Should I get into debt to attend a great school (EU)?
Hi all,
I have the possibility to attend an European top-tier school for a MiM (I'm European) next year, but I would need to take a 25k€ loan to pursue the degree.
Knowing that I'm not obsessed with money and with competing for MBB and IB in London, should I do it? Post-mim goals would be Tier 2(?) consulting (eg. ATK, Roland Berger) - or at least a firm in which I am not exploited and where I can have a great work-life balance (having time enough to do the many things I enjoy is essential to me) . I'm also open to entry positions in nice VC firms and don't exclude any other interesting opportunity if it open up to me. Well to cut a long story short, I don't give a shit about climbing the most prestigious corporate ladder to make my friends and family proud and earning money I won't have the time to spend. But I still want an enriching job that allows for some development. Preferential locations would be France, Benelux or Switzerland.
Going to a top-school is something I have always wanted to do, but more for the experience and the people you meet there than for the extended opportunities it offers compared to lower-tiered schools - schools that still place well into prestigious jobs in their regions btw (eg MBB). But I'm now worried about whether it's worth it or not, and whether I'll be able to live correctly during the first working years without being too financially constrained by this debt (knowing that I start from 0).
Opinions?
Thanks a lot guys
I would say it's worth it. Investing in education at a top school is one of the best things to borrow money for. You pay your loan back in a few years, but the degree and network stays with you.
I graduated from a top school in my country in Eastern Europe, but essentially a no-name in Western Europe, and I struggled getting interviews out of undergrad and when changing roles. But I invested in a top MBA, and it was much easier this time round to get my foot in the door. No doubt my MBA network will also help later on in life, if I decide to join a different company.
Thanks for your opinion! You may be right. I'm just worried about paying so much for in fine getting the same learning content out of it. I'm just afraid of feeling trapped by a stupid cash cow, since I know that with a bit less reputed schools that are almost free of tuition I can reach the same things.
If you think there is no tangible return on investment for what you want to do after graduation, then you have to devote your attention to the non-tangible benefits it can offer you.
How would you feel with not doing something you always wanted and had a real opportunity to do? Will you regret for a long time?
Consider the cost of living in the place where you want to work and assess whether the debt repayments will be a huge burden or not.
If you're not that into climbing the corporate ladder, then you may be want to be an entrepreneur. This burden will perhaps prevent you from taking entrepreneurial risks. Be careful with that too if this is your case.
I'm currently at school and in a similar situation and am asking myself similar questions, which is imo quite natural. Advice from people with different perspectives and greater experience would be insightful!
Yes, do it. If you land an MBB/T2/IB role in London you are looking at £50K base + bonus. if you're good at saving by the end of the 1st year you can have £10K in savings and if you use half of that you've already taken off a fifth of the debt. The year after would be the same thing, then your 3rd year could see you get a promotion and a salary bump. Bottom line is that you can get rid of the debt in 4-5 years which isn't too long.
Thanks for the answer. Knowing that I am more leaning towards working in Switz/France/Benelux, would your opinion change? I guess Luxembourg and Switzerland are the places where I'll be able to get rid of my debt the fastest, right?
Most likely yes but then again some of those markets may have local schools they prefer. I know Swiss employers love St Gallen, no idea about Luxembourg
Kinda need more infos, do you have job offers/work experience? Is you country one of theses where a master is almost mandatory (France/Germany), do you already have a master?
Don't have any real working experience yet, I've just been working part-time for a small consultancy firm for a couple of years as a working student. And yes, my home country is one of those and I already hold a master, but a 1-y master that's not going to bring me as far as the other options I'm considering would (not only the top-tier school, also a bit less - almost free - reputable ones)
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