person should go into debt and start a business. Regardless of whether your business succeeds or fails, in 2 years of attempting to run a business you will learn everything that you would learn in business school. More importantly, the debt you accummulate in starting a business is dischargeable in bankruptcy whereas the debt you accummulate to go to school is nondischargeable.
Wow, your former coworkers are better connections than your MBA classmates are? Unless you worked at McKinsey or Goldman, that is surprising.
On the other side of the equation, I work for a top B-School and meet with MBA alumni regularly who use the network extensively, who formed companies with their classmates that are now highly successful, and who used the connections they gained with other alumni, professors, and staff to further their careers immensely. A network is a living, breathing thing that you have to feed and water over time.
Plus, oh yeah, you do actually learn something while you’re there. You don’t have to go to a top school to get a great education – most MBA programs deliver excellent learning. If you aren’t moving into a career that will allow the degree to pay for itself at an expensive school (mine is $100k tuition for 2 yrs), there are schools at many different price ranges. A local or regional school can also deliver a local netork with great learning at a fraction of the pricetag.
I think that the biggest point of caution for someone choosing an MBA is whether or not it’s the right degree for them. In B-School you learn to lead, to manage organizations, and to start businesses. If your career goals are different – say, being an individual contributor of some kind, then an MBA may not be the right choice for you.
What are your thoughts on the criticisms I’ve heard, that today’s (full time) MBAs are full of kids with little to no life experience rather than those with diverse business experiences to share with one another? Is it true?
The idea that there are exclusively young adults in B-school is dated. B-school has evolved to cater to working adults by having most classes in the evenings. I’m 40 and I’m among the oldest in my MBA program. There are about 20% that are > 40. The balance of the people are pretty evenly spread between 23-40. Almost everyone has a full-time job and the experience comensurate with the job.
Suzanne,
I work in the silicon valley. My former coworkers are at places like Google, Apple and others. They’re also starting companies of their own (I believe my latest LinkedIn update of friends showed around 10 in new start up in which they are founders). My MBA friends? Not so much. That may not be true of all places but it’s certainly true here.
I’ve had an itch for years to go back and get an MBA but really just for the sense of accomplishment and the networking. I haven’t let the lack of one keep me from launching my own start up.
Interesting perspective! Please do tell the story behind TWO MBA degrees leading upto your current views.
Recently as I evaluated and projected my career forward, what bothered me was plateauing at middle management. I work in business IT for a ‘large traditional’ company and have a graduate degree in engineering. So I hope the pursuit of an MBA partly supported by my employer helps in a change of track and spur my career forward. Investing in education is never in vain.
Entreprenuers need fire in their belly not necessarily an MBA. But an MBA opens doors!
This post is perfectly timed for me. I’ve been going down this path to pursue an MBA, and even had an interview for a program this morning! However, I’m not willing to take on $80k+ in debt for this degree, and my company doesn’t have tuition reimbursement. As you can see, I’m conflicted about what to do, so this post will certainly help me evaluate the MBA programs I’m looking at.
According to the Author’s advice, it’s as simple as just going out and getting a job at a company that will pay your tuition! Please.
I can speak from both sides. Went to a Big Ten school for my undergrad, worked for the man for 8 years, then started my own business (Franchise). Doubled the sales and decided enough was enough, got a great offer and sold for a nice profit. A GREAT experience. Would never regret it.
However, what I didn’t anticipate is that the job market would be horrendous and that basically no companies paying even a half-ass salary give a rats ass about my 5 years of entrepreneurial experience.
I also see a LOT of 6 figure job postings that pretty much require an MBA.
At least I figure if I get my MBA, this crap won’t happen to me next time there is a recession in 20 years from now. At least I’ll get a job before all the Bachelor’s degrees.
It’s different for everyone, and an MBA is definitely not justified for each person… but it’s hard to find many instances where further educating yourself is a negative.
I’ve wondered the same thing, many times. I got an MBA from a top-tier school, but didn’t network as I should have, and later found I was somewhat allergic to working for large organizations, so it was somewhat wasted.
The “M” does allow me to be an adjunct faculty, but it doesn’t help much (or at all) with my entrepreneurial pursuits.
If you want to be a software engineer it is not going to do you any good to have an MBA. If you want to be an executive at a software company? Hmm, maybe, but you’re just as likely to get promoted through engineering, I’d think.
I think the applicability varies wildly by field.
If you want to work in IT project mgmt or any role that is a liaison with the business, not specifically an engineer, an MBA is very helpful. Being able to translate business requirements into IT speak and IT speak back to the business, without all of the technical how-to jargon, is very important and not a widely available skillset.
Agreed, but you are better of getting the advanced degree in software engineering and learning the business stuff OTJ instead of the other way around.
I work with many engineers who became managers simply because they received their MBA and the ones that suck at management will never progress beyond small group-lead roles. The authority/autonomy of these individuals is equivalent to that of a principal level individual contributor. I also work with many director level individuals who do not have an MBA; those that are good will continue to progress in the company. In my company (Fortune 1000), you don’t need the MBA until you are VP level. And at that point, if you don’t have the MBA, my employer pays 100% for you to get one.
thank you for this post! i’m currently studying for my GMATs yet i’m not entirely sure about getting an MBA. i would love to hear everybody’s take on this topic.
I’ve seen the deliverables go both ways – some folks took off like a shot and others still plodded along in the same old track.
Since I was a late starter (stayed home with the kids for 10 years), it didn’t make sense to spend the extra dough on an advanced degree as I didn’t have the time left to make it pay off.
I would argue that the top tier school isn’t always needed. In my company, we are a regional company spread over one state with about 2500 employees. They value the MBA, but the executives all have MBA’s from regional state colleges. In this enviroment, I would say an MBA from the same play the CEO got his is probably sufficient.
