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I plan on acquiring my MBA part-time while I'm working.
I am considering two different Universities.
One is at a private institution and considered to be a Safety school for those that don't get into the Ivies. It's undergraduate program is in the top 15 and is considered to be most selective by US News. Its graduate business program is ranked in the top 25 and it specializes in preparing students for careers in consulting and corporate finance. On paper, it appears its curriculum is very thorough and diverse, which gives me the impression that you will actually learn a lot of pertinent information, as well as getting opportunities to work with investors in the local area. 53 Credits are necessary for graduate, and the degree would be completed in roughly 3 years. I would owe roughly $40K after I finish.
The other will actually be done online and is at a state school that is ranked in the mid hundreds for its undergraduate program by US News, but its graduate business program is ranked in the top 30, and in the top 10 for its supply chain management program. I plan on getting an MBA with a concentration in Supply Chain Management. Upon first glance at its curriculum, it appears like it's very general and my expectations are quite low for what I'll actually learn. Additionally, since it's online, I won't have the opportunity to engage in opportunities with the local community like Venture Capitalism projects. I would owe roughly $5k after I finish.
I am interested in applying for scholarships, but I would like to know if anyone here has had success with acquiring scholarships and how much you received.
I would also like to get an opinion on the opportunity cost associated with doing this. For the record, I'm in my early thirties, if that makes any difference.
So to summarize, which would you choose and how would you pay for it?
I wouldn't do either. I think an online degree is next to worthless and wouldn't waste my time. However, I wouldn't want to go 40K into debt for a "safety" school, either. I think I'd look at other alternatives. Surely there is a state school with brick and mortar program?
If all you need to do is fill a square and have the degree, go the state school route. Most companies just want to see you have the MBA, they're not hung up on whether you attended a top tier school or a state university.
I have an MBA from a non ranked college, and it's not AACSB accredited either but of course the college is regionally accredited.
If you are going to go to a TOP MBA program, the goal is to be recruited into positions that would pay higher than the normal general marketplace position. If you don't get recruited, and you are going to go on the general market and interview for positions that other MBAs that didn't go to a Top MBA program are interviewing for, then you are getting a BAD DEAL.
What are you looking to do and what industries are you looking to work for? If you aren't looking at I-Banking or a top position within a Top Financial Corporation, then it makes no sense to go to a top MBA program, you could go to the lower ranked or non ranked program to save money as long as the college itself is respected and regionally accredited.
I agree with this 100%. I am in my mid-30s and finishing my MBA from a non-ranked school. I went back in my early 30s and didn't even bother applying to an elite school because I had no interest in I-banking, consulting or working towards a C-level position. Additionally, your age could work against you even if you want to take this route. Goldman Sachs, Deloitte and all of the other big firms that recruit out of these programs are interested in young candidates that they can train up and have in their organization for a long time.
Unless this school is a top-20 program, it's not worth the debt. MBAs are more valuable when you can combine them with relevant experience, which it sounds like you have. If you take this route it doesn't really matter if you go to a top program or not, because your experience is what will count. Your MBA will give you an edge over non-MBA candidates.
I will be graduating with $0 in debt this year. It's a good feeling.
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