Shrinking Market for MBAs

[nlroma1o]

For Lazio, eh?

AS Roma for sure. I'll be happy to send him to play just about anywhere in Europe.

 

[irishfan]

Beginning application process now to get MBA starting Fall 2018.

My GMAT score should get me in somewhere ranked 10-25, but we'll see. Definitely not trying to go to an average program and rack up debt. I have a buddy who is starting up at a program ranked mid 40s most places, and he got nearly a full ride. Haven't finished list of schools I'm applying to yet, but I'm jealous of his scholarship situation.

 

[wizards8507]

Beginning application process now to get MBA starting Fall 2018.

My GMAT score should get me in somewhere ranked 10-25, but we'll see. Definitely not trying to go to an average program and rack up debt. I have a buddy who is starting up at a program ranked mid 40s most places, and he got nearly a full ride. Haven't finished list of schools I'm applying to yet, but I'm jealous of his scholarship situation.

I always feel a twinge of jealousy when I read things like this. I did pretty well on the GMAT (710) but never even considered a top or quasi-top program. No ragrets and all of that, it was 100% the right decision for me to go the online route with 1) opportunity cost of lost salary, 2) employer reimbursement, 3) zero desire to go into high-salary fields, and 4) a wife and child, but sometimes I get bummed that my MBA isn't anywhere near as shiny as my undergraduate degree.

 

[RallySonsOfND]

So what would y'all consider cheap or expensive for a program?

I think a lot has to do with if you are footing the bill yourself or getting help from an employer or parents.

My company does $8000 per calendar year, and thankfully my 24 month program runs through 3 different years, and adds up to basically half the program I'm in.

My thoughts were 24k in debt for a top 100 program made sense.

 

[wizards8507]

So what would y'all consider cheap or expensive for a program?

I think a lot has to do with if you are footing the bill yourself or getting help from an employer or parents.

My company does $8000 per calendar year, and thankfully my 24 month program runs through 3 different years, and adds up to basically half the program I'm in.

My thoughts were 24k in debt for a top 100 program made sense.

Top 100 is as low as I'd go even if it were 100% free (not judging, my program is ranked in the 80s). I pay $875 per credit and get reimbursed for $700, so the full program will cost me about $6,000 OOP.

 

[RallySonsOfND]

Top 100 is as low as I'd go even if it were 100% free (not judging, my program is ranked in the 80s). I pay $875 per credit and get reimbursed for $700, so the full program will cost me about $6,000 OOP.

Definitely makes a difference if you are looking to change careers or fields versus staying with your current company like I am.

 

[MNIrishman]

Beginning application process now to get MBA starting Fall 2018.

My GMAT score should get me in somewhere ranked 10-25, but we'll see. Definitely not trying to go to an average program and rack up debt. I have a buddy who is starting up at a program ranked mid 40s most places, and he got nearly a full ride. Haven't finished list of schools I'm applying to yet, but I'm jealous of his scholarship situation.

Find a part-time (Booth, Ross, Kellogg) and work while you go. It's almost always better. Take the GRE instead of the GMAT---the test is cheaper and accepted everywhere. The study materials are also cheaper and the questions don't try to be as tricky.

 

[irishog77]

In all honesty, I think your choice of B School matters most early on. I think as you progress and age in your career, it matters less. Being a 28 year old with an MBA from Wharton or Kellog is fantastic. But if somebody is 44 with an MBA from a regional or unspectacular school, but you've got years of producing or have a great portfolio under your belt, employers care less.

The field you work in matters a lot too. Obviously if you want to go into finance or work on Wall Street, that Wharton degree matters a lot. If you're doing sales, management, or recruiting in some place like Chattanooga, TN, it matters a whole helluva lot less.

Another thing to consider is if your field requires continuing education. My dad was in commercial insurance for years. He never went to B school, but through his industry certifications and seminars, plus his comapnies' continuing ed programs, he essentially had an MBA. He never had one technically, but any potential manager/hirer he talked to later in his career didn't care because they knew the hours he put in in addition to his sales and management background.

All possible things to consider, I reckon.

 

[Emcee77]

I always feel a twinge of jealousy when I read things like this. I did pretty well on the GMAT (710) but never even considered a top or quasi-top program. No ragrets and all of that, it was 100% the right decision for me to go the online route with 1) opportunity cost of lost salary, 2) employer reimbursement, 3) zero desire to go into high-salary fields, and 4) a wife and child, but sometimes I get bummed that my MBA isn't anywhere near as shiny as my undergraduate degree.

