Is an MBA worth it?

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Is an MBA worth it?

30 posts from 17 voices

Started 4 months ago by misanthrope87
Latest reply from bobkorz

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misanthrope87

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Since I love torturing myself, I've been thinking about pursuing an MBA in a top 20 school. But then...I saw the prices. The 2 top 20 schools nearby cost 100k for the entire program. I find this to be completely ridiculous. It's not as if I'm going to be guaranteed a high paying job. I'm not gonna be a pharmacist or doctor making few hundred thousand in a year...Even if my employer were to reimburse a portion of my schooling, it just doesn't seem feasible. I could go to one of the local cal states which are much more affordable, but that seems like downgrading in comparison to the school I went to for an undergraduate degree. Any thoughts?

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Posted 4 months ago #
akb9874

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I plan on getting my MBA at a high ranked school. I may be moving for work to Chicago and they have a great MBA program. I think that if you have a goal of being an executive or something, an MBA with a CPA proves you are dedicated and have the ability to do other things than just crunch numbers. I also think that getting an MBA from a higher ranked school has a certain umph to it. I view it a lot like the CPA. Ya most of what you learn in the CPA will never be used or if it is you have the ability to look it up. Almost anyone can get an MBA from a not so great college but it takes a unique person to get it at a ranked school. Just my 2cents :)

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BEC - passed
AUD - passed
REG - passed
FAR - ???

Posted 4 months ago #
Yvonne570

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An MBA is nice, if you want to move up or are with a company willing to allow you to promote. If not, then you may need to look elsewhere for a job. I was told by my boss that I will need to look for another job in order to move up even if I exceed expectations and am looked to for problem solving and advance decision items. Another guy at the company recently got his MBA and was approached by his friend a director and was congratulated. The director offered to help him advance.

It all depends where you want to go in your career. Keep an open mind; however, that this is not an immediate ticket to advancement. In my case, a little more effort may pay off.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

Posted 4 months ago #
Minimorty

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So many people with MBAs from top schools are unemployed or underemployed right now. You are better off using the time getting a professional designation and working your way up the chain in a private company. Experience and professional designations almost always trump academic degrees.

Posted 4 months ago #
atelery

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I agree with @Mini,

Experience is VERY important, I am not saying that getting an MBA in a high ranked school is not important, but I personally would not do that if I don't get any scholarships to help paying for my tuition.

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Posted 4 months ago #
atelery

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I meant scholarships from the school that you are applying for. But good luck with whatever decision that you are going to make :)

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don't give up, this exam is not easy.

Posted 4 months ago #
misanthrope87

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@Atlery

I don't think there are scholarships and such for people who are going part time. But I agree with you. I really don't think I'll be going for it unless a large portion was reimbursed by an employer.

@minimority

Very true.

@AKb9874

All those things you said are true, but the hard part is getting the funds for it. I wouldn't feel comfortable at all going 100k into debt knowing there wasn't a more likely than not chance of being really really successful.

B 87
A 90
R 86
F

Posted 4 months ago #
Yvonne570

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Have to admit, an MBA is a nice investment as long as you do not accumulate student loan debt. LOL.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

Posted 4 months ago #
mla1169

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I backed into all of this. Got my BS in accounting (accumulated debt), then went for my MS in accounting (add more debt) THEN decided to go the CPA route.

Now I am starting to teach one class to pay said student loan debt, and am leaning toward a total career change to teaching, which I never could have done without the masters. Funny how that worked out.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

If I can do this, YOU can do this! Hang in there :)

Posted 4 months ago #
laughingman

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Well to be honest an MBA in a really good school is the way to go if you plan on being a partner at a firm or a CFO at a large CORP. otherwise those professional designations or job experience would be what I would do. A MBA from a state school isn't anything to sneeze at either btw. But 100k in debt you are really going for broke that way.

