Odd situation here and hoping I can get some quick advice. My boss promised to fund my MBA full time, if I was accepted into a top part-time program and continued employment. I was considering full-time only and applied to the top 6 schools for full-time, but applied to a top part-time as well to appease my boss.
I was accepted to part-time and they've given me 5 days to make a decision as it is rolling admissions (but I am still waiting to hear back from the top 6 MBAs I applied to). Should I see about a deferral? Should I pay the deposit and keep the process running at the other programs? The part time theoretically begins in January, and I'm ready to go but would want to go to one of my full time choices if I am accepted.
free mba > not free mba
Just pay the deposit and wait and see. Two worst case scenarios:
You lose the deposit money, but are going to a top full-time MBA program. You don't get in to the full-time program, but get a free Booth MBA while continuing to work.
That's about as close to win-win as it gets.
This just about sums it up.
Hard to give you quick advice w/o knowing more but things you should consider:
-Top FT MBA will give you the network. This may not be important immediately but my school has a very tight network and I’m great friends with all my classmates as well as the classes that graduated a year before and after me. A PT program won’t allow you to develop those ties to the same extent. We didn’t have a part-time program but did have executive MBA and there was almost 0 interaction between the 2
-My gf went to a part-time program paid for mostly by her employer. While she found it worthwhile, she had to commit to remaining at the firm after graduation and doesn’t have the network. She knows a few part-timers but I consider that a poor return on her time. It’s not a great school, but decent and all it is to her is a distinction on her resume. Same job, same boss, same compensation but spent 3 years going to classes.
-You really have to consider your motivation for doing an MBA. I wanted to switch tracks and a FT MBA allowed me to do so. Yes, I probably could’ve w/o given my background but the school’s name on resume got me into a lot of doors that probably wouldn’t have been open otherwise (went from IB/PE covering a specialized industry to principal RE investing for an institutional investor…and I knew just about nothing about RE)
-I think 5 days to decide is a bit ridiculous and I wouldn’t consider that a great program (unless they accepted you a month or two ago and you’re just considering it now). They want your (in this case your employer’s) $ so they should be willing to give you more time if you ask.
-I was accepted to a “safety” MBA program. Good but not top 10 and paid the deposit to hold my place. Then backed out when I got off waitlist of my dream program. Worst case, just pay the deposit. It gives you the option. If you get into your choice FT program, then consider the tradeoffs but if deposit is only $1K or so, I would just hold your spot and back-out if need be.
-Just my 2 cents. PM me if you need more specifics.
Ok. Good advice, looks like I am paying the deposit. Some extra details:
While there is a time commitment that goes with the part-time MBA there is an opportunity cost that goes with the full-time MBA. 200k in lost wages + Tuition (and all that goes with it). Not to mention relocation costs if necessary.
Sorry about HBS.
If you're wife isn't happy you're not happy.
You're in an excellent position no matter what you decide. Congratulations and good luck!
another question -- would you have to move if you were to get into your other top programs? That is, thinking of leaving your home base?
Do you have kids?
No kids. Wife is generally happy.
Moving regardless. Even have to move for part-time or travel back and forth.
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