Very true. There’s actually a really good B school here in the valley (Santa Clara U). They’re not top 10 but well known in the area. However, you need to know what you’re getting. Outside of the area (or outside of your company), that MBA will not be worth as much.
Like you say, it’s up to the individual to carefully build their career based on need. An MBA does not materially benefit many, I’m sure.
One thing is for certain, it’s critically important to always be learning new skills. If not an MBA, then niche courses that give you specific skills to advance your towards your goals are excellent investments.
Timely post for me as I start my GMAT class next week and plan to apply in the Fall. I’m in the nonprofit world and think the MBA will help make the transition to for profit much easier. Also, I’m at a point in my career (I’m 28) when I’m not really being considered for upward moves because I’m just so good at my job. Nobody sees me as a manager – they see me as an excellent employee who will do anything they ask efficiently and effectively. I’m hoping my post-MBA career will start with an assumption that I am a strong strategic thinker as well as actor.
Thanks for sharing your experiences. Something to think about.
Same here!!! Let me know how it goes.
Hi Lulu,
Coming a little late to the thread, but wondering how things have turned out for you so far? I’m in the exact same position (26, not 28) and trying to assess whether getting an MBA would help me make a general swing towards the for profit sector.
So the question is, is an MBA worth it, and the answer like any is, “it depends”. If you get into a top tier school, i.e. Harvard, Stanford, Northwestern, etc., then going full time is most definitely worth the return on investment. One thing that isn’t often mentioned is that these same schools that are the “most expensive” usually have very generous grants so that it isn’t that expensive after all. I recently was admitted into a top school and my tuition of 60,000 a year was cut to 24,000 a year because of grant money. This wasn’t anything that I had to apply for, but rather it is a way that these school can make it affordable to people who didn’t work in the financial services before school.
An MBA is only worth what you put into it, and just like a regular college degree, if you don’t plan on doing anything in engineering, you won’t get a very good ROI on your engineering degree. That being said, if your intention is on moving up in typical corporate America, an MBA from a top school will signal to employers that you made it through the school’s admissions (which is a big deal depending on the school) as well as the program. While there are plenty of ancillary benefits to the MBA, the degree and prestige itself is most likely the majority of the value you get.
Some of the consulting companies value Ivy League school graduates so much because they know that the school has done the screening process for them. Hiring an Ivy School graduate means this person has done extra curricular work, shown leadership, excelled in academics, was well-rounded, etc. – and the schools made sure of this as part of their admission policies.
The top businesses are smart to hire these graduates because they have the exact same criteria for the people they want to hire, and the schools have done the heavy lifting in terms of seeking these people out and training them.
Or it means the person is the kid of somebody famous or an alumni.
The more articles that I read questioning the value of not only the MBA, but college degrees in general (especially the Ivy coated variety): the more I’m beginning to actually look down a little on those young people and their families whose only focus is getting that vaunted piece of paper. Blindly going after a degree (MBA or otherwise) without doing some due diligence is looking more and more like a questionable goal. For starters, let’s look at the supply-and-demand curve with respect to lawyers. Open up any yellow pages and you’ll discover that the largest number of listings (generally) belong to “Attorneys”. Isn’t that the first clue that pursuing a law degree might not be the most cost-effective use of your time and money? I would imagine the same supply-and-demand analysis of MBAs can also apply.
The very last paragraph of this post sums things up beautifully. Most of the folks that I know who are participants in the corporate arena are not only very risk-averse, but they aren’t necessarily the happiest folks I know. Meanwhile, the entrepreneurs I know don’t have the gold-plated degrees, but their business knowledge (and contentment) blow the doors off of their corporate-chained counterparts. I have a friend who refers to his well-over-six-figure corporate gig as “soul sucking”. I’ve NEVER heard any entrepreneur refer to his business with that term.
When someone tells me they built a business from scratch, I’m impressed. When someone tells me they have an MBA (and the folks with MBAs will let you know it one way or the other), I’m not only not impressed – I’m sometimes turned off.
Really Matt? You look down on those who aspire to get a college degree? I hope that just came out wrong.
In fact, I have a degree myself – don’t get so offended, NicoleZ. Yet, noone ever calls out those degree holders who look down on those who pulled themselves up by their bootstraps. Sorry about your insecurity.
Matt’s statement was “I’m beginning to actually look down a little on those young people and their families whose only focus is getting that vaunted piece of paper.” (emphasis added).
I interpret this to refer to people who value only the degree itself, without considering future value (or personal edification). I gained far more from my educational experiences than the degree itself and had I been single-mindedly pursuing a degree I would have missed an incredible amount of education.
I got my MBA thirty years ago when it was a much rarer beast, and it was absolutely beneficial to me as a woman to get into the financial world. I had a two year traditional program and no job — none of this nights and weekends and on the computer courses that have sprung up since and have, IMO, devalued the degree. The most important things I learned from my MBA program was a methodology for problem solving that I still rely upon as well as learning how to work as a team. I think that is hard to get without being a full-time student.
I went to a top ranked state university so my costs were much lower than if I had gone to a top tier private program. As I quickly learned when I landed a job on Wall Street after graduation, my book learning and smarts were equal to that of my Harvard, Wharton et al peers, but they had higher starting salaries and a prestige factor that was and is hard to overcome. Had I to do it over again, I would have opted to go to a Harvard or a Wharton.
That said, I had a full tuition scholarship and graduated with only $3000 in student loans. Maybe I made the right decision after all.
