Anyone with an MBA or thinking of getting one?

[GT1999]

I'm 27 with 3+ years of FT IT (networking) experience and looking into one, probably with night/weekend classes. I'm not quite sure on a concentration just yet.

My current employer pays something like 6k/year in tuition reimbursement, which is low enough to chuckle at considering some MBA programs cost nearly 50k+ a year, eg, Kellogg here in Chicago...

With some employers paying 90% and the like, it does make me drool a bit at other jobs to mooch off of.

I'm reading Kaplan's 2008 GMAT book right now and at Chapter 5 and thinking I'm making a good choice in my career path, I just don't know how well I'm going to like having 60-150k of additional debt seeing financial aid won't be paying me very much.

 

[krunchykrome]

Originally posted by: Geekish Thoughts
I'm 27 with 3+ years of FT IT (networking) experience and looking into one, probably with night/weekend classes. I'm not quite sure on a concentration just yet.

My current employer pays something like 6k/year in tuition reimbursement, which is low enough to chuckle at considering some MBA programs cost nearly 50k+ a year, eg, Kellogg here in Chicago...

With some employers paying 90% and the like, it does make me drool a bit at other jobs to mooch off of.

I'm reading Kaplan's 2008 GMAT book right now and at Chapter 5 and thinking I'm making a good choice in my career path, I just don't know how well I'm going to like having 60-150k of additional debt seeing financial aid won't be paying me very much.

If the MBA is going to benefit your career or allow you to make a transition to a different career, then it's a wise choice. You're certainly not too old to start pursuing an MBA.

I'm 25 and I plan on pursuing an MBA after I obtain my CPA. I plan on sitting for the CPA exam at the end of next year. I shoud be finished with the exam by the middle of the following year. I'll be 27 at that time; assuming all goes according to my plan, I'll be about 28 when I begin an MBA program. It's a smart move.

 

[Cattlegod]

how much do you make now? starting salary for general mgmt/marketing/finance/etc is about ~90-100k from a top 10 school. 140 for consulting and 250-300k for i banking after bonuses (hopefully banking will be back up when you graduate).

I'd recommend quitting work and going full time and just getting it done in 2 years.

edit: I'm 27 next month and 1/2 way through my MBA at Michigan. My company was paying 100% tuition, but then they cut it all (not even down to 6k/year). Needless to say, I'm pissed and have become much less productive at work.

 

[sactoking]

Amount paid does not equal value. I'm in an MBA program right now. It's Top-15 among part-time programs. Total cost for my degree will be ~$12,000. If up to $150,000 debt is troubling, that probably means the value added isn't where it needs to be. If that's the case, look at another program. There are PLENTY of good programs out there that cost considerably less than Wharton, Kellogg, etc.

 

[GT1999]

I make about 57k in Networking but am in a pricey area of Chicago. I have a job offer that's been on the table for a while that pays 68k (financial industry) and 90% tuition reimbursement, but requires relocation and wouldn't be as secure as my present job with the economy the way it is, so I've decided to stay where I'm at. Regardless of where I work, I'm getting the MBA, it's just how much debt I'll build up in the process. 6k/year is basically one class a year, maybe two at a cheap school. At that rate I'd be in my 30's before I get my MBA.

I wouldn't mind shifting career paths and going into banking or something similar. 250k a year would be awesome -- whether that's feasible with my low-mid 3.1 undergrad gpa (where I slacked off) is another story.

 

[Cattlegod]

Originally posted by: Geekish Thoughts
I make about 57k in Networking but am in a pricey area of Chicago. I have a job offer that's been on the table for a while that pays 68k (financial industry) and 90% tuition reimbursement, but requires relocation and wouldn't be as secure as my present job with the economy the way it is, so I've decided to stay where I'm at. Regardless of where I work, I'm getting the MBA, it's just how much debt I'll build up in the process. 6k/year is basically one class a year, maybe two at a cheap school. At that rate I'd be in my 30's before I get my MBA.

I wouldn't mind shifting career paths and going into banking or something similar. 250k a year would be awesome -- whether not that's feasible with my low-mid 3.1 undergrad gpa (where I slacked off) is another story.

I wouldn't target banking unless you like the sound of 100 hour weeks. you literally will have no time to do anything else, including meeting a woman, raising a family or anything. Your friday nights will be shot, saturday's, and sundays. not to mention job security is crap, when the economy goes, you go.

keep in mind that with 100k in debt (plus ~90k in opportunity cost from a foregone salary) is nothing when you will be making 40k+ more per year. You will also be in a better position to move up the chain much faster.

also, I wouldn't bank on tuition reimbursement. My company did 100% and then cut it after I was 1/2 way through. Not to mention that many companies (mine didn't) require you to work for x number of years after you get your degree. this is a bad idea and will likely stall your career.

 

[LegendKiller]

Originally posted by: Cattlegod

Originally posted by: Geekish Thoughts
I make about 57k in Networking but am in a pricey area of Chicago. I have a job offer that's been on the table for a while that pays 68k (financial industry) and 90% tuition reimbursement, but requires relocation and wouldn't be as secure as my present job with the economy the way it is, so I've decided to stay where I'm at. Regardless of where I work, I'm getting the MBA, it's just how much debt I'll build up in the process. 6k/year is basically one class a year, maybe two at a cheap school. At that rate I'd be in my 30's before I get my MBA.