I totally get this and feel the same way sometimes about my law school degree. I got a full scholarship to law school, and based on that and several personal reasons, including my own career goals, which do not include working at an elite firm and making the lifestyle compromises that come with such jobs, it was 100% the right decision for me to take that scholarship money and go to a law school ranked in the 70s or 80s rather than a more nationally-known one, but still, there is something about the instant credibility that comes with a "shiny" degree that I dislike not having.

That should probably not change anyone's cost-benefit analysis; it's a small, almost insignificant thing, especially considering that, as hoggie and others pointed out, after you get the first job out of school, you are more likely to be judged on your record and experience than on where you went to school. But still, it's something that a lot of us bargain-professional-education folks don't articulate so we can be as smug as possible about our choices (lol), so I tip my hat to wiz for mentioning it.

 

[RDU Irish]

Saw this on LinkedIn and found it interesting. I'll try to post a few more links soon. Basically several schools are closing their MBA programs due to declining enrollment and a lack of added value in the job market.

One of the schools of thought is that an MBA's only real value is the networking and that value is diminished if you go to a regional program and not a top program like Wharton or Booth.

I definitely agree with that sentiment, but I think being saddled with more student loan debt is a major breaking point for young professionals who don't see a sufficient ROI in sight.

https://www.wsj.com/articles/university-of-iowas-tippie-college-to-end-full-time-m-b-a-program-1503440964

You mean Booth or some close to the top school.

 

[Rack Em]

You mean Booth or some close to the top school.

What do you have against Wharton?

 

[ACamp1900]

Separately, don't ever put "MBA" after your name. It's embarrassing. Unless you're a doctor, the only thing that should go after your name are professional credentials (CPA, Esq., RN, etc.)

I hate having to put my alphabet soup on everything... my current employer demands it though. I've been caught a couple times just putting my name on stuff, the powers that be were not happy... smh

 

[zelezo vlk]

I hate having to put my alphabet soup on everything... my current employer demands it though. I've been caught a couple times just putting my name on stuff, the powers that be were not happy... smh

ACamp TTL YFH US

Tri Tip Lover
Yellow Fever Haver
Unrepentant Scotsman

 

[koonja]

I hate having to put my alphabet soup on everything... my current employer demands it though. I've been caught a couple times just putting my name on stuff, the powers that be were not happy... smh

Is that because you email externally to clients/customers? I wonder why they'd demand you put "MBA" or whatever you are in your sig if it's all internal.

 

[ACamp1900]

Is that because you email externally to clients/customers? I wonder why they'd demand you put "MBA" or whatever you are in your sig if it's all internal.

They want everyone's alphabet soup on everything... it's academia and I think our Dean is just special.

 

[RDU Irish]

Find a part-time (Booth, Ross, Kellogg) and work while you go. It's almost always better. Take the GRE instead of the GMAT---the test is cheaper and accepted everywhere. The study materials are also cheaper and the questions don't try to be as tricky.

Part time programs are the way to go IMO. Better contacts and better classroom interactions with fully employed people versus a bunch of full timers who are really full time looking for internships and jobs. I know the full timers would opt for weekend sessions of the same classes to try and make contacts. Pick them out a mile away dressed to the nines and wagging their tail while everyone else was super casual focused on getting shit done.

Opportunity cost goes way down and lots of employers will have tuition reimbursement which will help cover costs. Even if you are flying in - compare that cost to not working and it isn't even close. Not everyone wants to lick your boss's boots to get ahead eventually - use it to leap to a better opportunity rather than bounce around for marginal gains.

Career changers are good question though - I can see the full time MBA program using full career services access to make that change to a completely different industry. I just believe you can probably accomplish the same thing part time without giving up the steady paycheck.

 

[ACamp1900]

ACamp TTL YFH US OtHMW

Tri Tip Lover
Yellow Fever Haver
Unrepentant Scotsman
Over the Hill Man Whore

fixed for accuracy

 

[RDU Irish]

What do you have against Wharton?

I guess if you can't get into Booth it is OK.

 

[GowerND11]

Top 100 is as low as I'd go even if it were 100% free (not judging, my program is ranked in the 80s). I pay $875 per credit and get reimbursed for $700, so the full program will cost me about $6,000 OOP.

Not a slight on you in any way...

As someone struggling with student loan debt, I'm very glad that my employer will pay for up to 12 credits a year full cost. Definitely helping me with my Masters.