One thing not mentioned in this article that is vitally important is discovering which companies recruit at the MBA schools you are interested in. I wanted to work in finance in NYC and was able to thanks to my school’s active recruiting efforts on behalf of its students. I wouldn’t have been able to get my foot in the door otherwise.
To anyone considering MBA school these days, I would say to carefully weight the costs versus the benefits such as job placement and networking. An advanced degree may open the door for you, but it’s what you do once you enter the room that makes all the difference, and that often can’t be taught.
100% agreed. Please note, and this is for everyone, I am not saying do NOT go and get an MBA. I am saying, please consider why you are going and what you hope to achieve very carefully before going.
I see too many people getting an MBA simply because they think it will somehow improve their career. If you don’t know exactly how you will use the MBA then it’s not worth your time or money to go get one. However, if you have a good plan, it can be a great investment.
All the people I know with MBA’s are still looking for work.
That “prestige” piece is more than just the western world’s stereotypes. If you have an MBA from an accredited university, you have more than just the skills, knowledge, and network. You have the PROOF that you have the skills, knowledge and network. That proof may not be 100%, but it’s a lot easier to convince someone than “I totally deserve this $75K because I read this many books at the library.”
The other thing to consider is that companies actively recruit at some schools for MBA grads. Yes, you could learn everything an MBA grad learns (minus the collaborative case studied and gaining from the past experiences of your classmates) from books… But then finding a job at a company you want for a job you want is difficult. At B schools the recruiters come to you! You are already prescreened by virtue of fact you made it into B school. That doesn’t make you magically guaranteed a job, but you can almost always get an interview, as well as a chance to talk to alumni who work at your dream company who can tell you the good and bad points. Combined with the fact that the recruiters have jobs specifically for MBAs… It’s really good if you know what company you’d like to jump to and where they recruit from. The MBA admissions office should be able to tell you who recruits from their school.
I was almost positive I wanted to get an MBA ever since High School. My dad has one, and he seemed to do alright.
Then my wife graduated before I did, and decided to get her MBA while waiting for me to graduate. I read several of her text books, most of her case studies and helped her with various projects and realized that it wasn’t for me.
I realized that I’m a programmer and creator at heart and that I didn’t really want to deal with running a business and managing people.
She is happy she got her MBA and I’m happy I didn’t waste two years doing something I wasn’t interested in.
This reminds me of a lot of classmates I had in undergrad. We all graduated with our bachelors in 2009 from a top 40 undergraduate program. Not the best, but we did place our fair share of candidates at Goldman, Big 4 firms, and a few other investment banks. A lot of people who didn’t have job offers decided to stay for a 5th year to get an MBA (fast track). The MBA at my school was a pretty horrible program and didn’t really add much over the bachelors. The MBA courses were just the undergrad electives with extra requirements or stricter grading standards. Those graduates were somewhat worse off by having an extra (relatively worthless) degree that added no skills, but seemingly demanded more salary. Who’s better off now? Those of us who pounded the pavement to get jobs and now have the extra year of work experience (and a year salary, and no loans for an MBA).
That said, I’d totally drop everything if I got accepted to the MBA program at Harvard, Stanford or Columbia. In a heartbeat.
Actually, one of my MBA’s is from Columbia 🙂
Ok, I’ll rise to the bait.
I have an MBA, and I am extremely happy with the choice I made:
* I increased my salary pre- vs. post-MBA roughly 700% (yes, thats a 7 with two zeros)
* My MBA investment earned an IRR north of 20% – thats after accounting for lost wages, $100k in tuition and board etc. I wish I had more such investment opportunities
* I had a GREAT time (attended more parties in those 2 years then in the entire rest of my life)
* I made some of the most important friendships of my life
* I met my wife during b-school
* I built a solid network of highly successful individuals
* I am forever associated with a very strong brand recognizable around the world
* I was able to do whatever I wanted after b-school – I was not boxed into my old career, I could pick a new team from scratch…
That said, I went to a Top 5 school. I had free rides at Top 20 schools, and don’t regret paying to go to a REALLY good school and skipping the free rides.
I don’t think an MBA from a mediocre school would have had such an impact on my life, or would it have earned such an IRR on my investment.
Get an MBA full time if you can get into a top school. Have your employer pay for a part-time MBA if you cannot get into a top school.
I don’t think an MBA is for everyone, but if you have the smarts, the drive and the work ethic, it can do great things for you.
Hi Jake,
My undergrad GPA is 3.67 and I have about 8 years of building training programs for medical and major colleges. My goal is to purchase apartments using my wife’s salary in a few years, and be in organizational development full time. I can either go to a 8k MBA at Wayne State College, or apply to the other top schools. Keep in mind, debt load is a major factor, as I plan to replace my income using investments over the next 10 years and a large 1,200 student loan payment would burden that goal.
How did you get such a large scholarship at the top 20? Was that based on your GPA from undergrad?
I cannot point to one job and say that I would not have gotten it if I had not gone back for my MBA. But I can say that I would not be where I am if I had not gotten it.
I am a techie. The MBA taught me critical thinking skills that I could not have gotten just by reading the course material in another form. It reshaped the way I looked at problems and to this day, 20 years later, affects in a positive manner the way I approach all aspects of my job.
My mom used to be an English professor in college who later quit to go into business for herself. She started her own small business and ran it for two decades, sold it and has recently retired. She never went to business school.
I’ve taken a few freshman business courses in college, I’ve found them to be very straight forward, full of common sense, but also really boring. I’ve stopped taking them because I just couldn’t stand them anymore.
I think the MBA might be valuable to people depending on what their life goals are. I’ve noticed that a lot of people that want to own their businesses tend to start them on their own with or without getting college degrees.
I don’t have an MBA but I started business at the age of 14.