I wouldn't mind shifting career paths and going into banking or something similar. 250k a year would be awesome -- whether not that's feasible with my low-mid 3.1 undergrad gpa (where I slacked off) is another story.

I wouldn't target banking unless you like the sound of 100 hour weeks. you literally will have no time to do anything else, including meeting a woman, raising a family or anything. Your friday nights will be shot, saturday's, and sundays. not to mention job security is crap, when the economy goes, you go.

keep in mind that with 100k in debt (plus ~90k in opportunity cost from a foregone salary) is nothing when you will be making 40k+ more per year. You will also be in a better position to move up the chain much faster.

also, I wouldn't bank on tuition reimbursement. My company did 100% and then cut it after I was 1/2 way through. Not to mention that many companies (mine didn't) require you to work for x number of years after you get your degree. this is a bad idea and will likely stall your career.

Do you work in banking?

 

[Cattlegod]

Originally posted by: LegendKiller

Originally posted by: Cattlegod

Originally posted by: Geekish Thoughts
I make about 57k in Networking but am in a pricey area of Chicago. I have a job offer that's been on the table for a while that pays 68k (financial industry) and 90% tuition reimbursement, but requires relocation and wouldn't be as secure as my present job with the economy the way it is, so I've decided to stay where I'm at. Regardless of where I work, I'm getting the MBA, it's just how much debt I'll build up in the process. 6k/year is basically one class a year, maybe two at a cheap school. At that rate I'd be in my 30's before I get my MBA.

I wouldn't mind shifting career paths and going into banking or something similar. 250k a year would be awesome -- whether not that's feasible with my low-mid 3.1 undergrad gpa (where I slacked off) is another story.

I wouldn't target banking unless you like the sound of 100 hour weeks. you literally will have no time to do anything else, including meeting a woman, raising a family or anything. Your friday nights will be shot, saturday's, and sundays. not to mention job security is crap, when the economy goes, you go.

keep in mind that with 100k in debt (plus ~90k in opportunity cost from a foregone salary) is nothing when you will be making 40k+ more per year. You will also be in a better position to move up the chain much faster.

also, I wouldn't bank on tuition reimbursement. My company did 100% and then cut it after I was 1/2 way through. Not to mention that many companies (mine didn't) require you to work for x number of years after you get your degree. this is a bad idea and will likely stall your career.

Do you work in banking?

no, I have some friends that have.

 

[bobcpg]

Originally posted by: Geekish Thoughts
I'm 27 with 3+ years of FT IT (networking) experience and looking into one, probably with night/weekend classes. I'm not quite sure on a concentration just yet.

My current employer pays something like 6k/year in tuition reimbursement, which is low enough to chuckle at considering some MBA programs cost nearly 50k+ a year, eg, Kellogg here in Chicago...

With some employers paying 90% and the like, it does make me drool a bit at other jobs to mooch off of.

I'm reading Kaplan's 2008 GMAT book right now and at Chapter 5 and thinking I'm making a good choice in my career path, I just don't know how well I'm going to like having 60-150k of additional debt seeing financial aid won't be paying me very much.

I am in pretty much your exact same situation. 27 yo, in IT Support Analyst, company pays for 6k a year.

My major hold back is that I want to go to the U of MN Twin cities where a Technology Masters is like 70k total. Also, I am not too convinced not having one will stop me from getting where I want to be.

 

[LegendKiller]

Originally posted by: Cattlegod

Originally posted by: LegendKiller

Originally posted by: Cattlegod

Originally posted by: Geekish Thoughts
I make about 57k in Networking but am in a pricey area of Chicago. I have a job offer that's been on the table for a while that pays 68k (financial industry) and 90% tuition reimbursement, but requires relocation and wouldn't be as secure as my present job with the economy the way it is, so I've decided to stay where I'm at. Regardless of where I work, I'm getting the MBA, it's just how much debt I'll build up in the process. 6k/year is basically one class a year, maybe two at a cheap school. At that rate I'd be in my 30's before I get my MBA.

I wouldn't mind shifting career paths and going into banking or something similar. 250k a year would be awesome -- whether not that's feasible with my low-mid 3.1 undergrad gpa (where I slacked off) is another story.

I wouldn't target banking unless you like the sound of 100 hour weeks. you literally will have no time to do anything else, including meeting a woman, raising a family or anything. Your friday nights will be shot, saturday's, and sundays. not to mention job security is crap, when the economy goes, you go.

keep in mind that with 100k in debt (plus ~90k in opportunity cost from a foregone salary) is nothing when you will be making 40k+ more per year. You will also be in a better position to move up the chain much faster.

also, I wouldn't bank on tuition reimbursement. My company did 100% and then cut it after I was 1/2 way through. Not to mention that many companies (mine didn't) require you to work for x number of years after you get your degree. this is a bad idea and will likely stall your career.

Do you work in banking?

no, I have some friends that have.

Not sure what they do or what level, but I am a VP and have yet had to work a 100hr week.