MBA - Worth it?

[PrincessPeach]

Hello, Buckeye Planet. Long time, no see...

I've been wrestling with the question of whether or not it's worth it to get an MBA. Someone wisely suggested that I do what any of us should do when looking for information and opinions on just about anything - Ask BP.

Basically, I'd need to take out a student loan if I pursue this, so I'm trying to weigh the pros and cons and determine the likelihood of it being worthwhile. I know that depends on my particular situation and goals, and clearly there are no guarantees, but I'm just trying to collect feedback from as many people as possible about their experiences. So, whether you have an MBA or not, what are your thoughts?

Is a full-time MBA program better than a part-time one? What about online?

Is it necessary to attend a top business school? Should I consider top 25 or forget it? Assuming we just look at Columbus, is Fisher the only relevant program, or is there value to a Franklin or Capital MBA?

Anyone have any admissions insight into the most important factors? What weighs most heavily - GPA, GMAT, work experience, other activities, recommendations, or essays?

Any other thoughts?

Thanks!

 

[NJ-Buckeye]

My MBA was the most fun I ever had in a learning environment... Basically it's a lot of case studies... you / your team break down a company problem and figure out what the fix is...

I had some great teams and some horrible teams. I was lucky enough that a couple of my teams had CEOs of major corps in there... They went after MBAs because they wanted to know what all the fuss was about... Doesn't get any better than to get the input of brilliant leaders first hand... and then there were the coke heads who never did a damn thing and never had their stuff done... so net net... not sure about the online version because what made my MBA special was the folks I interfaced with... many were brilliant... and IMO night school would be better because then you get the experienced peers vs the straight from bachelors textbook learned only...

In my mind, the MBA never made me any smarter but what it did do was teach me how to break down a problem and get to the resolutions pretty damn fast.. It's a lot of work and a lot of time.. so unless you're ready to make a lot of time sacrifices don't go there.. cuz half an MBA is worthless... in fact could hurt you...

Wish I could give you an opinion on going to the best of the best schools but I didn't go to one of the best... and have worked with many folks that did... sure didn't impress me... outstanding folks and leaders are more a function of the person rather than the schooling... but that being said, there are sure times I would like to have experienced learning from the best on the planet...

Is there an ROI? dunno.. in my case there was.. because I was a major problem solver for a major corp... so my leap to the echelon was a function of my performance and my performance was a function that I could 'figure it out' and improve it... the MBA taught me methodologies to do this

I loved it

 

[calibuck]

You have to figure out the cost of tuition, lodging, food, etc (don't forget books and beer), PLUS the cost of foregone income if you go full time. If you've got wife and kids, part time is the only way to go (unless you've got a big trust fund). That will help you determine the number of years to payback, assuming you get a higher salary out of grad school.

In the days of Hagerty High (old MBA at OSU), it was fun, and did instill in me an ability to think in a certain way, as well as being able to learn much different disciplines, which you have to in the 'real world' in order to formulate a recommendation to top management, or later in your career, to be able to consider a recommendation that may not have considered all the disciplines needed for a solution to a problem. For me, it was worth it.

Get into the best MBA school you can if you want a job in a large metro area. If you're staying around C'bus, then you still need a top flight MBA. OSU MBA's are a dime a dozen in C'bus, but you'll get hired quicker with a Wharton MBA (you'd be unique). I was turned down for several jobs, as they were 'elite' MBA programs ("Oh, we're done, I thought you might have been one of the few to escape teh Stanford/Harvard net"). Yep, that happened. It's worth the extra money (I was in SF at the time), and I considered getting another MBA from Stanford to go with my OSU one.

Anything about MBA's you might want to know, you can pm me.

 

[MaxBuck]

When you talk

MBA from Franklin
MBA from tOSU Fisher School
MBA from Wharton, Tuck or Northwestern

you're talking three completely different things. They're as different as an MD is different from a "Doctor" of Chiropractic.

 

[Fungo Squiggly]

Watch out for the glass ceiling.

 

[DaytonBuck]

I'll dive in here with a question. If I'm paying out of pocket for an MBA at a school the caliber of Otterbein, Capital, Franklin, Wright State, etc part time and am looking to get out of sales and into another area of business am I wasting my money.

 

[PrincessPeach]

When you talk

MBA from Franklin
MBA from tOSU Fisher School
MBA from Wharton, Tuck or Northwestern

you're talking three completely different things. They're as different as an MD is different from a "Doctor" of Chiropractic.

Agreed. So, at what point is it worth it?
I think I really see 5 levels:

1. Franklin, Capital, Otterbein, etc.
2. Part-time Fisher
3. Full-time Fisher
4. Part-time Northwestern Kellogg or Chicago Booth (Wharton & Tuck do not offer part time programs.
5. Full-time at a one of the top 10 schools.

I'm certain that #1 would be a waste of time and money, and I'm equally certain that #5 would be worthwhile.

Of course, I'm realistically only able to consider options #2 and #4. Barring an unforseen windfall, I'm going to have to continue to work, so full-time programs are, unfortunately, out of the question.

What concerns me now is whether there is a difference in perception between full-time and part-time programs. Fisher maintains that the diploma is identical and that there's no stigma to a part-time program. But a glance a their class profiles shows that it's tougher to get into the full-time program. To me, that lessens the value of the degree. I can only assume recruiters and employers know that. Does it matter?

