how can I afford an MBA?

[TheoPetro]

im looking at some of the higher end schools for an MBA and the average anual tuition is around 40,000. Im 20 yrs old and the highest paying job I have had was ~27,000. Is it normal to get an MBA right out of college? I would like to keep going and not take a break but I dont see how I can do it w/ tuition that high.

Anyone have experience with this that can give me some pointers?

Edit:

if I do get out and get some experience is there anything specific I should be looking for? I would like to get into buying and selling commercial buildings. I think that would be an interesting venture but if I become a realitor at some noname company is that going to even matter on my application?

I guess a better question would be whats the best way to prepare for enternece into an MBA program/?

 

[MikeyIs4Dcats]

find an employer that will pay for it

 

[rsd]

Generally they require you to have 3-5 yrs experience before you attend their program.

 

[Syringer]

You won't get into a top MBA program right out of college unless you have a 4.0 in all your school's hardest classes, a perfect GMAT score, internships at the top firms, AND if you're a minority student.

Otherwise, don't worry about it now.

 

[BKLounger]

i would say for an mba it is an even mix of people doing it right out of college and just wnat to keep racking up the college debt and the others who have put a couple years in the field and go back. Each has it's pros and cons. I'd say look around for a good company paying ok money but will pay full tuition. That's what i did.

 

[dr150]

You're not going to get admitted to a top tier MBA program without 4 years of experience.

Aside from this, you take out loans. Huge loans ($80k+). Then you pay them back in a couple of years.

Some ibanks and consulting companies even pay your loans if you stay with them for some years. Of course, we're assuming you attend a top 10 program and work in these high paying/high benefit/huge hours industries.

It's not rare for people to work in banking/consulting to pay off loans and then move on to something else (i.e. consulting to product management etc.).
.
.
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I recommend having your company pay for your schooling and go to night school/part-time MBA. This has the highest return ratio (unless you have a hard-on for banking/consulting)....

 

[TheoPetro]

if I do get out and get some experience is there anything specific I should be looking for? I would like to get into buying and selling commercial buildings. I think that would be an interesting venture but if I become a realitor at some noname company is that going to even matter on my application?

I guess a better question would be whats the best way to prepare for enternece into an MBA program/?

 

[johnjbruin]

80% of the people get loans.
Yes - you will be in $100K+ debt when you graduate - but if you are from the top 10 you will easily end up making enough money to pay it off.

 

[johnjbruin]

Originally posted by: dr150
You're not going to get admitted to a top tier MBA program without 4 years of experience.

Aside from this, you take out loans. Huge loans ($80k+). Then you pay them back in a couple of years.

Some ibanks and consulting companies even pay your loans if you stay with them for some years. Of course, we're assuming you attend a top 10 program and work in these high paying/high benefit/huge hours industries.

It's not rare for people to work in banking/consulting to pay off loans and then move on to something else (i.e. consulting to product management etc.).
.
.
.
I recommend having your company pay for your schooling and go to night school/part-time MBA. This has the highest return ratio (unless you have a hard-on for banking/consulting)....

I don't know of any top i-banks that do this. Consulting firms - yes, but no i-banks. If you go to a top 5 i-bank you will be making 200K/year in two years anyway - if you are good that is. Your bonuses pay off the loans - the i-bank will not say that we wil lpay off your debt - they stay far away from that.

 

[Nerva]

Originally posted by: TheoPetro
im looking at some of the higher end schools for an MBA and the average anual tuition is around 40,000. Im 20 yrs old and the highest paying job I have had was ~27,000. Is it normal to get an MBA right out of college? I would like to keep going and not take a break but I dont see how I can do it w/ tuition that high.

Anyone have experience with this that can give me some pointers?

most business schools would like to see you with some work experience, with that said, it is not impossible to go straight to b-school. don't worry about the money, just get a loan and pay it off. depending on what you do after b-school, you can probably pay it off in 1 or 2 years.

 

[DaShen]

Originally posted by: MikeyIs4Dcats
find an employer that will pay for it

QFT... actually a lot of schools take that into consideration. If your company is willing to pay for it, it usually means you are a good worker.

 

[johnjbruin]

Originally posted by: TheoPetro
if I do get out and get some experience is there anything specific I should be looking for? I would like to get into buying and selling commercial buildings. I think that would be an interesting venture but if I become a realitor at some noname company is that going to even matter on my application?

I guess a better question would be whats the best way to prepare for enternece into an MBA program/?

whatever you do - lead in that. You could be doing anything in the world - but if you are the best person that ever did that job - you will get into business school.

B-schools are looking for people that have excelled in anything they have done - that have led people, that have risen up in teams, etc.

There is no one career that will get you into b-school. Also know what you want to do after. B-school is a menas to an end - it is not an end. Know what your end is and how b-school will get you there. don't go to b-school because its 'the next logical step' or 'everybody is doing it' or 'people from b-schools make more money'.

I can't emphasize this enough - know WHY you want to go to b-school.

