Going back to school to get that MBA

[Astroslik]

The people who are saying it needs to be from a top 15 school are giving you shytty advice. You should only do that under two circumstances.

1. Your job is paying for it
2. You’re almost 100% confident that your new job will more than cover the 80-100k (plus interest) worth of debt that Top 15 MBA is going o cost you. Most, if not all of the top MBA Programs puts you in a high likelihood of getting these type of jobs

You’re biggest concerns should:

1. How reputable is that college in the location your are applying
2. What is a realistic return on investment if you get the MBA vs. continuing to progress without it.

For example, if you live in North Carolina, there’s no need to get a Top 15 MBA if you live in area that loves to hire NC State grads. Just get the MBA from there. A way to figure this out is to research which schools have partnerships with corporations in the area, and find an affordable one (of those with the partnership).

OP don’t listen to this advice. Get in the best possible school you can. Shoot for the top 10 if you want national prestige and an easier career mobility.

If you’re going to spend the opportunity cost for a mba program, please shoot for the stars and don’t end up paying out the ass for some MBA at NC St which forces you to stay in some small ass town in North Carolina to get a decent job.

Ofcourse you don’t NEED to go to a top program to end up at a top consulting/in/PE/B firm. But the route is a LOT easier and in this world of cacs and white supremacy, we need as many advantages as we can. There is already a glass ceiling for black people in these positions.

The exit options are also easier. Let’s keep it a stack. Most of y’all at The Mckinseys and BCG’s of the world ARENT making partner. Furthermore, politics are in play when deciding to partnership track. A partner with a top MBA from Kellog looks a lot more attractive to clients. Nevertheless. Y’all in there to get in and get out after a few years.

Obviously you’ll have good exit options off the sheer fact you’re at a top consulting firm, but that alumni and school prestige can take you to a different level.

 

[Astroslik]

I guess this presupposes he's fine staying in NC post MBA. If that's the case then NC State could do for him. The Top 10-15 have more nationwide recognition and depending on his post MBA plans, the Top 15 are the target schools for certain employers (Big 3 consulting, Top Investment banks etc).

There's really no one size fits all model for MBAs but generally, all else being equal, the higher up the ranking you go, the better. So much of the MBA value is perception and the network you buy into rather than the actual knowledge gained from the classes.

You actually know what you’re talking about. I work in finance and prestige matters. I’m assuming OP wants to actually make good money and in those positions top mba feeder schools are sought after.

I can’t believe we have dudes in here saying don’t go to booth because it costs $$$. That’s the dumbest shyt I’ve heard. That’s like saying don’t go to Harvard law because it’s expensive. If you get in you have to GO.

 

[Prodyson]

OP don’t listen to this advice. Get in the best possible school you can. Shoot for the top 10 if you want national prestige and an easier career mobility.

If you’re going to spend the opportunity cost for a mba program, please shoot for the stars and don’t end up paying out the ass for some MBA at NC St which forces you to stay in some small ass town in North Carolina to get a decent job.

Ofcourse you don’t NEED to go to a top program to end up at a top consulting/in/PE/B firm. But the route is a LOT easier and in this world of cacs and white supremacy, we need as many advantages as we can. There is already a glass ceiling for black people in these positions.

The exit options are also easier. Let’s keep it a stack. Most of y’all at The Mckinseys and BCG’s of the world ARENT making partner. Furthermore, politics are in play when deciding to partnership track. A partner with a top MBA from Kellog looks a lot more attractive to clients. Nevertheless. Y’all in there to get in and get out after a few years.

Obviously you’ll have good exit options off the sheer fact you’re at a top consulting firm, but that alumni and school prestige can take you to a different level.

This is how people get into never ending debt. Again, if his job will pay for it or he is VERY confident the ROI is worth it, then he should go for it. I already stated that. But too many people think a degree from a school is going to guarantee them a job and end up paying 50k-60k per year for a piece of paper. That is poor financial advice. And that’s why so many people are begging for student loan forgiveness and other aid. Because they have too much trust in degrees.

NC State was just an example, and I’m not sure if you’re not familiar with North Carolina, but Raleigh is not just some small hick town you get “stuck” in. In fact it’s one of the fastest growing areas with booming job opportunities. Regardless, it’s about understanding the market you’re in. If you can find a school that has top notch partnerships where you live that costs 25-30k per year, why would pay an extra 20k-30k per year for a name? I have so many friends that have great jobs and great degrees that are paying over 1k per month in student loans. Do they make more than me? Sure. But I’m making six figures, live in the south and never had to pay more than $200 per month in student loans. My 13k worth of student loans are paid off. They’ll be paying for the next 15 years unless they pay even more per month.

