Changing careers - will MBA be a waste of time/money?
I'm currently working as a contractor for an organization, doing database administration. For now, my contract is only 4 months long, and I do NOT enjoy what I do. I just happened to get into it based on experiences from other jobs.
I just got accepted into a full-time MBA program at a state university (George Mason.) The part-time program is in the Top 50 (I think?) and they're currently still building up the full-time program, but the school has been named as the top 2 to watch. I don't want to do anything in banking or personal finance/investment banking or anything like that. Just trying to gain more experience to apply to non-profits or eventually start my own business. I also started thinking that I'd like to combine entrepreneurship and corporate social responsibility/sustainability, because I think "green" is an emerging market.
However, I don't know whether to go full time or part time, as I already carry a $180k debt from college (went to the most expensive college in the US and it was so so dumb.) However, I don't think I'd get the same networking opportunities in the part-time program, since I'm trying to switch careers.
What do I do? Is an MBA even worth my time?
I was going to get my JD, but the market for lawyers is even worse, and I figured with an MBA I would have a lot more options as far as jobs.
I should add: I think I qualify for in-state tuition, so my tuition for the whole program would be around $37K, obviously not including rent and transportation. If I did full-time, I'd have to go to their campus that would require a car, but the PT I could take public transportation and pay my rent with my job without taking out loans.
So what are you going to get out of a GMU...
Its the weakest of the George's...and it prob wont do much for your profile...
I have never understand why people go get an MBA to do entrepreneurship.
It just makes no sense (even Babson would be on the fence here). Take the money you're going to pay for the school and figure out a plan and use that as seed capital.
Babson's pioneer course is they give you 5k to make a non-profit business, and it's considered revolutionary. Yet a MBA costs (for the OP here) 37k.
OP, I also don't think you know why you're getting an MBA and you're asking us for a reason to get a MBA. Probably not the best way to use that money (granted, it's cheaper the normal sticker of 160k). Until you know why you want it, you should probably not get the ideas from us. I feel like you're stumbling around to find something you want to do, thinking about JD/MBA (which is normal), but just remember once you go down this path that's a lot of loans/debts that's harder to reverse. IMHO, I think you should avoid the MBA for now.
Edit: I realize this post sounds a little abrasive, don't mean it that way, just as a "lets think this one out" tone.
Normally I would agree to wait, but because I was recently laid off, and only found this 4 month contract after 3 months of being unemployed, I've realized I NEED something beyond a bachelor's or I'm going to be doing these stupid jobs that I have no interest in, or taking jobs that offer $35k. It's pathetic. I want to get an MBA to advance in my career and also change careers.
My grades aren't good enough for med school, and a JD isn't any good in this economy. I think I could do a lot of things with an MBA.
I was in a very similar position as you - I hated my job and was also quite unhappy in the industry I was employed in. I decided to try and look for new jobs that would help me switch careers - Got a few interviews but just couldn't seal the deal. Decided to go back and get my MBA to help my future career (long-term) but also to spur a career change into a different sector (short-term)
I went to a non-target, large state school (similar to the one you mentioned). Graduated and have now been "searching for jobs/networking/trying not to go crazy" for almost 9 (!) months now. Granted, my pre-MBA profile was less than stellar and the majority of my pre-MBA work experience is all rooted in something I no longer want to pursue but still - this is NOT the position I expected to be in.
So, just a few words of caution - an MBA is not necessarily a ticket to a brand new career or a career change (especially if you're not going to a top tier school) - I am living proof of that. That being said, will it help in the long-run? Sure, it may to some degree, but now I am in a tough situation and stuck with a lot of debt. If I had to do it all over again, I'd suggest:
1) Figure out what you want to do/where you want to be in 5/10 years. I mean really think about it and then ask yourself how necessary would an MBA be to get you there. Like some of the other posters mentioned - That debt is pretty damn permanent and once you've made that decision there is no going back. Are there any other cheaper options that would allow you to achieve your goals? If you're not totally sure where you want to be - there are ways to gain exposure to other industries that may not require additional educational credentials.
2) Start from the bottom and work your way up. If you want to start your own business there is a wealth of information available online on how to do it cheaply and effectively (no credentials needed).
If you want to learn more for the sake of learning and picking up new skills - you could buy used textbooks used from MBA courses on Amazon and dedicate some time every day to developing yourself.
If you want to switch industries - find a company to try an internship with (even if it means taking a huge pay cut, it'll still likely be cheaper than the cost of the MBA.)
3) Explore other educational options - If you're dead-set on improving your resume - There are a lot of certificate programs that would allow you take some courses and boost your resume at a fraction of the cost of an MBA - and you could probably do that while still employed.
If you're able to get into a more prestigious MBA program that would certainly help for immediately employment/networking opportunities, but in any case - TAKE YOUR TIME! Don't let your disdain for your current situation cloud your judgement - really think about the long-term...
good luck!
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