 

[gopunk]

first off, whenever people say you need this or that in order to get in and otherwise don't think about it... they are obviously speaking in broad generalities and you should exercise your best judgment in how you interpret it.

second, you generally get loans. you get decent interest rates if you go to a top school, since the banks know you'll be able to pay them off.

 

[thegimp03]

I have heard that top MBA programs look a lot at what you're involved in outside of work. I work in public accounting right now at a large firm and some people have been applying to MBA schools. The ones who've been successful in getting into the top tier schools are people who've not only been working 50-60 hours a week but also gotten their CPA and been involved in other activities - community service, leaders of youth groups, etc. The longer you work, the better off you are.

 

[TheoPetro]

Originally posted by: johnjbruin

Originally posted by: TheoPetro
if I do get out and get some experience is there anything specific I should be looking for? I would like to get into buying and selling commercial buildings. I think that would be an interesting venture but if I become a realitor at some noname company is that going to even matter on my application?

I guess a better question would be whats the best way to prepare for enternece into an MBA program/?

whatever you do - lead in that. You could be doing anything in the world - but if you are the best person that ever did that job - you will get into business school.

B-schools are looking for people that have excelled in anything they have done - that have led people, that have risen up in teams, etc.

There is no one career that will get you into b-school. Also know what you want to do after. B-school is a menas to an end - it is not an end. Know what your end is and how b-school will get you there. don't go to b-school because its 'the next logical step' or 'everybody is doing it' or 'people from b-schools make more money'.

I can't emphasize this enough - know WHY you want to go to b-school.

well my objective is to either take over a family company (small) or get the knowldge to start my own. The family company is still in its first generation of ownership so I would be the second. Its been around for about 20 years but because of a ton of different factors hasnt grown to its full potential. I think with the knowldge gained from an MBA allong with what I know and can learn from my father I could make it grow and be fairly sucuessful. So I guess the MBA would just be a tool to better complete that. Also it would be a good thing to have in the event the business falls though. The MBA and the physics under grad are basically my backups.

 

[TheoPetro]

Originally posted by: thegimp03
I have heard that top MBA programs look a lot at what you're involved in outside of work. I work in public accounting right now at a large firm and some people have been applying to MBA schools. The ones who've been successful in getting into the top tier schools are people who've not only been working 50-60 hours a week but also gotten their CPA and been involved in other activities - community service, leaders of youth groups, etc. The longer you work, the better off you are.

thats good advice I need to get involved with more things anyway.

 

[bobdelt]

Rock the GMAT. Score above 700, apply early to 2nd tier schools, and you will get scholarships.

Also, you will have opportunities to become a teachers assistant or even teach a class, and they will cover your tuition plus give you a stipend.

 

[dr150]

Originally posted by: TheoPetro

Originally posted by: johnjbruin

Originally posted by: TheoPetro
if I do get out and get some experience is there anything specific I should be looking for? I would like to get into buying and selling commercial buildings. I think that would be an interesting venture but if I become a realitor at some noname company is that going to even matter on my application?

I guess a better question would be whats the best way to prepare for enternece into an MBA program/?

whatever you do - lead in that. You could be doing anything in the world - but if you are the best person that ever did that job - you will get into business school.

B-schools are looking for people that have excelled in anything they have done - that have led people, that have risen up in teams, etc.

There is no one career that will get you into b-school. Also know what you want to do after. B-school is a menas to an end - it is not an end. Know what your end is and how b-school will get you there. don't go to b-school because its 'the next logical step' or 'everybody is doing it' or 'people from b-schools make more money'.

I can't emphasize this enough - know WHY you want to go to b-school.

well my objective is to either take over a family company (small) or get the knowldge to start my own. The family company is still in its first generation of ownership so I would be the second. Its been around for about 20 years but because of a ton of different factors hasnt grown to its full potential. I think with the knowldge gained from an MBA allong with what I know and can learn from my father I could make it grow and be fairly sucuessful. So I guess the MBA would just be a tool to better complete that. Also it would be a good thing to have in the event the business falls though. The MBA and the physics under grad are basically my backups.

If you're an entrepneur, it's crazy to spend the "crazy money" for an MBA. Generally, the MBA is a useless degree that only provides a "union card" to closed industries that require the degree.

By taking a couple of finance, accounting, operations classes at night and you'd be set knowledgewise. Strategy/marketing is B.S. "common-sense" tripe that could be gleaned from reading the HBS review.

If you feel that your first generation business will fail and fall back to working for "THE MAN", then you're setting yourself for failure and/or disappoinment. The successful entrepeneurs that I know can never go back to working for some idiot manager and they also have a win at all costs mentality--legally speaking of course.

I do know one guy at HBS whose father had a successful factory and went to work at McKinsey for 7 years after graduation before taking over for his Dad. If this trajectory is more to your liking then it can work out.

 

[b0mbrman]

Originally posted by: rsd
Generally they require you to have 3-5 yrs experience before you attend their program.

None (of the ones I'm looking at least) have any requirement. However, some recommend having some work experience.

A lot of top programs (according to Business Week) have been making a push of late to recruit hotshots right out of undergrad. Stand by, and I can find the article.