I’ve done the math... We’ll be 45-ish before most of them make up the ground the lost because of student loans. That’s over 10 years from now. And that’s assuming I don’t continue to increase my salary at the same rate as I have.

At the end of the day ABILITY AND PLANNING are more important than the name on your degree. If you don’t have the ability to differentiate yourself with your work and don’t want to plan diligently, then by all means, just get a degree from a top 10 school. But you’re potentially spending money you don’t need to.

 

[Vandelay]

This is how people get into never ending debt. Again, if his job will pay for it or he is VERY confident the ROI is worth it, then he should go for it. I already stated that. But too many people think a degree from a school is going to guarantee them a job and end up paying 50k-60k per year for a piece of paper. That is poor financial advice. And that’s why so many people are begging for student loan forgiveness and other aid. Because they have too much trust in degrees.

NC State was just an example, and I’m not sure if you’re not familiar with North Carolina, but Raleigh is not just some small hick town you get “stuck” in. In fact it’s one of the fastest growing areas with booming job opportunities. Regardless, it’s about understanding the market you’re in. If you can find a school that has top notch partnerships where you live that costs 25-30k per year, why would pay an extra 20k-30k per year for a name? I have so many friends that have great jobs and great degrees that are paying over 1k per month in student loans. Do they make more than me? Sure. But I’m making six figures, live in the south and never had to pay more than $200 per month in student loans. My 13k worth of student loans are paid off. They’ll be paying for the next 15 years unless they pay even more per month.

I’ve done the math... We’ll be 45-ish before most of them make up the ground the lost because of student loans. That’s over 10 years from now. And that’s assuming I don’t continue to increase my salary at the same rate as I have.

At the end of the day ABILITY AND PLANNING are more important than the name on your degree. If you don’t have the ability to differentiate yourself with your work and don’t want to plan diligently, then by all means, just get a degree from a top 10 school. But you’re potentially spending money you don’t need to.

Quoted for emphasis.

Most people aren't going to nor do they want to work for McKinnsey or Deutsche Bank.

It comes down to the road map you have for your life.

I know mad, MAD people that have made it to director, VP and CFO level making a upwards of a half million a year without a Top 15 MBA. And not some podunk company either, but household name/fortune 500's.

It comes down to what you want to do and where you are at currently.

The only golden rule for MBA's in my opinion is, DO NOT pay for it yourself in full. And that's "MY" golden rule. If you know how parlay it into a 200K a year job, from nothing...do that shyt.

I personally know someone who has worked as a manager for E&Y and now Deloitte with a bachelor's from Northern Illinois University.

There are no hard and fast rules for this at all.

 

[AnonymityX1000]

Yeah, the best advice in here is thoroughly check and conference with your job to see how much you can get them to pay for it. My company paid for some of mine.
Get into the best school you can BUT top 15 is not necessary. But always consider prestige vs cost. Paying extra for a name school isn't always beneficial.
And while it looks good on your resume and can improve your upward mobility the MAIN reason to do it is to LEARN something you think you don't know already. If you think an MBA isn't offering any new discipline, skill or competency you can use going forward then it's not worth it.

 

[Voice of Reason]

Great discussion going on in here. Both sides make good points

 

[Astroslik]

This is how people get into never ending debt. Again, if his job will pay for it or he is VERY confident the ROI is worth it, then he should go for it. I already stated that. But too many people think a degree from a school is going to guarantee them a job and end up paying 50k-60k per year for a piece of paper. That is poor financial advice. And that’s why so many people are begging for student loan forgiveness and other aid. Because they have too much trust in degrees.

NC State was just an example, and I’m not sure if you’re not familiar with North Carolina, but Raleigh is not just some small hick town you get “stuck” in. In fact it’s one of the fastest growing areas with booming job opportunities. Regardless, it’s about understanding the market you’re in. If you can find a school that has top notch partnerships where you live that costs 25-30k per year, why would pay an extra 20k-30k per year for a name? I have so many friends that have great jobs and great degrees that are paying over 1k per month in student loans. Do they make more than me? Sure. But I’m making six figures, live in the south and never had to pay more than $200 per month in student loans. My 13k worth of student loans are paid off. They’ll be paying for the next 15 years unless they pay even more per month.