Kellogg, on the other hand, has the same admissions criteria for both, and I think the part-time program would be worth nearly as much as the full-time program. The sticking point for me there is that in order to apply for the part-time program, you must already been employed full-time in the Chicago area. I'm not opposed to that, but even if I found a suitable job, I'd hate to pack up and move there before I know whether I'll be accepted at Kellogg. And, of course, Kellogg would be a lot more expensive than Fisher.

Anyway, thanks for the feedback!

 

[PlanetFrnd]

IMHO MBAs are valuable in two situations - 1) if you're looking to change career fields (but remaining, at a high level, in a 'business' field) and 2) if you're career track requires it.

For example, I'm in finance and you absolutely do not need an MBA to progress, but certain firms require them to cross from junior to partner (or equivalent title/economics) track. But I started in a banking analyst program and have moved from there. Many others with different backgrounds could not have moved into the industry without their MBAs. If, however, I was at a firm like KKR (for example) or even in the capital partners group at my old firm, the junior programs (analyst/associate) have a natural endpoint at which you would need an MBA to move up.

As far as choosing schools, the top national programs are obviously great. I would venture that Fisher is well-respected and great for the purpose of finding a job locally, as many MBA programs just outside of that top-tier are. USC/UCLA are great at placing people in the LA area though they are not thought of in the same respect as, say, a Wharton.

 

[NJ-Buckeye]

If you were my daughter... I'd suggest #2 (Fisher part time).. just don't see ANY downside to that choice

There are but a few firms that 'insist' on pedigree MBAs... a number of them on the East Coast... but in the Midwest... I venture that virtually all firms located there would view Fisher MBA as good as any...

I still don't discount the entries on choice #1... I personally have a number of friends who got their law degrees from Capital... and are doing VERY well in town...

Amusing sidebar.. J&J is one that 'prefers' pedigree MBA... but the previous CEO was none other than an Akron Zip grad

 

[Gatorubet]

I don't know if I would give up a job in this market - so I guess part time. I expect lots of kids will go on to grad school rather than unemployment, so I wonder if there will be a bang for your buck greater than putting that extra effort into your work at your job.

 

[Buckeyeskickbuttocks]

Beer wench.

 

[THEWOOD]

if you get into booth, i think it would be worth every sacrifice...its a top 10 MBA program

 

[fourteenandoh]

if you get into booth, i think it would be worth every sacrifice...its a top 10 MBA program

i didn't even know it was called booth. i still thought it was gleacher.

 

[PrincessPeach]

Thanks for the thoughts, everyone.

I don't know if I would give up a job in this market - so I guess part time. I expect lots of kids will go on to grad school rather than unemployment, so I wonder if there will be a bang for your buck greater than putting that extra effort into your work at your job.

Here's the tricky part - I have a job now, but it's very possible I won't by the end of the year due to a recent acquisition. So I'm already looking anyway. No reason not to expand the job search to other cities, though I'm hesitant to move without the whole plan in place...

[quote='BusNative;179241;6]IMHO MBAs are valuable in two situations - 1) if you're looking to change career fields (but remaining, at a high level, in a 'business' field) and 2) if you're career track requires it.
[/quote]I am looking to change my career focus, or at least accelerate progress, and I do think the credibility of an MBA would help. (I have a rather useless BA in Humanities.) I work in marketing now, but I'd rather dig more into strategy and get a finance background instead of just marketing.

If you were my daughter... I'd suggest #2 (Fisher part time).. just don't see ANY downside to that choice

There are but a few firms that 'insist' on pedigree MBAs... a number of them on the East Coast... but in the Midwest... I venture that virtually all firms located there would view Fisher MBA as good as any...

I still don't discount the entries on choice #1... I personally have a number of friends who got their law degrees from Capital... and are doing VERY well in town...

I'll dive in here with a question. If I'm paying out of pocket for an MBA at a school the caliber of Otterbein, Capital, Franklin, Wright State, etc part time and am looking to get out of sales and into another area of business am I wasting my money.

Dayton - I think NJ answered that above - do you want to stay in Columbus? If so, any of those would probably be fine. I know a few people in town who are very successful with their Franklin MBAs. I'm not sure I want to stay in Columbus, though, so I don't believe Franklin would be worth it for me. If I'm going to make the sacrifices of time and money, I don't want a limited degree, but that's not to say it's not right for you. Fisher is at least fully accredited and ranked in the top 25. Sounds like that should be good enough for most employers, which is what I wanted to know.

Thanks again for all of the input. I had been thinking primarily about the Fisher part-time program, and many of the comments here have validated that. I probably will apply to some others just to keep my options open, though. Wood may be right - a top 10 program may be worth more sacrifice, but I'll debate that if and when I am accepted...

Watch out for the glass ceiling.

Eff off. You're just mad that I almost did terrible harm to the patio table you love so dearly.

Beer wench.

I'm already a master beer wench, thanks. Harr...

 

[Merih]

Just kicking this thread up as I'm prepping for my GMAT in the coming months. My question is more part time vs full time? Which would suit someone who is looking to go into consulting from engineering? Part time would require me to stay local to keep my current job (meaning most likely OSU Fisher College of Business). Full time and I'd likely try to spread my wings and go to a top 20 program elsewhere.

Thoughts?