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post #1 of 63 (permalink) Old 01-07-2013, 01:23 PM Thread Starter
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MBA...worth it?

Was reading WSJ this morning and came across some shocking statistics.

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For MBA graduates with minimal experience—three years or less—median pay was $53,900 in 2012, down 4.6% from 2007-08, according to an analysis conducted for The Wall Street Journal by PayScale.com. Pay fell at 62% of the 186 schools examined.
http://online.wsj.com/article/SB1000...=ITP_pageone_0

Being in IT/Business, my pay scale is different. But the logical step for me to take is to go for an MBA as a long term strategy.

Sometimes I wonder if it is worth it to spend the 75-100k for the degree.

This is sad for all the young people looking for an higher education.

You better be nice to America or we will bring democracy to your country.

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post #2 of 63 (permalink) Old 01-07-2013, 01:29 PM
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post #3 of 63 (permalink) Old 01-07-2013, 01:32 PM
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Quote:
Originally Posted by Gone In 3 View Post
Was reading WSJ this morning and came across some shocking statistics.



http://online.wsj.com/article/SB1000...=ITP_pageone_0

Being in IT/Business, my pay scale is different. But the logical step for me to take is to go for an MBA as a long term strategy.

Sometimes I wonder if it is worth it to spend the 75-100k for the degree.

This is sad for all the young people looking for an higher education.
If you're currently working.....have your company pay for the degree. It will cost you something, but probably worth it in the long term. I'm not sure an MBA is as financially worth it as it once was, but when looking for a new job a higher degree is always beneficial.

Edit:// And depending on which school you go to, how you take classes etc, I doubt it will cost more than $45K
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post #4 of 63 (permalink) Old 01-07-2013, 01:52 PM
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I would look to see what kind of financial support your company can give. That’s the biggest reason I’m working on mine right now (finish in 7 weeks!!). From what I’ve been hearing, an MBA in today’s world is about the equivalent of a college degree 5-10 years ago – almost becoming needed to move up in a company. The statistics you posted are probably correct, over educated and under experienced people are having a tough time getting a job and making the big monies like they may have a while back but in the long run, it will definitely help out. My sister has been looking for a job since graduating in may and she got her MBA directly following her undergrad (both in marketing) and just over Christimas has landed a paid internship. Sticking around for an MBA right out of school is becoming the trend, but experience is still what gets you the money.

The other think to keep in mind is how specific is your undergrad. My undergrad was in mechanical engineering so about 95% of my courses were engineering based – meaning I didn’t see much outside of the engineering buildings and my business knowledge was minimal at best. By getting the MBA, it rounds out your education and background if you undergrad degree didn’t afford you that opportunity. Before I could design products, now I can market them, provide a sales strategy, understand market research, account for the financials, and write a business plan around said products. Opening your abilities up to things outside of your immediate responsibilities not only makes you a bigger asset for a company, but you will know for yourself how your company works and make more informed decisions about your career moving forward.

Overall, I would say it’s worth it if you can have someone pay for it. It might even be worth looking for a company that will pay for it as it could save you up to a year’s salary worth of debt.

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post #5 of 63 (permalink) Old 01-07-2013, 01:57 PM
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I would look to see what kind of financial support your company can give. That’s the biggest reason I’m working on mine right now (finish in 7 weeks!!). From what I’ve been hearing, an MBA in today’s world is about the equivalent of a college degree 5-10 years ago – almost becoming needed to move up in a company. The statistics you posted are probably correct, over educated and under experienced people are having a tough time getting a job and making the big monies like they may have a while back but in the long run, it will definitely help out. My sister has been looking for a job since graduating in may and she got her MBA directly following her undergrad (both in marketing) and just over Christimas has landed a paid internship. Sticking around for an MBA right out of school is becoming the trend, but experience is still what gets you the money.

The other think to keep in mind is how specific is your undergrad. My undergrad was in mechanical engineering so about 95% of my courses were engineering based – meaning I didn’t see much outside of the engineering buildings and my business knowledge was minimal at best. By getting the MBA, it rounds out your education and background if you undergrad degree didn’t afford you that opportunity. Before I could design products, now I can market them, provide a sales strategy, understand market research, account for the financials, and write a business plan around said products. Opening your abilities up to things outside of your immediate responsibilities not only makes you a bigger asset for a company, but you will know for yourself how your company works and make more informed decisions about your career moving forward.