Reg: 84
Aud: 84
Far: 71
Bec: TBD

Posted 4 months ago #
bobkorz

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If you have decided on an MBA, then the next decision is which school?

Either go Ivy League or cheap.

If you can get an Ivy League degree, you'll have connections. Imagine Mr. Facebook coming by Harvard B school looking for you in person.

If you can't swing an Ivy League school, then go for the cheapest school. If you have a MSA or any graduate credit, ask if they will transfer credits.

Avoid student loans if you can, get graduate assistant ships if you're doing full time. I was a TA in a computer lab for my MBA, and it saved me lots of money.

√ FAR - 81 10/2011 √ AUD - 84 11/2011 √ BEC - 89 01/2012 √ REG - 82 02/2012
√ ethics - 90 10/2011 √ CPA Certificate √ CPA License certificate
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Posted 4 months ago #
Yvonne570

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So the only reason is to stay away from student loans - they will ruin your life. LOL. Otherwise, go for it.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

Posted 4 months ago #
FrenchToast

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I'd like to preface my response by stating that I am not the most knowledgeable person on the subject. That being the case, the GMAT and an MBA are hopefully somewhere in my (relatively) near future. In speaking with former professors, colleagues, friends, internet forums, and family, the better the program you attend, the better your career prospects. Sounds like common sense, right? More so than nearly any other field, your future success will be tied to the quality/rank of the business school you receive your MBA from. Think about it -- teachers, nurses, doctors, and other such professionals will have strong career prospects regardless of what school they attend for their masters. Business professionals are not so fortunate. The big take away is that the best program to attend is the best program you can get into. Frankly, if I can't get into a top 10 program, I may never actually get my MBA. The cost/benefit of a non-top 10 MBA program simply wouldn't make sense to me, unless my employer was paying for it and strongly encouraged it.

Posted 4 months ago #
spineshank77

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I graduated from a top 30 MBA program and let me give you my honest opinion. If you are going to be working in public accounting then better not waste your time or money, if however you do plan on working in industry then I would highly recommend it. I am learning the hard way now, I work for the big 4 and I have colleagues that graduated from some unknow universities and get paid as much as I do ( I forked our $80,000 for my 2 year MBA program)
dont forget studying for another beast called the GMAT. Only you can make this decision, weight the costs vs benefits and see if it makes financial sense

FAR: 66 ( Ughhh Becker)!!, 01.27.12
REG: 66 (Becker), 64 ( Yaeger)
AUD: 66 (Becker), 75 ( Yaeger, Becker final review, ninja notes)
BEC: 68 ( Becker), 77 ( Yaeger, Becker final review)

I would rather score four 75's than three 99's and a 74

Posted 4 months ago #
misanthrope87

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@Yvonne570
Agreed!

@bobkorz
There's a lot more options than those 2. =/ There's 2 top 20's that are a drive away. It'd be nice to go to one of those but the 100k price tag is too much.

@spineshank77
I certainly will NOT stay in public accounting. Can't wait to do my 2 years and GTFO. Hate it with all my heart. =)

B 87
A 90
R 86
F

Posted 4 months ago #
spineshank77

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dont know about u Misanthrope87, but I wake up every morning feeling estatic that I have a 13 hour work day ahead of me! ;)

FAR: 66 ( Ughhh Becker)!!, 01.27.12
REG: 66 (Becker), 64 ( Yaeger)
AUD: 66 (Becker), 75 ( Yaeger, Becker final review, ninja notes)
BEC: 68 ( Becker), 77 ( Yaeger, Becker final review)

I would rather score four 75's than three 99's and a 74

Posted 4 months ago #
katiekanton

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I'm really confused. You guys are talking about student loans as if they're an option--your own decision. I was under the impression that admissions officers and bursars at America's colleges and universities were coordinating stealthy attacks involving cages, ropes, and threats of deadly harm to students' family members in order to force students to sign up for student loans.

