Thursday, June 5, 2008

I'm (so) Lost

I've been reading quite a few forums and blogs by people who are also pursing an MBA. There are some very thought provoking comments and subjects that I have come across.

As for me, just when I thought I had a good idea of what I wanted to do...I'm back where I started. I'm interested in the topic of an ROI for pursing an MBA from a top 20 school where tuition + living expenses can reach anywhere from $110 - $150K + 2 years of lost income. That got me thinking...wow am I sure I'm making the right move? Yes, I understand that post-MBA salaries will make up the cost, but from what I have read/learned so far - that's only for students going into investment banking (IB) or consulting.

I've done some research and soul-searching and decided that IB or consulting is not the route for me (despite salary and bonus). The reason is because I'd like to maintain a work-life balance with minimal travel so that I can spend time with my family. This leads me to the question...well if one is not pursing IB or consulting, then what other areas are graduates getting into that help them pay off the massive loans and is obtaining an MBA from a top 20 MBA program still worth it?

What are your thoughts?

6 comments:

Unknown said...

What are your reasons for wanting to go to B-school? You said you wanted to maintain the work-life balance so it can't be all about making big bucks. No matter what you do, I think the financial side will take care of itself in the long run, even if you don't do IB/consulting. You can always find a corporate position, albeit not as high paying as IB/consulting, it should be good enough. I see b-school as a growth process, something that will really inspire me by allowing me to connect with some of the world's future leaders. Now I don't know your financial situation at all, but there's always the opportunity of financial aid and scholarships. I apologize this was a really discombobulated post.

Journey 2BSchool said...

Well, I want to go to b-school to get higher education/learning, meet, connect and bond with future leaders/bright people. I also want to do an MBA so I have better opportunity short-term and long-term. I also think that b-school will help me grow personally and professionally and make me more confident (not arrogant, but confident)

Yup, since I want to maintain a work life balance, I'm not too crazy about making HUGE bucks (that doesn't mean I don't want a decent six-figure salary :) )

It just sucks that I'll be paying 1500 for the next 10 years..when you have a family to raise, house to buy and keep...etc...I guess that's life :)

Thanks for your comment Eric

Journey 2BSchool said...

oh and Eric: awesome job on the GMAT!!

JulyDream said...

First off, I do believe that the ROI on a top 20 MBA program is substantial. And it's not simply IB and consulting who end up on top. If it were, than I'm not sure why anyone would strive for an MBA. Many MBA graduates go into management positions with global companies and make just as much as those who start in IB and consulting. Individual programs often provide ROI information for their respective programs and can perhaps shed more light on the subject, but overall, I do believe it's worth it. Additionally, it's an experience of a lifetime.

I suppose you do need to answer this question before you worry about anything else though.

Journey 2BSchool said...

Julydream - thanks for your advise. You are right about the lifetime experience - I've never tried to fight so hard or strived for being at the top, until now..and all this is just at the beginning of my mba pursit - can't imagine the personal growth benfits when if/when I get accpeted and a long time after that.

goneguru said...

I also vote for going corporate. An MBA will position you better than an undegraduate, especially for a management position. I'm not sure on time frame of your ROI, but most schools offer projection calculators. No matter what, I'm confident your ROI will be positive, both personally and professionally.

Since a lot of getting what you want lies in confidence and belief you can achieve your goal, have you ever thought about the power generated simply by being able to say "I have an MBA?" Add in a top school to that statement and see how much better it feels rolling off your tongue. At least that's what I tell myself.