Overall, I would say it’s worth it if you can have someone pay for it. It might even be worth looking for a company that will pay for it as it could save you up to a year’s salary worth of debt.
It's a good thing I delayed writing a post, because this is pretty much exactly what I was going to say.

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post #6 of 63 (permalink) Old 01-07-2013, 02:41 PM

 
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IMO, yes, an MBA is worth it. That's coming from a guy that has an MBA.

Here's the thing, as you pointed out...experience. I worked 2 jobs at 16 until I turned 18, then went full time literally the day of my birthday. Went to college, played college hockey, CONTINUED to work full-time (yeah, people ask me how I did it...it's easy, when you don't watch TV and you're not lazy).

Anyway, even at a young age, I had management experience, plus a lot of real world experience since I had been working since 16. Thus, my MBA is an addition an asset to that.

However, I did my MBA with a kid I also played college hockey with. His parents were wealthy and he never worked.

He joked about 6 months after we graduated, that he couldn't even get a job at Enterprise Rental Car. Yeah...well, when you have no experience, nobody really wants to hire you + they won't pay you for what you're not worth. A degree is an asset, as I said, but only when it's tied with experience.

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post #7 of 63 (permalink) Old 01-07-2013, 02:42 PM

 
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Just read Muddy's comments. He's right on. We share the same thoughts on this.

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post #8 of 63 (permalink) Old 01-07-2013, 03:02 PM Thread Starter
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Somehow I feel that the median pay of $53,900 includes grads who are unemployed/underemployed.

There's no way it could be that low.

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post #9 of 63 (permalink) Old 01-07-2013, 03:09 PM
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Somehow I feel that the median pay of $53,900 includes grads who are unemployed/underemployed.

There's no way it could be that low.
I'm guessing it also takes into the saturation of 'MBA' schools out now.

A MBA from a reputable school will/should net more money than the 'Get your MBA in 3.7 days by simply attending 3 class shit."

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post #10 of 63 (permalink) Old 01-07-2013, 03:16 PM
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Here's the unspoken part about MBAs: the networking.

Getting you in front of fellow classmates and sharing the pain/trials with them makes for some valuable allies in the workplace. Everyone wants to hire those that they know (or 'know' because of same school affiliation) and this can't be underestimated for impact in career.

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post #11 of 63 (permalink) Old 01-07-2013, 04:10 PM
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post #12 of 63 (permalink) Old 01-07-2013, 04:23 PM
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post #13 of 63 (permalink) Old 01-07-2013, 04:48 PM
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post #14 of 63 (permalink) Old 01-07-2013, 04:53 PM Thread Starter
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It is about who you know nowadays
Net Income = What you know ^ Who you know

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post #15 of 63 (permalink) Old 01-07-2013, 10:18 PM
 
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Starting pay is a lot different than middle career pay. At the Fed, having a graduate degree only gets you ~$52k in Chicago, but that is usually a ladder up to $75k in two years, or $90k in three depending on what field you go into. However, the only difference between having an MBA or just an undergrad is the MBA starts higher. Both usually end up at the same full pay. I have no incentive to get an MBA because of this.

I'll add that most of the MBAs I know are far worse than the non-MBAs as far as productivity go, though. I suppose the fed tends to get better undergrads, but worse graduate degree workers, so take my perspective with a grain of salt.

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post #16 of 63 (permalink) Old 01-07-2013, 11:19 PM
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You cannot put a price on knowledge and education.

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post #17 of 63 (permalink) Old 01-07-2013, 11:19 PM
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Skip the MBA and start a motorcycle shop....that's where all the money is

100K the first year....those sportbike riders love paying retail for products and never price shop the internet to save $2.

That's the move you need to take.....Ken...back me up here...you're the only baller still in Chicago making all the money...share a little of that will ya

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post #18 of 63 (permalink) Old 01-08-2013, 09:14 AM
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If your undergrad degree is in Engineering, then the MBA will certainly open doors and lead to increased pay in the future.

People who think logically and understand finance/time value of money are in demand.

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post #19 of 63 (permalink) Old 01-08-2013, 09:25 AM Thread Starter
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If your undergrad degree is in Engineering, then the MBA will certainly open doors and lead to increased pay in the future.

People who think logically and understand finance/time value of money are in demand.
I did my undergrad in Finance.

