Need advice on whether to pursue MBA. Any advice is appreciated

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  • #2864088
    DDylan
    Participant

    I have been thinking about if I should pursue MBA for days. I listed out advantages and concerns of pursuing MBA and the other path. Any advice is very appreciated.

    background

    1. Got my undergraduate and master’s in accounting from state school with high GPA ~3.9
    2. CPA, CFA L1. plan to finish CFA L2 and L3
    3. No name small firm audit 3 years, fund accounting (large PE) 2 years
    4. now large SaaS company as sr. analyst 1 year (contract/deal modeling, FP&A, reporting decks)
    5. Army reserve. Plan to continue this path as part time job (sergeant or officer school if possible)

    Path 1 Going to MBA and then pursuing Consulting/IB job

    Advantage
    1. More pay, better potential for future
    2. School big name on belt

    Concerns
    1. GMAT is stressing my out. I may not get 720+
    2. Even if I get into T15, it’s still very uncertain whether I could land a job on consulting or IB
    3. Consulting or IB might be impacted by AI or automation, making it more competitive
    4. Cost. The two year tuition (100K) + missed salary (200K) + living (60K) = 360K
    5. Age. I am already 30. I will be 31 by matriculation and 33 by graduation. Working long hours (80h/week) will be challenging
    6. Communication. English is not my first tongue. Though I’ve stayed in the states for 9 years, I still a minor accent.

    Path 2 Going to online computer science/data master

    Advantage
    1. Keep my current job, and make some money
    2. computer science is the future as all industries are trying automate everything
    3. having a STEM degree is good for my army career

    Concerns
    1. Getting used to coding is challenging. Steep learning curve.
    2. Online degree is not recognizable as degree from brick and mortar school
    3. kinda hard to find a position combining coding and finance

Viewing 10 replies - 1 through 10 (of 10 total)
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  • #2864118
    jeff
    Keymaster

    Looking at this analytically – how much more pay per year? $20k? $40k? Is that a maybe or a rock-solid “definitely”?

    If it's a definite – and it's a $40k increase (which seems very aggressive), then it will take you 9 years to break even on the investment, ignoring interest on the student loan (which I'm assuming you'll take).

    That's a lot of money for a (best case scenario) 9-year payback period.

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    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #2864145
    thunderlips
    Participant

    Not recommended with a masters already in accounting, heck better off going for a phd. I like Jeff breaking it down using numbers, like where your heads at

    #2864172
    DDylan
    Participant

    Hi @Jeff and @THUNDERLIPS,

    Thanks for replying. I am currently making around 100K at a 2nd tier city (dallas/houston/austin) but I feel the potential is very limited.

    However, if I am lucky enought to ge into top 15 MBA, it's very likely to land a job with $140K base with great potential and exit opportunity.

    The GI Bill will cover most of the tuition.

    #2864529

    What is your goal in life? Path 2 is very different from Path 1. If you really want to get into IB, I think you already know what it takes.

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    Licensed in VA
    #2864760
    DDylan
    Participant

    @ACCOUNTING_IS_TAXING

    Thanks for replying. My goal of life….thats a good questions. Sometimes I even contemplate what's the meaning of life. I donot know my goal of life. But for now, I want to make more money.

    #2865450
    aaronmo
    Participant

    If you do go for the MBA, I'd get it in something hot and useful…analytics…something with IT. Mostly I'd say it's probably not worth it.

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    Aaron and always remember, YMMV

    I profit from your CPE frustration. You're welcome.

    #2866296
    Jimmy Dugan
    Participant

    If you can get into a T15 then go for it, but only if you want to go into IB or MBB consulting. That is the main pathway to those jobs and you don't need to worry about payback if you land one of those positions (still iffy even with a name brand MBA). You'd be considered an “older” candidate at a T15 residential program, but the window is still open if you can get the ball rolling pretty soon. But, if you aren't absolutely sold that you want to do consulting or IB, you don't need an MBA. It actually sounds like you are undecided since you also mention computer science.

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    You're killing me Smalls

     

    #2866869
    DDylan
    Participant

    @Jimmy Dugan

    Yeah, age is def one of my concerns, but I guess my military could offset a little, although I am in reserve who do not do too much high speed stuff.

    Yes, I am undecided thats why I post this, as it's a major career decision for the next 10 years or more.

    If I am lucky enough to get into T15, MBB or IB is my sole goal, especially MBB as I am probably too old as an associate in IB.

    #2874708
    Tan George
    Participant

    Pharmaceutical companies and really anything healthcare related pay really well and you would be able to land a position where you would be utilizing both your accounting/finance background as well as coding.

    #2876106
    Anthony
    Participant

    Not on your list: work life balance.

    Do you have kids or a significant other? Do you have hobbies outside of work or enjoy time off? That is something you need to consider also if you do get a gig working 80 hours a week.

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