One of my company makes $ 60,000-$70,000 gross monthly and my net monthly is $ 40,000 minimum. This contract alone is forever. So I don’t need to sell/market anything.
My age is in late 20’s, started the company at early 20’s.
Since you’re in your 20’s, I have to tell you one thing: Nothing is forever. Period.
I am in a field that traditionally doesn’t care about degrees, yet even in this field I’ve noticed a shift where many managerial jobs now demand an MBA on top of practical experience. It’s really easy to sit on the other side of the fence and say “Oh yeah, it totally wasn’t worth climbing over!” But for those of us on this side, it’s very hard to stand still and be passive about future options. It’s really a gamble either way–for every unsatisfied MBA grad, there’s most likely a comperable person frustrated bc their career has stalled or is moving backwards simply bc they don’t have that degree.
I think the most important thing to note about getting an MBA is that you should have a good reason for getting one. If you don’t have a reason for getting one, you are probably wasting money. And your view that you should only go to a top 10 school is short sighted. I would widen that number to top 25. There are many high quality schools that are not in the top 10 (Darden, Kenan-Flagler, Ross, Fuqua, Tepper).
One question, how did you get two MBAs? Especially if one is from Columbia. Most top tier schools won’t even look at your application if you previously have an MBA.
An MBA these days is a requirement if you want to advance in the corporate world b/c a college degree is just seen as the minimum education required. As such, Mr. Sam went back to school for his MBA, and although his company at the time picked up more than 1/2 of the cost, he still ended up with $25,000+ in student loan debt.
Was it worth it? Well thankfully he didn’t have to pay for the whole thing. And while he has not recouped the full cost in salary increases/promotions, he has remained employed in a very tough market and has advanced although slowly.
“$80,000 in tuition
cost $50,000
$75k
$100k tuition for 2 yrs
tuition of 60,000 a year
$100k in tuition and board”
Wow, at about $17,000, an MLIS is a bargain. Granted, the starting salaries are about $35,000 – $45,000.
Earning a degree, any degree, shows you can make a committment and stick to it.
I am in a PhD program in biology at the moment.
In academia, we all make fun of MBA and for a good reason. They are “Masters” in title only.
Everything they learn in MBA program can be done in a fraction of time of it takes to finish MBA.
Some MBA program don’t even have Friday classes at all (They party on Thursday night, recover from hangover on Friday, and party again on Saturday).
I understand it helps to have extra education on the resume to advance in a corporation. But if the people who is advancing you have been there and also done MBA, they should know that you are no more qualified with MBA than without MBA.
If you have the company pay for MBA, maybe it’s worth it. It will be more or less a paid vacation.
Yeah, I’ve heard some of the MBA jokes.
My favourite is that MBA stands for “Mediocre, But Arrogant”.
Classic!
Epell,
I feel so sorry for you. I was once in a very similar situation. We used to poke fun at those “idiots” in the Business College that had flunked out of the Engineering programs, or those that were just in school to party. Fast forward 20 years…
All those “idiots” that stumbled their way through school either drunk or stoned half of the time are the very same managers that devalue all technical jobs, doling out stagnant raises that barely meet inflation, outsourcing engineering, development and other technical work overseas and stuffing their own pockets with giant raises and bonuses because they are so effective at cutting costs.
Your technical skills and experience will rapidly become more of a burden than an asset and in 20 years you (and all of your classmates) will find that your “experience” is worth about 20% over what a new college grad receives, while those “idiots” in the business program spend their days golfing and schmoozing and spending more on country-club fees than you make in a whole year.
Before you write me off as a bitter cynic, I will add that I am not alone in this viewpoint. No, you will find that the vast majority of employees with technical degrees and more than a decade of experience will echo my sentiments. Do yourself a massive favor – get your MBA while you are already in school and plan switching to the management track as soon as possible. Read the comments on this recent CNN article titled “Why would-be engineers end up as English Majors” if you don’t believe me. Many of the commenters express the same sentiment as above.
http://www.cnn.com/2011/US/05/17/education.stem.graduation/index.html?hpt=Sbin
Just wanted to say that this was really well written and interesting – one of the best guest posts.
For those of you interested in a longer and very funny read on this subject, Matthew Stewart wrote a great article in The Atlantic awhile back called The Management Myth:
http://www.theatlantic.com/magazine/archive/2006/06/the-management-myth/4883/
Here’s a small excerpt:
“As a principal and founding partner of a consulting firm that eventually grew to 600 employees, I interviewed, hired, and worked alongside hundreds of business-school graduates, and the impression I formed of the M.B.A. experience was that it involved taking two years out of your life and going deeply into debt, all for the sake of learning how to keep a straight face while using phrases like “out-of-the-box thinking,” “win-win situation,” and “core competencies.”
Pretty harsh, but funny stuff.
As a recent MBA grad, I’ll fight the urge to reply in bullet points.
The author hits the primary justifications for getting one – for me, the MBA was immensely worth it, even given the opportunity cost and student loans. But it’s all on the individual – I’d say most of my classmates think they made the right decision, although there are a few who question it.
Getting the most value from my MBA required much more work than I’d anticipated. It was a 12-14 hour a day job, with too much weekend work. Classes, leadership roles, extracurricular academics, meetings (professors, executives, classmates), internships, etc. Don’t spend $120K just to take some classes – there’s little marginal benefit to an MBA class beyond what you’ll find at a community college. The real value is yes the network (which includes professors, alumni, non-alumni you meet, and fellow graduating classmates — which you don’t acquire just partying), but also leadership opportunities, exposure to new options/career paths, and the credibility you get afterwards (earned or imagined). For those commenters looking at going to MBA programs, plan on joining and leading clubs and initiatives, taking weekend financial modeling classes and strategy case assignments, interning during the school year, recruiting for 2 years (especially for a “non-traditional” career for an MBA), plus working with classmates on endless projects, studying, reading, etc. And then fitting in all the fun stuff. It’s tough, but worth it.