I’ve done the math... We’ll be 45-ish before most of them make up the ground the lost because of student loans. That’s over 10 years from now. And that’s assuming I don’t continue to increase my salary at the same rate as I have.

At the end of the day ABILITY AND PLANNING are more important than the name on your degree. If you don’t have the ability to differentiate yourself with your work and don’t want to plan diligently, then by all means, just get a degree from a top 10 school. But you’re potentially spending money you don’t need to.

That’s a lot of If’s breh. We don’t really even know what OP wants. It goes without saying that you need a strategy no matter where you go to school. A prestigious MBA opens many doors and makes your career advancement a LOT easier.

 

[Astroslik]

Quoted for emphasis.

Most people aren't going to nor do they want to work for McKinnsey or Deutsche Bank.

It comes down to the road map you have for your life.

I know mad, MAD people that have made it to director, VP and CFO level making a upwards of a half million a year without a Top 15 MBA. And not some podunk company either, but household name/fortune 500's.

It comes down to what you want to do and where you are at currently.

The only golden rule for MBA's in my opinion is, DO NOT pay for it yourself in full. And that's "MY" golden rule. If you know how parlay it into a 200K a year job, from nothing...do that shyt.

I personally know someone who has worked as a manager for E&Y and now Deloitte with a bachelor's from Northern Illinois University.

There are no hard and fast rules for this at all.

What does this have to do with anything I said? Of course you don’t need to come from a top 10 mba to make good money or be successful. I never said that.

Exceptions to the rule do not disprove the rule. You’re not going to sit here and tell me that a top 10 MBA provides you with many options and opportunity. The alumni base a lone can open doors for you that won’t be opened going to other places.

Both of you guys keep emphasizing that it depends on what you want. That’s exactly what I’m saying. I said that IF OP wants a prestigious job and certain career placements, a top mba provides you easier paths.

 

[Prodyson]

That’s a lot of If’s breh. We don’t really even know what OP wants. It goes without saying that you need a strategy no matter where you go to school. A prestigious MBA opens many doors and makes your career advancement a LOT easier.

What were the “lot of” ifs?

Also, my suggestion accounts for the fact that we don’t know. That’s why I presented options for when he SHOULD seek a top 10 business school AND ways to be successful and why it may make even more sense if he doesn’t choose a top-10 business school.

The whole point of my comment is for OP to understand that he doesn’t necessarily have to go 100k in debt to be successful. There are other proven options. Most people don’t go to top 15 business schools. Unless he’s trying to be a C-Suite executive or VP or something, there are many other ways to achieve the same goal.

And again... I am not disagreeing with you in that it will be easier to GET the job. My point is that the COST of that degree MAY not be worth it if he has to pay out of pocket. If I could afford a degree from a top 10 business school I’d go in heartbeat. Tomorrow.

 

[Vandelay]

What does this have to do with anything I said? Of course you don’t need to come from a top 10 mba to make good money or be successful. I never said that.

Exceptions to the rule do not disprove the rule. You’re not going to sit here and tell me that a top 10 MBA provides you with many options and opportunity. The alumni base a lone can open doors for you that won’t be opened going to other places.

Both of you guys keep emphasizing that it depends on what you want. That’s exactly what I’m saying. I said that IF OP wants a prestigious job and certain career placements, a top mba provides you easier paths.

Nobody say goto Bumblefukk State University either. I'm countering the argument anything besides a Top 10 MBA is waste if you want to make money, which is what YOU said. That's a bold face lie.

 

[null]

so there's the top 15 and that what is the next band? top 30? top 50? does it matter?

 

[Astroslik]

Nobody say goto Bumblefukk State University either. I'm countering the argument anything besides a Top 10 MBA is waste if you want to make money, which is what YOU said. That's a bold face lie.

I never said that.

 

[Vandelay]

I never said that.

You actually know what you’re talking about. I work in finance and prestige matters. I’m assuming OP wants to actually make good money and in those positions top mba feeder schools are sought after.

That's what you insinuated with this statement.

Why else get an MBA other than to make more money...we not doing this because we like to study business.

 

[null]

That's what you insinuated with this statement.

Why else get an MBA other than to make more money...we not doing this because we like to study business.

Tech MBA is the wave ... and use the "tech" parts to specialise in computational finance.

3 birds with one stone.

 

[Vandelay]

Tech MBA is the wave ... and use the "tech" parts to specialise in computational finance.

3 birds with one stone.

This will be helpful too. Having data analytics as a part of your curriculum is the wave now or as your degree.