You better be nice to America or we will bring democracy to your country.
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post #20 of 63 (permalink) Old 01-08-2013, 09:29 AM
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Skip the MBA and start a motorcycle shop....that's where all the money is

100K the first year....those sportbike riders love paying retail for products and never price shop the internet to save $2.

That's the move you need to take.....Ken...back me up here...you're the only baller still in Chicago making all the money...share a little of that will ya

Dude it's crazy now. I am told by my suppliers that I do quite a bit of business compared to most of the others, yet I can barely pay my bills. I have no idea how others are staying in business. This needs to change soon, or I'm gonna either work in healthcare or government. Need more money, just raise prices!

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post #21 of 63 (permalink) Old 01-08-2013, 09:47 AM
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I did my undergrad in Finance.
Then get a Masters in Engineering?

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post #22 of 63 (permalink) Old 01-08-2013, 10:15 AM Thread Starter
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Then get a Masters in Engineering?
By the logic of NOT gate?

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post #23 of 63 (permalink) Old 01-08-2013, 11:31 AM
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I'm an MBA and it's served me well in my career.

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post #24 of 63 (permalink) Old 01-08-2013, 04:51 PM
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Lots of good info in here. The networking opportunities are great. Just think long and hard about the ROI you can get from in. Everybody would love to go to northwestern or Booth, but not everyone is going to land a job that will cover the 100k In loans you'll walk away with. My roommate started at booth a year ago getting 100 percent tuition covered by his company. Couple of months ago they pulled out the rug from under him and the rest of tuition will be on him. Hell finish with 80k in loans, and before this all started his dream was to work for a non profit. That won't happen now.
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post #25 of 63 (permalink) Old 01-08-2013, 04:57 PM Thread Starter
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Lots of good info in here. The networking opportunities are great. Just think long and hard about the ROI you can get from in. Everybody would love to go to northwestern or Booth, but not everyone is going to land a job that will cover the 100k In loans you'll walk away with. My roommate started at booth a year ago getting 100 percent tuition covered by his company. Couple of months ago they pulled out the rug from under him and the rest of tuition will be on him. Hell finish with 80k in loans, and before this all started his dream was to work for a non profit. That won't happen now.
100%? What company is that??

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post #26 of 63 (permalink) Old 01-08-2013, 04:58 PM
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Another aspect to consider is the timing of it all. I'm still pretty early in my professional career, an MBA isn't neccessary for me to make my next step. But it will be in the future, and who knows if ill have the time then. Even at DePaul, the time commitment on top of working full time gets really tough to manage sometimes, but I'm in a good position because I've got nothing else to worry about. No kids or wife. I can get this done now instead of the future when my time is divided even further.
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post #27 of 63 (permalink) Old 01-08-2013, 05:00 PM
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100%? What company is that??
Us Cellular. His tuition reimbursement probably had a big part
n their decision to change their policy, something like 11k a trimester.

My other buddy is at booth too, with 100 percent tuition reimbursement, he works for Private Bank.
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post #28 of 63 (permalink) Old 01-08-2013, 05:04 PM
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Us Cellular. His tuition reimbursement probably had a big part
n their decision to change their policy, something like 11k a trimester.

My other buddy is at booth too, with 100 percent tuition reimbursement, he works for Private Bank.
Buddy of mine went to Booth with 100% reimbursement... and was told it definitely affected his future raises at the company, which to me is pretty understandable when you get a $100k education for free. Not sure how long he is required to stay though.

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post #29 of 63 (permalink) Old 01-08-2013, 05:06 PM
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100%? What company is that??
Be careful about the 100% reimbursement. Dont get me wrong, it is great, but the IRS caps the reimbursement amount for it to be tax free. if the reimbursement amount exceeds that, the company is free to do so, but it will end up costing the company or you if not both some tax money. IMO it is still worth it to the employee, but one needs to be aware of the tax consequences.

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post #30 of 63 (permalink) Old 01-08-2013, 05:17 PM
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Be careful about the 100% reimbursement. Dont get me wrong, it is great, but the IRS caps the reimbursement amount for it to be tax free. if the reimbursement amount exceeds that, the company is free to do so, but it will end up costing the company or you if not both some tax money. IMO it is still worth it to the employee, but one needs to be aware of the tax consequences.
The friend I mentioned at the bank swears up and down he doesnt have to pay the taxes on it. He gets pretty vague about why, so I'm waiting for the day that the IRS comes and gets him.
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