I would push back on the notion that there are limited places you can take your MBA professionally after graduation. An MBA can add value to any organization. I took my MBA from a top tier school, and joined a non-profit after graduation. Still here 4 years later. I’m one of few MBA’s here, and its been invaluable. It gave me early credibility which allowed me to pursue more challenging assignments earlier. It continues to open the door to meetings/projects from other colleagues. The skill set is somewhat rarer here, which allows me to contribute on a more senior level. Externally, it “checks the box” and gives me credibility with different stakeholders (investors, private sector, etc.)
There is one caveat though – the MBA can be a great chance to reboot, but only if you take the risks necessary to do so. Too many classmates came in with some general ideas of what they wanted to accomplish, got sucked into the recruiting cycle, and wound up in unhappy consulting and banking jobs. (that pay extremely well, but still…) Those that spent the time thinking about their next stage in life, meeting with everyone they could, and pursuing new goals seem most happy with their decision.
Yes, MBAs can be valuable in almost any organization, but there are issues to going into non-traditional MBA venues. The biggest is the payback, but additionally, it’s tougher to get good career mentoring and I’ve seen MBAs get frustrated because their bosses didn’t know how to take advantage of their backgrounds (whether they earned it or not). A VP I worked with recently would advise MBAs from top programs (he was from Sloan) never to go to work for a non-MBA (he had done it much of his post-MBA career). To some managers without an MBA, it’s just another advanced degree.
1st time commenter here:
This subject hits a little close to home because I was grappling with the same decision 2 years ago. At the time, I was working with 2 individuals with MBAs and they were at the same level as me (I only had a bachelor’s degree). That, in addition to other factors ultimately led me away from pursuing a MBA.
An MBA is a business administration degree, meaning that you dabble in a little bit of this and that without a concentration/focus on one particular area within the business field. You become much more of a generalist, rather than a specialist.
One thing that was not mentioned though, through other comments was other degrees to consider: Master in Management, M.S. in Finance, Accounting, or HR, or even a Masters in Public Administration as alternates to the MBA (plus they tend to be cheaper).
Seth Godin’s alternative MBA program: http://www.squidoo.com/Alternative-MBA
Also, Chris Guillebeau, in his book The Art of Non-Conformity, outlines an alternative grad program you can do on your own, anywhere, for about $10,000.
Also, here is Guillebeau on Godin: http://chrisguillebeau.com/3×5/visit-to-seth-godin-alternative-mba/
I’ve paid for two MBAs, one at a good mid-tier school and one at a top-tier school. Both were worth every penny they cost.
Mine, from the mid-tier school, enabled me to switch careers, jump up several levels, and double my salary. (However, my salary was low to start with.) It has also given me more career options.
MrP earned an MBA as a second master’s from the #1 school in the country in the year he graduated. He had a good job as a consultant, but realized that his coworkers with an MBA earned 30% more than he did. It has also given him options, as he was able to later leverage his MBA and switch careers. I’m not sure his resume would have been considered without the MBA.
We both have jobs we love, and earn good (though not stratospheric) salaries. We aren’t that interested in top salaries, just work life balance.
I’d rather take 2 years and buy 50 of the best business books and at the same time start a business. There is a HUGE difference between reading about something in a book or hearing it in a lecture and actually applying it in real life, with other people involved. With this plan, you get the best of both – technical knowledge and real life experience.
I don’t know, I just feel like the whole MBA thing is a clever marketing trick by universities. Where does it end? In 15 years are we going to be reading a post on GRS about whether a PhD is worth it?
Please scroll down on the following link and ask me if these people got pawned into a “clever marketing trick”
http://en.wikipedia.org/wiki/Harvard_Business_School
Obviously every school has notable alumni and while this list can be considered the exception rather than the rule, I think you’d be hard pressed to find Jamie Dimon as CEO of Chase, Jeffrey Immelt as CEO of GE, or Michael Bloomberg all in their positions if they read 50 books. Like many have said before, it isn’t just about the knowledge, it is as much about what Steve mentioned prior to this.
The main issue many people are focusing on is the idea that it costs “too much” and “I could learn that on my own.” Of course you could, but your odds of having the same opportunities that many of these people have that have an MBA is much lower. An MBA is an investment in yourself and until people realize that paying X amount of dollars to potentially double your salary straight out and removing the barriers from moving upward in corporate America, they will always call an MBA overrated.
I can name just as many CEOs that never finished college, much less an MBA that are equally successful – Bill Gates, Paul Allen, Richard Branson, Michael Dell, etc.
“An MBA is an investment in yourself.” I’m not so sure – I would guess most MBA hopefuls just see it as a ticket to what you said – higher salary.
And if you notice, those folks are entrepreneurs, much in keeping with the comments of the author of the original article. The reality is MBAs run companies that other people started. They don’t usually start those companies themselves.
Part of the value of a high end MBA (like HBS) is the level of connections you make. Your classmates came from top companies to go to school and will end up going to McKinsey, Bain, Goldman Sachs, Microsoft, Google in (potentially) high visibility positions. Your faculty write books, have lucrative consulting practices and have incredible connections/access to venture capital, consultants, business leaders, investors. Just using the directory of alumni, you can connect to people all over who have “juice” and will talk to you because you share an educational connection.
Getting a local, part-time MBA (like I did) doesn’t have the same power, the same career boost, the same extensive network. For some folks expecting a two year degree on top of a mediocre career to do anything, they will be sorely disappointed. It won’t change your life, but it might help you get to where you want to go.