AUD - 88 - using Bisk, and btw, Bob Monette ROCKS
FAR - 90
REG - 85
BEC -
Ethics - 100

Posted 4 months ago #
bobkorz

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@misanthrope87: I think you misunderstood what I said. I didn't mean "cheap" as that's the school's name. What I mean is that there are MBA programs from schools who's cost/benefit ratio is out of line.

Let's look at the Chicago area. There are two Ivy's here: Northwestern and U of Chicago. If you can get in either, yes, go for student loans and work your tail off to graduate. See if you can get a TA position to help with tuition. Ivy league degree = your employment prospects are excellent.

Now if those two schools are not an option, then go for any program that allows you to graduate with no or minimal student loan debt. I'm NOT paying $100K for some school's MBA when I can go to NEIU or Chicago State U for $10K/year. Why enslave yourself for a piece of paper which doesn't give you excellent employment prospects?

Too many private schools have huge price tags but their degrees don't deliver the value. All you wind up with is six tons of student loan debt and a nice piece of paper. But a job that will pay enough to pay the loan back? In this economy? Are there not enough sob stories of students with six tons of student loan debt unable to find a job?

Either Ivy League or cheap. This is what is necessary to survive.

√ FAR - 81 10/2011 √ AUD - 84 11/2011 √ BEC - 89 01/2012 √ REG - 82 02/2012
√ ethics - 90 10/2011 √ CPA Certificate √ CPA License certificate
REGISTERED LICENSED ILLINOIS CPA

PMP - Pass - 3P 2MP

Posted 4 months ago #
Minimorty

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The last time I checked, neither northwestern nor u of Chicago are "Ivy." great schools though.

MBAs are generally not worth it. Your time and money is better spent elsewhere.

Posted 4 months ago #
dtomasello

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I agree 100% with bobkorz....

I went "cheap" and while I'm stuck with a $500 a month college loan payment now, the job I obtained because of this MSA degree has easily allowed me to afford it. It's all about cost vs benefit. There's "the best" and there's everybody else.... If your not going to go Ivy then you might as well go with the most cost beneficial school cause it's not going to make a difference what you paid per credit hour when you get hired. The benefit with going Ivy is being secure with the prospect of ending up with the best possible opportunity (no guarantees in life) to land that dream job.

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BEC No Credit
FAR No Credit
REG Credit

Posted 4 months ago #
misanthrope87

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@bobkorz, @dtomasello

The schools I'm thinking of aren't Ivy League, but they're still in the top 20 and its really recognized around here. However, I still don't think the 100k price tag is worth it even though the names are shiny and nice. =/

B 87
A 90
R 86
F

Posted 4 months ago #
CPATerminator

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I don't know how people are able to get an MBA or any other kind of degree from an Ivy School. Unless you're Bill Gate's son or mistress, it does not seem feasible to me..lol..

With that being said my boss went to Kellogg SOM for his MBA and to Harvard for his law degree. Sometimes I feel like asking him if he's still paying off his loans..lol.

FAR|2/27/12|PASS
AUD|4/16/12|PASS
BEC|5/31/12|I PROMISE I WILL PASS!!!!

Posted 4 months ago #
bobkorz

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@Minimorty: "The last time I checked, neither northwestern nor u of Chicago are "Ivy." great schools though."

They are both top schools and that's what I mean by "ivy league"

@misanthrope87 : "The schools I'm thinking of aren't Ivy League, but they're still in the top 20 "

Which schools in Chicago are you thinking about? If it is not NW or UofC, then go to NEIU, Governor's state or Chicago state for best ROI. Those are the cheap schools.

It is not worth $100K at a second rate (non-Ivy) school.

Either Ivy League or cheap. $100K in student loans are unpayable if you're unemployed.
Employers see schools this way: Top schools or blah.

It is not worth enslaving yourself for a school that may not work for you. Understand that a MBA has no Thesis and schools are giving them out left and right, so they've been severely diluted. Don't overpay for something you can get cheaper elsewhere.

