Is an MBA program a smart choice for me?
Hi everyone,
I'm a potential reapplicant who applied to a few full-time MBA business schools">M7 MBA program unsuccessfully last year. (two rejections post-interview) I'm considering reapplying this year, but I wanted to see if I could get some advice on whether an MBA degree is a smart choice for me at this point in my career.
My brief background:
- Electrical Engineering major at a state school
- Two years working as a product engineer after college
- Went back to school for master's in industrial engineering, for 2 years
- Have been working in Big4 advisory for almost 2 years now
Some other factors to consider:
- I like consulting so far. (though it's only been two years) I like working on projects that end within several months, and I like the fact that I'm working on something new every time... so I'm not really applying for MBA programs in order to get out of my industry. Having said that, other typical career paths out of bschools (such as strategy consulting, i-banking, other finance, and even tech operations given my engineering background) sound really interesting, and I'd love to get to learn more about some of those other paths. The bottom line is, I don't have any complaints about my current job / firm, but I find other industries interesting.
- My wife and I are currently located in NYC. So I'm mainly looking at Columbia, Stern, and Yale this year. If I attend a 2-year program, I'll still have to take out loans to cover the tuition, but since I'll be staying home with my wife who works full-time as a lawyer, I don't think I'll worry about living expenses as much.
Do you think it makes sense for me to apply to full-time programs this year and try to switch into other industries / roles I find interesting? Another option is going for the weekend EMBA program at Columbia, hopefully sponsored by my current firm, but I need to work at least three/four more years at my current firm to be eligible for a tuition support for an EMBA program. Lastly, my current salary is a bit over $80k currently. If it was close to $100k, then I don't think I'll be considering going back to school at this point...
Thank you all in advance for your advice. I appreciate your input.
If you're happy in your current job then why don't you do a part time MBA?
I agree with Pacman, that it seems like a part time is a good option. While you are thinking of switching roles, it seems like getting into strategy consulting with your background will be logical to potential employers. Getting into I-banking might require a little more legwork on your end.
The thing I will caution you about regarding part time programs, is that you do not have the full access to recruiting that full time gets. If you're using the MBA to switch into strategy, you likely won't need that access, but if you are trying to make a complete change altogether (like going into I-banking), then you will likely need the recruiting resources behind you.
Before you apply, I would do a little more diligence to see which of these career paths seems like the one you feel like doing and make the decision based on that.
Thank you for the feedback, pacman007 and CaliBankerSF. I never considered part-time MBAs because, 1) If I'll be enrolling in an MBA program, I would be looking forward to switching my career, and part-time programs usually lack strong recruiting services / support as you mentioned, and 2) when I consider MBA programs and think of reasons why I want to attend one, I find myself not valuing the academic learning and knowledge gathering as much as gaining valuable networks and opportunities to land a good job through the on-campus recruiting support. Part-time programs usually lack the latter two, which I value the most, so I wasn't really looking at part-time programs.
I may be content with my current job in terms of the projects, travelling, how the business is organized, etc. What I am not content with is my current level of responsibilities and salary, and this was why I had been trying to get into an MBA program originally.
Any other words of wisdom and feedback? Thank you for the help.
Second, I think you might want to talk to people who are in the Stern PT program, and see if they find it of value for career enhancement or switching. The thing about career and recruiting help in the full time program is that there is a formal process, and that's fine. BUT, if you are in NY already, if you network and hustle, you might be able to get traction in a new industry such as strategy consulting. You aren't that far away from it, if you are already doing consulting for a Big4 firm. So that argues for trying at least the Stern PT program. I don't see why you need to wait to do the Columbia EMBA program, to be honest, especially since you are ready to take on new responsibilities and more leadership.
Make sense? Or am I missing something?
Thank you for the response, Betsy. I'd like to give you a couple of responses of my own, related to what you've told me. Please let me know of your thoughts.
Thank you again for your thoughts on my dilemma, Betsy. My biggest question is that, with my current state in terms of previously stated salary and level of responsibility, would it be a smart choice to go for a full-time MBA now for the next 2 years? Since I've switched career once, and spent 2 years in another master's of engineering program, I am already 29 without much to show in career progressions.
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