“It won’t change your life, but it might help you get to where you want to go.”
That seems like an expensive risk to take.
A part-time MBA costs a lot less than a full-time program (I saw anything from $200 to $1500 per credit hour) and a lot of employers will pay part of that. It’s also spread out over time (2-6 years isn’t uncommon) and some of the programs are 30 credit hours rather than 60. It’s not cheap, but if it’s a passion or important to you as an individual, it’s not outrageous.
A full-time, high end MBA probably will change your life, if that wasn’t clear in my comment.
It’s a risk of course, but taking the averages, there will be exceptions both high and low, but simply looking at the average salaries of the top B-schools at roughly 120k, compared to the average incoming salary of 60k, a typical 25 year student who goes two years, graduates and has 38 years left to work will make roughly 2.9 million more dollars than one without an MBA. That is assuming 3% raises for both the non-MBA and MBA grad. Sure, are there exceptions and people who could move up without one, but you can’t argue against the average starting salary of MBA’s at top schools. Could they hate their job, sure. A guy making 10 dollars an hour can hate their job, not the point. Is an MBA worth it is the topic of the post, and I think if you look at top schools, the answer is an astounding yes. Simple averages says that the 80k you leave with in loans is quite a bit less than the earnings potential you have the rest of your life time. It is simple math if you stop looking at it like you’re buying a car and look at it more like you are paying for earnings potential.
Great because that model works for you.
There is a certain type of person for whom the MBA is perfect — they play (mostly) by the rules, they think highly of themselves, they like the status & prestige of their station in life and they want more.
Many of the people who got MBAs probably shouldn’t have gotten them (though they won’t admit that). But that’s true of almost any profession. And there are successful people who wish they had gotten one along the way. It’s not a panacea.
Really amazed at the completely unfounded assertion: “So really, what I gained was knowledge that I could have picked up elsewhere, skills that I could have picked up (more slowly) without the MBA,…”
This makes very little general sense if you even poke at it a little bit. There are some people who can completely synthesize knowledge and obtain skills through independent pursuit. But I really challenge whether that is a reasonable expectation for the majority of people? Getting a degree requires you to immerse yourself in a particular environment and collaborate with others to achieve common objectives.
I do not believe that is possible to replicate on your own easily at all. Taking a class has a psychological effect on how you learn that is very difficult to replicate independently.
My former boss who I love dearly gave me some good advice about pursuing a Masters or MBA. Do it if your work/employer will pay for it! If an employer promotes continuing education then take advantage of it.
She’s in her early 40’s got her MBA at NYU and she’s still paying for it. After she got her first job, she found out that had a really good tuition reimbursement program.
I started recruiting MBAs back in the early 90s, primarily in the tech sector, which doesn’t highly value MBAs (as a whole) and in management consulting, which lives on MBAs.
One thing about an MBA is that completing one from a top school is (just about) the only way to get into certain companies and/or certain jobs. If you crave consulting, venture capital or investment banking, you just about have to go to a top 15 b-school.
At the top schools, completing the degree is an absolute deflection point for careers and can open doors that aren’t usually available to most, even other MBAs. And, it closes doors to many companies and many jobs because they don’t value the high-end MBA and it can even be a detriment.
I have seen a lot of frustration among MBAs who are job hunting because they expect it to always be perceived as a positive and that employers will always be willing to bend over backwards to hire them. It’s tough on those who have always been successful, always been sought after to suddenly not be the top dog (an especially brutal lesson for those just a few years into their careers).
Having just graduated with my MBA from a state university this month, I found this post really interesting. Personally, I had a liberal arts undergrad education and the MBA really filled in a lot of blanks for me with how the business world works. It provided a lot of general knowledge, but not a lot of specific skills. Many of my classmates were just getting it because their companies paid for it, which made me feel discouraged since I was footing my own bill. Other classmates were looking to make a complete change in career, and were using the MBA as a jumping off point. Their results are TBD. I think the bottom line is an MBA is only valuable if you have a clear idea of how you’re going to use it before you assume the debt/make the time investment. Make sure the benefits are worth the cost; because on it’s own it doesn’t guarantee a thing. Get a clear picture of how you will be rewarded (or not) within your company before you make the investment. For me, it was the right decision from a personal goal standpoint, but did not guarantee immediate promotion within my company. I enjoyed meeting people in my classes and learning about marketing in a different way than I do on the job. And it made me learn things like accounting/finance that I otherwise wouldn’t pursue on my own. It was also a very big accomplishment for me because it really challenged my math skills, which were rusty at best, and I was proud to still see I was able to learn things outside of my comfort zone. My only word of advice is, if you attend a large university, do not get the degree and expect a fantastic graduation ceremony at the end. After years of hard part-time work, we got lumped in with other Master’s students without even getting our names individually announced. The only thing the MBA guaranteed some of us at the end was a giant student loan bill. :I
A bunch of MBAs at work spend all day telling me how to do my job. Problem is they have NEVER done my job. Suffice to say, they stumble around thinking up stupid policies that someone else has to enforce.
Sometimes life experience is the best lesson!
The whole point is that you could have got things for lot less but with some effort.
MBA basically spoon feeds you all this in 2 yrs time.
It finally bowls down to:
If the (ROI on Network/Knowledge/Prestige which is all spoon Fed during MBA minus the cost of MBA) is greater than (the effort you would have to put in otherwise)
Couldn’t the same arguments be made for undergrad college? You can get the same knowledge from books and build your network elsewhere.
