Doing an MBA Program or Staying At My Job?

wsc187 · 04-12-2012, 05:03 PM

Right now, I've got a pretty decent full time job that pays mid five figures. I've been there for 2 years, and I graduated 3 years ago. I'm just getting a little bored where I'm at right now, and I was contemplating going back to school and getting my MBA.

I'm sure there's a bunch of other people on this forum with this same dilemma. Any advice or opinions on the matter? My main hesitation is that I won't be able to get THAT much better of a job once I come out with an MBA.

XaviFM · 04-12-2012, 08:50 PM

When doing your cost-benefit analysis, remember to add the full COA to your loss in wages and then see what the 21 months of full-time MBA study would boost to your salary trajectory.

To use University of Washington's Foster MBA as an example, the tuition and COA of the MBA is roughly $80,000 per year for the 2 years, so if your lost wages would be another $120,000 then you have to have an increase in pay in the future which would support the cost of $200,000 amortized.

overachiever91 · 04-13-2012, 07:10 PM

Actually is more ==> 2 x 80 000 to finish the MBA in 2 years (80 000 per year) + 120 000 of lost salaries = 280 000. (if he makes now 60 000 per year).
However, MBA is an investment in your long-term career growth. In other words, in 10 years you could be making millions. So I think its worth it.

nwcrazy · 04-13-2012, 08:39 PM

Don't leave your job. Perhaps you just need to network and transfer to a different position within your company? If you feel you need an MBA, think about a P/T program where you wouldn't have to leave your "pretty decent" job.

My 2 cents.

XaviFM · 04-14-2012, 02:30 AM

I apologise, $40,000 a year total COA for 2 years at Foster Business is $80,000 total.

wsc187 · 04-16-2012, 01:12 PM

That's a really good point about factoring in the loss of income. When I look at it like that, it really doesn't seem worth it. I mean, I do want an MBA - maybe that was a dream of sorts that's kind of irrelevant at this point - but I was thinking about it over the weekend and I've decided that it's just time to buckle up and try to look for a different opportunity where I'm at now.

Thanks so much for all of your help guys!