√ FAR - 81 10/2011 √ AUD - 84 11/2011 √ BEC - 89 01/2012 √ REG - 82 02/2012
√ ethics - 90 10/2011 √ CPA Certificate √ CPA License certificate
REGISTERED LICENSED ILLINOIS CPA

PMP - Pass - 3P 2MP

Posted 4 months ago #
misanthrope87

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@bobkorz
I was thinking of ones in CA. Like UCLA (Anderson).

B 87
A 90
R 86
F

Posted 4 months ago #
bobkorz

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@misanthrope87: Shoot for Stanford if you can. Otherwise, just go cheap. If you can get a graduate RA or TA job at UCLA-Anderson, go for it - they'll at least waive your tuition. Otherwise, 100K is not worth it.

√ FAR - 81 10/2011 √ AUD - 84 11/2011 √ BEC - 89 01/2012 √ REG - 82 02/2012
√ ethics - 90 10/2011 √ CPA Certificate √ CPA License certificate
REGISTERED LICENSED ILLINOIS CPA

PMP - Pass - 3P 2MP

Posted 4 months ago #
jpondrums1

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Hey peeps, I graduated from an online program MSA and it cost me 11000 including books and fees. Liberty University. Their online program was challenging, professors were tough and inspiring. It improved my job prospects. I was told in undergrad to get your degree as cheaply as possible. Maryland CPA candidate

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REG-TBD
AUD-TBD
BEC-TBD

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Posted 2 months ago #

1 (bobkorz)
bighitter56

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As a current MBA student I will weigh in...

I would HIGHLY recommend to not enroll in an MBA program due to the fact that you do not like your current set of options. (Unless you are going to a top school) Pursuing an MBA is very costly and more importantly, time consuming. In my opinion, your time will be much better spent gaining work experience to build your resume and/or obtaining professional designations. Top 10-25 Business Schools (applicable to law schools as well) will likely be a wise career investment, but is by no means a guarantee. However, for the vast majority of schools the MBA or JD programs are nothing more than a cash cow and leave you no more employable than you were before you arrive (only more desperate being you are now in further debt and older with the same amount of work experience).

Posted 1 month ago #
cpa222

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I have an MBA and I do not think it is worth it.
If you could get into an Ivy school then fine, if not do not do it.
Go to law shcool.

A: 67, 75 lost, 84 lost
B: 57, 76 lost, 79
R: 70, 81 lost, 68
F: 68, 73, 68, 74, 70, 74, 77

Posted 1 month ago #
cpham4

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I think it depends on what you're doing with your career.

If you're in the tax field, I'd rather consider a MBT or MST. I don't think a MBA is going to help you provide tax and accounting knowledge to your clients. You can probably provide business management knowledge, but that's not really why they hire you. It can be an extra service you provide, but your main service is taxes/accounting/audit.

Personally for me, I'm done with my CPA exam and I honestly don't think what I learned is able to give me the knowledge to provide knowledge. CPA exam test's you on a lot of basics of advance accounting topics. I'm considering a Masters in tax to further advance my knowledge outside of on the job training.

FAR: 75
AUD: 81
BEC: 79
REG: 91

Posted 1 month ago #
bobkorz

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@cpa222: I disagree. DO NOT GO TO LAW SCHOOL. Unless you are a T14 (top 14 school) and top 10% of your class. Otherwise, you wind up with $200K in debt and doing "coding" - at $20/hour. Or other really horrible jobs.

Google "sh*tlaw" and you'll see how bad the law job market is.

√ FAR - 81 10/2011 √ AUD - 84 11/2011 √ BEC - 89 01/2012 √ REG - 82 02/2012
√ ethics - 90 10/2011 √ CPA Certificate √ CPA License certificate
REGISTERED LICENSED ILLINOIS CPA

PMP - Pass - 3P 2MP

Posted 1 month ago #