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My MBA Dilemma - Please help

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My MBA Dilemma - Please help

by MBA_Dilemma » Thu Aug 19, 2010 7:44 am
Hello All,
I am admitted to top 30 parttime MBA program (Robert H Smith School of Business at UMD). This is good news. The bad news is it has a price tag of $72k.

In order to help me resolve my dilemma, let me give you a brief overview of background.
I am 31 years old ( have been in US for the past 6 years)
BS - computer science - 2000
MS - Computer Science - 2006
Salary - 110K
Company pays - 3k (9k in three years)
No mortgage - Live in apartment with my wife and 2 month old son.

My dilemma is does this investment worth it? Should I save this money for my son's college?

I am not 100% sure what I want to do after graduation but most likely open my own business or focus on finance and land investment banking opportunity.

Given my situation, I would like some opinion from experts if I am making a wise investment. Class is starting on 1st week of September.
Thanks
Last edited by MBA_Dilemma on Fri Aug 20, 2010 12:04 pm, edited 1 time in total.
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by Jessica@VeritasPrep » Thu Aug 19, 2010 8:07 am
In purely economic terms, it may not be worth it to attend a non-first tier MBA program. However, the value of education and the experience is not an easy ROI to calculate. You need to think about whether or not you need the degree/education to accomplish your goals. I wouldn't be scared of a little debt if this is important to you. But, you already have one advanced degree and you may be able to accomplish your goals without $150k in additional debt.

Also, part time programs are not usually as geared to job changers so the recruiting and job placement may not be what you are expecting. You could ask the office of career placement if they send students to investment banking programs after graduation, etc.

Good luck with whatever you decide!
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by Bryant@VeritasPrep » Thu Aug 19, 2010 9:46 am
I agree with everything Jessica said--great advice. I too would question the potential return of the MBA for you, especially given that you already make more than the average salary of most post-MBA positions. If you want to start your own business, perhaps you can just take some courses to supplement the gaps in your knowledge base (such as accounting or finance or decision making, etc.) this would be far cheaper and perhaps would give you the jump start you need in terms of how to run your own business. On the other hand, the MBA is a very marketable degree and is internationally recognized. So for the longer term, it could be something you pull out every time you apply for a new job and would help you stand out of the applicant pool for those positions. I know the decision is not easy, but if you are looking for a pure return on investment play, you may be better off plowing ahead without the MBA (by the way congrats on achieving such a high level of income without it!)
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by MBA_Dilemma » Fri Aug 20, 2010 8:19 am
Jessica and Bryant - Thanks much for your input.
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by Lisa Anderson » Fri Aug 20, 2010 10:43 am
Dear MBA_Dilemma,

Jessica and Bryant are spot on in their posts; you really should think about and question whether or not you will be able to achieve your goals from this program. That might mean you question the administrators there and do some research this week. In my experience, it is very difficult for folks in a part-time MBA program (especially online) to make a career change into investment banking. Investment banking is a traditional MBA field that is quite particular about not only how you earn your MBA (i.e., full-time v. part-time), but also what school you attend. I would not say it has never happened, but it is very difficult. If you want to start your own firm, the program might offer what you need in terms of education to make that happen, but you need to scrutinize the curriculum and resources to make sure. There are many business schools that offer short courses and certificate programs that might be just as helpful for you--yet cost less and take less time. The only difference is you would not have an MBA; however, if you are going to be an entrepreneur, you might not necessarily need the degree. MBAs are an investment and worthwhile--but only if they allow you to achieve the goals you have in mind when you set out to earn the degree. For a $72K price tag, I think it is worth some additional research on your part to make sure you are entering the program that is right for you.

Good luck,
Lisa
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by MBA_Dilemma » Fri Aug 20, 2010 11:54 am
Thank you Lisa,

May be I should be open a little bit about the school if it changes your view. I am accepted to Robert H Smith School of Business at University of Maryland.
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by Linda Abraham » Fri Aug 20, 2010 12:58 pm
MBA_Dilemma wrote:Thank you Lisa,

May be I should be open a little bit about the school if it changes your view. I am accepted to Robert H Smith School of Business at University of Maryland.
I agree with the other respondents that you need to do more research. Do many grads from Smith's part-time program switch fields? What kind of increase in salary do they see after they graduate? The school should have these stats. Can you speak to recent alumni of Smith's part-time program. Ask to contact alumni who have gone into their own business.

I think it would also help you if you knew better how exactly you want to use the MBA. Then you would have a better sense of whether the ROI is there. Since you are unclear on your direction, it is harder to assess the potential rewards.

Best,
Linda
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by matu007 » Tue Feb 08, 2011 6:17 am
Hi MBA_Dilemma -

What did you decide upon - eventually?

I am sailing in the same exact boat. The only difference is:

1) I make(actually used to make) 80K instead of 110K.
2) I will be returning to work after a 1 year career break due to personal reasons. ( I have explained this in my optional essay).

The decision on my application is pending - but what should I do -

my desired post MBA field of work is Strategy and Operations....in the IT sector.

Thanks for sharing your experience
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