MBAs worth it?

LizzyRB

I've grown to really hate my job. While I am actively looking for a new gig I notice so many postings say an MBA is preferred. I am considering just getting mine but that's two years DH and I would push back TTC. I feel like trying to get my MBA after a baby would be 10x harder.

I have heard some people say MBAs are a must for business and others say they don't make that big of a difference, just give you a ton of debt. Has anyone else thought about doing something like this or maybe have gotten theirs and would or would not do it again? 

aglenn

I have my MBA.  For me it was worth it because I have a psychology degree from a liberal arts school and took not one single accounting or finance course in undergrad, so I felt like it gave me a much better background for understanding the functioning of the business world.  It was not "worth it" in the sense of a direct salary pay-off or anything like that, but I feel like it made sense for my particular situation.  I don't think having an MBA is all that impressive or a differentiator if you already have the education and experience that would be equivalent, though.

Twinkie0612

I think it really depends on your field and your company. Even in my company the importance of a masters degree varies. In my department, My boss has a PhD, I have a MBA, 4 people have a BA or BS, 1 person has an associates, and 2 people only have a highschool diploma. My MBA got me promoted more quickly (My job title is one level above the person with a BA that has the same job experience as me), but we have other people who have done well without a MBA. In another department in my company, they put a huge emphasis on having a masters degree (not necessarily and MBA). They pretty much don't hire anyone without one.

Eventhough it is not required in my position, I am happy that I have one. I may need it if I end up looking for another job.

sandrabrooke

I would consider other degrees/certifications that would meet your needs as well.  For me, I'm a CPA, and that's a better payoff than MBA or Accountancy grad school (at least for right now in my career).

It's a big investment, and something you definitely have to think about hard.    

pibsquared

I understand your concerns and I think Twinkie0612 has a good representation of how varied the demand is and it depends on where you are looking. Before just having a BA/BS made you stand out but now you need a Masters. There are some other options than full time masters. My husband took night classes for his MBA. That way if you have a kid your husband can take care of baby when you go to classes. It is a challenge but I have known several people who have done it and make it work. Usually at the night classes it is a lot more nontraditional students with full time jobs and most likely have families. Usually in the 2 year all day classes you have fresh from college classmates. There are also schools that have some of their courses online, you could go through an online or semi-online program. As sandrabrooke pointed out that there are other options like CPA which you can look into.

It sounds like you are in the 30+ range since 2 years make a difference, If you are not, I would not worry so much but if you are above 30, I understand the concerns they are ones I have myself. You hear stories that there are 42 year olds having babies but that is a very low percent because it is challenging. I wouldn't put baby making on hold but I might wait til after a couple months of schooling after you get a feel of the program. Some programs are supportive and some are not. A lot of schools also allow you to take a semester or a year off so that is also an option.

Looking back and looking at education. Debt is a big problem. I don't know if it is worth 60k a year to get an MBA. There are a lot more affordable programs that are 10k a year, that I can see worth it. There are some places in this country carrying "Harvard" or "MIT" is a big deal but there are a lot of places in this country which are happy with any place or the local universities. Personally I think there will be a big change in the education movement. They used to say 100k in debt is no problem because you are going to be a lawyer or doctor making tons of money but that is not the case anymore. But they also charge that much to get the instructors who have professional experience to teach the courses since they make more than that in their regular job. Oh well that is a rant. But babies and education are expensive, yet we are becoming a society that higher education level makes you stand out. I would investigate the different programs and the classes you would be taking and see if you are up for countless hours of studying and homework in the week. Just like babies, education is also a consumption of both time and social life.

LizzyRB

Yes I will be 30 in August so being 32 before we start TTC I guess wouldn't be the worst thing but it's later that I'd prefer, especially if we decide to have more than one and what if it doesn't happen right away? DH would be 34 at that point. 

The price of the MBA kills me too, I thought my B/S was $$!

silverandgray

sandrabrooke said:

I would consider other degrees/certifications that would meet your needs as well.  For me, I'm a CPA, and that's a better payoff than MBA or Accountancy grad school (at least for right now in my career).

It's a big investment, and something you definitely have to think about hard.    

I agree that an MBA, while certainly not a bad idea, is not the only option. Are the job postings you've been looking at all specifying "MBA," not just "graduate degree?" And are they the kind of job/in the field you can see yourself staying in for many years?

I took five years away from school and just worked after finishing my bachelor's degree, then finally started a grad program and completed my master's about a year ago (not an MBA). It honestly took me that long to figure out what kind of degree I was willing to invest that much time and money in, because it does require a big commitment. I would say ultimately it's been worth it because I work in a completely different field now and my salary has gone up - the difference between what I used to make and what I earn now will pay for my degree in less than three years. 

Just... think long and hard about what you study, because you don't want to put time and money into something that will leave you at a job you hate again in a few years. As far as TTC goes, I had several classmates with kids and one who even got pregnant and had her baby while we were in the program. I won't lie and say it was easy for them, but it is doable. 

CallMeShoes

It really depends on the company, and honestly, dumb luck.

My brother works for a very large, internationally recognized company in the Corporate Strategy department.  He has an MBA and a BA from an ivy league school.  The associates all have BA's from ivys and the management (which he is in) all have MBAs.  After 2 years, the associates are expected to go get an MBA from a top 20 school.  He does very well for himself, and his MBA paid off.  (Though I should add, my grandparents paid for his MBA.  He went into ZERO debt for it.)

Conversely, I have another friend who graduated from Boston University with me.  He's a smart kid, double majored in Economics and Finance, graduated magna, and still couldn't find a job after graduation.  So he went back and got an MBA from Notre Dame, still a top 20 MBA program.  Two years later, he STILL hasn't found a full time job, and instead works two different part time jobs as an analyst, making $20/hour.  For him, I would say the MBA has not helped much, but has only further contributed to his debt.

If it were me (and I've considered getting an MBA MANY times), I would only invest that kind of money if I knew for a fact that it would increase my earning potential significantly within 2 years.

Spskc12

I agree with you , I have a MBA and a Master's in project management and they cost me a lot of money. If I had a chance to redo it all I would seriously because I can't find a career in those fields. I say go for it if you believe it's beneficial to your family.

catwine

I agree that it depends on your job, or the potential jobs you want.  My SIL got her masters in something useless and now she is going back to university for another undergrad degree. Personally, I wouldn't go back to school since I hated it the first time, and, like others said, it's a lot of debt to have when starting a family.

katieandtrev

aglenn said:

I have my MBA.  For me it was worth it because I have a psychology degree from a liberal arts school and took not one single accounting or finance course in undergrad, so I felt like it gave me a much better background for understanding the functioning of the business world.  It was not "worth it" in the sense of a direct salary pay-off or anything like that, but I feel like it made sense for my particular situation.  I don't think having an MBA is all that impressive or a differentiator if you already have the education and experience that would be equivalent, though.

I'm in the same position as aglenn! Just finished my MBA last year and it took me 5 years. Maybe look into online classes?