So here's a quick one: I got into a really heated argument with a friend the other day who was all excited about heading off to b-school in a couple of months. He's probably headed to Columbia and he was all, "yeah, I'm golden. blah, blah, blah...". I basically told him that if he's cool with being 100K plus in debt and potentially no opportunities or opportunities that he is overqualified for, have at it Hoss...
But what do some of you guys think? Have some of you reconsidered going to b-school because of the associated costs? Where do some of you think this contagion of B-school skyrocketing tuition goes and what will be the consequences?
you sound like a hater :>
Personally, I think about the debt I will incur from B-School often. Luckily I have some schools that have offered significant scholarships/fellowships to help out with the debt load.
I believe that if you have a clear vision of what you want from an MBA, it is well worth the price. It’s the people who go to business school with no plans, just a hope that in two years they will figure themselves out, which I worry about.
Honestly if you have that mentality then you are not the type of candidate who should go to B-School. Life comes with risks. Just because the leaps are big doesn't mean we aren't meant to take them. If you aren't willing to take a leap then what's the point of living?
Go ahead, keep playing it safe. If that makes you happy then do you.
We all gamble neophyte. Some of us just prefer to take "calculated" risks. Remember this, you go to war too many times, eventually you get killed.
Your balls to the wall mentality will eventually grant you some wisdom to couple with your unbridled ambition. Unfortunately, it will probably be when your balls are just that: on a wall.
Well said.
Columbia is DEFINITELY golden. Absolutely no doubt about it. Your friend could have easily got FREE RIDES (ZERO TUITION) at B-schools in the 20-30 range, but it would have been a HUGE blunder to take the free ride over the Columbia brand name and alumni network.
I've always thought the opportunity cost of b-school is too high. I look at it as a $750k - $1M opportunity cost between lost earning and tuition, which should be the case for most people in banking/PE. I don't believe that my earnings potential would increase enough to cover this cost. I may be limited from certain opportunities, but I believe that if you are smart, plenty of other good options will be available.
How many top 5 MBA grads from the past couple of classes are out there right now without jobs or are in a less prestigious positions than they held before school? I know of several people currently in this situation.
If you are already in a HF or PE and want to work in finance in the foreseeable future, I don't think b-school makes any sense. I'd echo the 750k - 1mm all-in cost figure
175 real cost + 250 opportunity cost of salary year 1 + 280 opportunity cost of salary year 2 + some premium associated with additional development/growth within your organization (maybe a promotion next year or something) I'll put this at 100 = 805k
No thanks
Depends what you want to do with the degree. Just as it doesn't make sense to go to an expensive undergrad l if you want to be a teacher (financially speaking), it doesn't make sense to go to Columbia or any expensive b-school if you want to go into public service or marketing, etc. But for many people, myself included, b-school was the only route to break into one's desired (well-paying) profession...or at least the easiest route. I had an offer to enter the analyst recruiting cycle in January of 2010, but by going to b-school I essentially got a promotion 9 months later. And I chose a (well-regarded) state school, where all banks recruit, so the costs, while not cheap, are not that extravagant for me since i am a resident.
The opportunity cost is irrelevant if you are unable to get where you want to go without the degree... but that doesn't mean that you shouldn't be cognizant of more financially prudent paths to the same end.
All of these decisions come back to being honest with yourself about your chances, desires, abilities.
It seems that a lot of people on this forum were abe to land $500 K + jobs with Bachelor's degrees. You have to keep in mind that there are a lot of ordinary folks who get stuck at the $100 K level with only a Bachelor degree. The Columbia MBA and alumni network launches them on a different career path which usually leads to the $500 K + jobs.
It seems that a lot of people on this forum were abe to land $500 K + jobs with Bachelor's degrees. You have to keep in mind that there are a lot of ordinary folks who get stuck at the $100 K level with only a Bachelor degree. The Columbia MBA and alumni network launches them on a different career path which usually leads to the $500 K + jobs.
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