should I get an MBA(is the risk and investment worth it)?

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so here is my situation. I graduated in 2005, degree with mathematics(BS). Having a 4 year degree in mathematics with no other types of training(CS, finance, accounting, etc etc) makes it difficult to find a job.

So after I graduated, I found a job at an insurance company(doing claims in a call center). Totally unrelated, but I have been working at it since. Job is okay. nothing to complain about. Salary is good. started with 32k, then went to 40, 45 and now at 50k(supervisor); more than enough. Opportunities are endless as its possible to promote to manager, upper manager etc etc, and salary can reach 100k if I have the potential.

Recently, I have been thinking about getting an MBA. My thoughts are to quit my job, go to MBA full time for 16 months, graduate, and find a better job.

My purpose of getting an MBA is ofcourse to make myself more marketable == more money. not only in the insurance industry, but also to other sectors(finance, acct, energy, etc etc).

once I graduate from my MBA, I will not want to go back to my old company. reason is while mba is strongly encouraged, it doesn't set me apart from any one else in my company == no extra benefits. If there is no benefits, why would I even want to go to MBA?

So I would want to work for a company which seeks MBA's and can compensate accordingly. I want to eventually move to the corporate offices, be director, executive, etc etc, and not just be a manager.

so question is this:
1. With my 3 years work experience and salary of 50k, if I quit my job, and find a job with my newly acquired mba, will my compensation be competitive to my current salary? Im okay with quitting my extremely comfortable job, but I only want to do it if the pay off of the MBA will be worth it.

2. Is it 'hard' to find a high paying job in my situation? BS in math(no math related work experience), 3 years insurance experience, and an MBA at 30 years old. From doing some research, it looks like most of the companies who want MBA's are banks and finance areas. Since I dont have a bs in acct, economics, finance, etc etc, does this hurt my job outlook? Will simply having an MBA be worth it to companies?

I want to get an MBA, but if the pay off is not worth it(in terms of $$), then I probably need to rethink it. It's just too nervewrecking to be quitting a job that I have no complaints about.

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by drew » Sun Nov 30, 2008 3:18 am
Just my $.02, but I would never quit an extremely comfortable job, especially with the economy the way it is. $50K stable is pretty nice! You could do a part-time program? That's what I'm looking at and I'm in the same boat as you are (except looking at an MS not an MBA).

Do you have a mortgage? Wife? Kids? Those things all enter into the equation.

For me though, I would keep the job and find a part time program.

Drew

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by drew » Sun Nov 30, 2008 3:20 am
By the way, I don't know how much your MBA is going to cost, but the MS I want is about $40K with all costs included.

If your degree is the same price, and you factor in ~2 years of living expenses, it could easily cost you $70K.

I doubt you are going to find a job that gives you more than $15K over what you are getting right now JUST because of the MBA (MBA + more experience = $$$).

So I would really keep your job until you can find something better!

Andrew