“See, the sad thing…is, in 50 years you’re gonna start doin’ some thinkin’ on your own and you’re going to come up with the fact that there are two certainties in life: one, don’t do that, and two, you dropped 150 grand on a … education you could have got for a dollar fifty in late charges at the public library!” – Good Will Hunting
I think your article has just strengthened my belief that the MBA is only marginally useful. If I will proceed to get one it will be for prestige and of course will be when I have the money to throw around. For now I have my company to build.
Very dispassionate and impartial judgement on the over rated MBA
I feel that the value of an MBA very rapidly drops off as school prestige declines. Business Week ranks schools based on return on investment.
It’s also worth noting that an MBA from a top ten school could be very worthwhile for a budding entrepreneur since many schools provide significant support for start ups including funding, office space, mentors etc and a top school can provide you access to an excellent VC network and angel investors. That is actually the safest way to start a business – with someone else’s money.
I actually went into my part-time MBA program as a risk-adverse “employee”, seeking the corner office while enjoying a higher education on my employer’s dime. I came out an “employer”.
For me, it was a pivotal experience in my life. Definitely worth the time and effort. I just wish I didn’t have to cut a fat check back to my previous employer for the tuition. That was a bit painful.
I’ve heard a lot about the automatic increase in salary if you get an MBA and I was wondering if anyone had any information on that. Is there data on salaries for people hired with an MBA and people without across all industries or in business industries specifically?
http://www.mymbacareer.com/mba-facts/mba-salary.html
As for the automatic increase, there really isn’t one, simply because it depends on what you did before, where you lived etc. You could have done finance in NYC before your MBA, got an MBA from a top school, got a strategy job in Chicago and theoretically taken a pay cut. Now, not many people would do that, but the “automatic” increase you speak of would address people working on an average salary of 40k-60k and leaving taking a job paying 90k+. Rather than look broad brush, it is much easier to look at the schools that you are targeting to go to, as that will be a better indicator of what to expect post-MBA.
Great analysis on the value of the MBA degree, I’ve gone back and forth in my opinion of it, and it’s true that a lot of the value just depends on what you want do and who you want to work for.
For my goals, it would not make sense for me to get an MBA unless it is a top-10 program.
In my situation I see two main benefits of getting an MBA:
1. It’s a good way transition to different careers such as management consulting or banking.
2. I DO think certain MBA programs (i.e. Stanford) have a lot to offer to entrepreneurs, because the 2 year experience can provide you with a deep, valuable network across different industries.
These reasons provide some flexibility in what you can do after, whether you decide start your own venture or join a Mckinsey or Goldman Sachs.
I’m a young professional looking to progress in the HR field. Any thoughts on whether an MBA or a MS in HR would be worth the time and cost (my employer will not pay for it)?
I have a few years of work experience but feel like I’m not going anywhere…
Surprising that you don’t think an MBA is worth it, considering that you have two MBAs yourself! You must either have had a lot of money to waste or a lot of time to waste, or both. Hopefully, now that you’re an entrepreneur, you’re doing a better job of analyzing ROI before making an investment, especially if it’s with ther people’s money. And hopefully you’re not going to use the ROI analysis techniques you picked up in the two MBA programs that you think were not valuable to you.
Hi,
This was great advice. I am a third year software engineering undergraduate student and I have always found myself confused about where will I end up in next 2-3 years. I love technology but as you mentioned that one way to benefit from MBA degree is if one has a specific career goal (technical to business). Everyday, I see myself drawing closer and closer towards business and management aspects. However, I do not posses much knowledge in these areas. I want to see myself as a successful business man in next 6-9 years. I had planned to get MBA after my B.Eng (Hons) degree in software engineering but now that I have read your personal experience, I see myself confused. Can you put some light to what someone with my interest and career goals should be looking for in future?
The MBAs that I’ve known haven’t been particularly knowlegable, enterprising or high earning. In fact I’m surprised at the things they should know but don’t.
One woman (an “MBA”) who was starting a yarn business was disappointed that stores wanted to buy her yarn in large lots at a lower price per skein than the price she’d been getting on Etsy selling one by one to individuals. We non-MBAs had to tell her that selling in large lots at lower prices would be a good thing, rather than one by one. Sigh.
It’s a mystery to me that so many shell out time and money for these degrees.
I got my MBA from the University of San Francisco, which is nowhere near the top rankings for MBA programs. It has never opened any doors for me or made me eligible for anything except entry-level jobs. Fellow alumni have even shut me out of their networks because they consider my military background to be worthless. Prospective MBA students should only bother applying to the top MBA schools; othwerwise, forget the MBA and just keep working.
I have just completed my engineering and my reason to go for MBA is fast-track promotions, higher salaries and to reach higher rank in companies mba is a must.
Should I go for MBA program…????
I’ve personally found most MBA’s to be useless and cocky…especially in the large company I work for. They do more harm than good forthe most part. I did however decide to pursue mine just to remove all obstacles from my path and to leverage a higher earnings potential (actually written into this large company’s HR guidelines). It seems to be working, but I’m not learning anything I didn’t already know from having a brain and working for ten years in the industry as a high-level performer.
I have enjoyed reading the different experiences listed above. They seem to vary widely, but most of the respondents have recommended a top 10 school or don’t waste your time. There is probably alot of truth to that if your goal is to work with a large investment firm and your target income is minimum 150k. I also agree that a master’s degree is useless if you dont know exactly what you want to do with it. A master’s degree can also be useful if you intend to change your career. I received a bachelors in liberal arts because it was interesting and I didnt know what I wanted to do for a career. Now I have found a field that interests me and is growing, but it requires that I go back to school for a related degree. I am undecided on whether I should pursue an MS in this field of interest or go for an MBA for the comprehensive aspect of the degree.