 

[dr150]

Originally posted by: johnjbruin

Originally posted by: dr150
You're not going to get admitted to a top tier MBA program without 4 years of experience.

Aside from this, you take out loans. Huge loans ($80k+). Then you pay them back in a couple of years.

Some ibanks and consulting companies even pay your loans if you stay with them for some years. Of course, we're assuming you attend a top 10 program and work in these high paying/high benefit/huge hours industries.

It's not rare for people to work in banking/consulting to pay off loans and then move on to something else (i.e. consulting to product management etc.).
.
.
.
I recommend having your company pay for your schooling and go to night school/part-time MBA. This has the highest return ratio (unless you have a hard-on for banking/consulting)....

I don't know of any top i-banks that do this. Consulting firms - yes, but no i-banks. If you go to a top 5 i-bank you will be making 200K/year in two years anyway - if you are good that is. Your bonuses pay off the loans - the i-bank will not say that we wil lpay off your debt - they stay far away from that.

I guess you didn't get a very good package then.

When I graduated from business school, I received several package offers with loans forgiven in both consulting and banking.

Plus, your 2 year $200k estimate is rather low......First year bulge bracket compensation was more in line with $350-$450k for guys from my school.

 

[Wreckem]

Originally posted by: b0mbrman

Originally posted by: rsd
Generally they require you to have 3-5 yrs experience before you attend their program.

None (of the ones I'm looking at least) have any requirement. However, some recommend having some work experience.

A lot of top programs (according to Business Week) have been making a push of late to recruit hotshots right out of undergrad. Stand by, and I can find the article.

Correct, the standard MBA programs don't have a work experiance requirement. The only MBA's that have that are EMBA programs. That said its easier to get into top MBA programs if you have several years of work experiance.

 

[mchotdog]

Originally posted by: MikeyIs4Dcats
find an employer that will pay for it

Yes, usually a company will pay for your MBA degree, so don't waste your money if you don't really have to

 

[johnjbruin]

Originally posted by: dr150

Originally posted by: johnjbruin

Originally posted by: dr150
You're not going to get admitted to a top tier MBA program without 4 years of experience.

Aside from this, you take out loans. Huge loans ($80k+). Then you pay them back in a couple of years.

Some ibanks and consulting companies even pay your loans if you stay with them for some years. Of course, we're assuming you attend a top 10 program and work in these high paying/high benefit/huge hours industries.

It's not rare for people to work in banking/consulting to pay off loans and then move on to something else (i.e. consulting to product management etc.).
.
.
.
I recommend having your company pay for your schooling and go to night school/part-time MBA. This has the highest return ratio (unless you have a hard-on for banking/consulting)....

I don't know of any top i-banks that do this. Consulting firms - yes, but no i-banks. If you go to a top 5 i-bank you will be making 200K/year in two years anyway - if you are good that is. Your bonuses pay off the loans - the i-bank will not say that we wil lpay off your debt - they stay far away from that.

I guess you didn't get a very good package then.

When I graduated from business school, I received several package offers with loans forgiven in both consulting and banking.

Plus, your 2 year $200k estimate is rather low......First year bulge bracket compensation was more in line with $350-$450k for guys from my school.

My BS flag for you just went up on high alert.

Why the hell would you go into consulting and i-banking? Did you really have no idea what you wanted to do after b-schhol?

I will agree with the pay - last couple of years have been good on banks and the payouts have been rather fat.

 

[Syringer]

Originally posted by: dr150

Originally posted by: johnjbruin

Originally posted by: dr150
You're not going to get admitted to a top tier MBA program without 4 years of experience.

Aside from this, you take out loans. Huge loans ($80k+). Then you pay them back in a couple of years.

Some ibanks and consulting companies even pay your loans if you stay with them for some years. Of course, we're assuming you attend a top 10 program and work in these high paying/high benefit/huge hours industries.

It's not rare for people to work in banking/consulting to pay off loans and then move on to something else (i.e. consulting to product management etc.).
.
.
.
I recommend having your company pay for your schooling and go to night school/part-time MBA. This has the highest return ratio (unless you have a hard-on for banking/consulting)....

I don't know of any top i-banks that do this. Consulting firms - yes, but no i-banks. If you go to a top 5 i-bank you will be making 200K/year in two years anyway - if you are good that is. Your bonuses pay off the loans - the i-bank will not say that we wil lpay off your debt - they stay far away from that.

I guess you didn't get a very good package then.

When I graduated from business school, I received several package offers with loans forgiven in both consulting and banking.

Plus, your 2 year $200k estimate is rather low......First year bulge bracket compensation was more in line with $350-$450k for guys from my school.

I think he was referring to i-banking right out of undergrad.

 

[dr150]

My BS flag for you just went up on high alert. Why the hell would you go into consulting and i-banking? Did you really have no idea what you wanted to do after b-schhol?

What? You've never met any b-school colleagues who worked in both industries and interviewed in both? LOL.

You obviously don't know how to play the game.

Here's a lesson for you: You work different camps to get your package bumped up. If you're highly desired, it isn't difficult to do.