I am gearing up for my last semester in my MBA program in the Fall. While I think that the author is being very fair here; I would not go as far as to make sweeping generalizations (pro or con) regarding the ROI of an MBA degree. In my perspective (for what it’s worth), the conversation is about as fruitful as discussing the ROI of college in general. There is a plethora of various circumstances surrounding MBA candidates. It is ultimately up to the individual to make the decision if an MBA is worth pursuing or not.
Hello Everyone,
Let me see if I can put this to rest. I am a Senior Manager in a big 4 firm and I don’t have an MBA. In fact I only have a masters degree. That being said I have also done successful sales and within this year or next I will be promoted to Director. Let me tell you something, the big guns are the top of Deloitte, KPMG, IBM etc have principals who dont have MBAs. They realize that smartness, client skills and sales skills dont come in a MBA format, you pretty much have to adapt and survive. MBAs teaches you case studies and thats how you learn, its the same way in these firms and other clients: every day, every hour is a case study. I have learnt so much in my 3 years here that I can boast to know more than most MBAs that report to me. I hope this rests aside that conversation. At the end of the day it all boils down to this: how naturally savvy and innovative you are, how curious you are to bring results and keep focus on customers and sales. An MBA degree does not matter. I work with principals who waited tables when they were young and doing their Bacherlors and they can sell better than any MBA grad, anytime. Trust yourself and get practical hands-on knowledge.
Best of luck!
Mike
Learnt? Bacherlors?
Hi there, your post about MBA helped me a lot and of course all the comments.I have a Bachelor in Business administration for years now. I’ve been very active as an artist though, in theaters etc as a hobby. Also i love a lot Interior Design.
Now i’m the stage of life that looking to do a Masters degree and i cannot find my path. What’s the best to invest for me and what I really want.
Master in Business, like HR etc, or Acting, or Interior, which I don’t know which one will bring me more money and a safe future! I’m stuck in a low pay salary at a government job.
Your comment will help me to get there…thank you..
Strongly recommend that apsiring MBAs read “Managers Not MBAs”, by Henry Mintzberg, Berrett-Koehler Publishers 2004. It doesn’t look good….
Some conclusions:
1) MBAs do not make better managers
2) MBAs are used by business schools as cash cows to fund other programs
3) Many individuals involved in financial scandals in the US had MBAs
4) The MBA creates the illusion that one can fast track one’s career with little experience
5) the MBA program attracts “sharks” and other unscrupulous individuals like a “get-rich-quick” scheme.
etc. etc. etc.
I’ve read a majority of the comments and most make sense, and also confirm what I feared, that an MBA isn’t really worth it.
But I’m still unsure for several reasons, one being that I’d like to leave my job and have been job searching for awhile now. I’ve noticed a trend that many jobs I am qualified for experience-wise also require a Masters. With the economy not exactly being great and so many people looking for work, it’s more competitive and companies are able to ask for more qualified people and pay them less. So what I’ve seen is that the only way to get hired is to take a job below my skill level and take a huge pay cut. So my interest in an MBA (am also looking at a Masters in Financial Analysis) is to bring me to the level of other competitors. Also, there are employers like the government that has a fairly straight-forward system in terms of the jobs and salaries you’re qualified for and a huge factor is your level of education.
Any suggestions?????
Thanks for the share. Personally I feel that a mba program is worth it as long as you have the experience to back it up. I worked in the marketing industry for 10 years and have now decided to start searching for mba programs in pa. I feel that my experiences in the field will allow me to not only grasp the concepts better but upon graduating find a better job.
Where could I find a place to take out a low rate loan after graduating from University of Chicago? I need money to transition.
Any advice?
I think you’re absolutely right.|
Thank you everyone for your share of experience i have complete my graduation and looking for MBA admission but i don’t know where it gonna take me.
As for me,you do not need MBA to succeed in life.
First top 10 MBA programs are for people under 35. If you are over this age, there is an executive MBA. MBA have different concentrations, and I am surprised that you did not mention this. I have a masters in engineering with 10 yrs experience and I have started an MBA program at Amberton University.
In fact it is not top MBA programs. However the curriculum is hard, the Project Management prof. is well renowned and knowledgeable. I have looked into other MBA programs, infact I think top MBA programs, are there for networking
(like Executive MBA) which is where these universities make
a lot of money. MBA from a top school is just a validation of your title once you have achieved it on your own through your experience.
If you want to get a good education without breaking the bank, check out mid tier programs that are well rounded from state universities. I am working harder than I did in my grad school when I was younger, and it is an eye opener.
Gentlemen,
Having found my way to this comment section and seeing that the last post was in 2016 I cannot help but think that something in the last 2 years has fallen off the face of the planet! But, for an old timer (35 years), who graduated from Chapman College (Now University) in 1982 with a B.S. Degree in Business, I was, at the time, perplexed over going to graduate school to pursue an (piece of the pie-in-the-sky) MBA or put my Business Degree to work. The choice was simple…time to go to work. Luckily I landed a position with an engineering company that manufactured processing lab equipment that processed semiconductor chips (I then traveled throughout the world and learned more about science and international business than I would have ever learned in a MBA Business School.
There is a small moral to the above comment…Before you jump to deciding if you have to have that MBA (regardless of what graduate school will accept you) first, pick up a current copy of a Wall Street Journal and determine how good is the economy? And if a recession is looming then take a position with a company that is growing (Big or Small) that will offer domestic and/or international travel and then jump on it! The MBA School will always be there, but opportunities for real world knowledge will not.
In closing, I am now 72 years of age…wishing I could do it all over again, but happy that I have an adequate retirement and a small business that helps many disabled Vets get out and enjoy some golf. Best of luck to all of you who still see the value of a Bachelor of Science degree in Business.