So I was recently admitted to a top 3 MBA school, but the idea of being more than $100k in debt terrifies me.
What if I want to take time off to write a novel? Or to go to China to learn Mandarin? Or try a variety of careers that don't have to do with business?
You could say that I should have figured this out before I applied, but I thought I'd have a shot and I wanted to take it. And I got in.
I'm not planning to have a family, so there really isn't any time limit to my dreams. I could go to bschool and then do these things later, I suppose. But I'm afraid of getting trapped in those golden handcuffs everyone talks about.
Do you know anyone who regretted going to Stanford, Harvard, or Wharton? What did they do after they graduated? What did they wish they did?
If you go $100,000 in debt, and go to stanford, harvard, or wharton you'll pay that off in a year or two. After that, you'll have a degree that will help open doors for the rest of your life.
My ivy degree opened crazy doors for me that would've never opened prior. I'm doing an internship in a sweet fifth ave office because I bumped into a really nice (and powerful) alum that has tons of pride. I'm looking into flying over to Singapore to meet some well-off friends I made at school to look into some sort of lucrative importing/exporting he's been working on. It is what you make of it; it can definitely be a 100k pair of handcuffs or it can be a key to doors.
No one can make this decision for you. If you don't need this and you're happy with where you are, then I wouldn't because you're right: 100k is a lot. If you're unemployed and are second-guessing this for personal reasons, I highly suggest considering this opportunity carefully. Best of luck and congrats.
http://www.wallstreetoasis.com/forums/ever-hear-of-someone-hating-busin…
I went to a so-called "top 3" and have focused on something completely unrelated to business (aside from this admissions consulting business).
And I don't regret it at all. No cognitive dissonance either. What happens is that those 2 years are sunk costs. At least for me, I don't dwell on what could've, should've, etc. because it was 2 years of my life where I had a great time and grew as a person. The actual financial cost to me was irrelevant (disclosure: I did well as an analyst, and saved my money real good like a thrifty little Asian and rather than lose all my money on dot-com stocks, I was fortunate to have put it into an MBA).
Now, it might be different for others I've known - some people I know have become stay-at-home moms, others are aspiring novelists, and so forth.
Here's the thing about regrets. For me at least, the biggest regrets come from what I did NOT do, as opposed to what I actually DID -- whether it's career, relationships, education. You can always learn from experience -- you can't learn from what never happened.
Alex Chu
I know this thread is extremely old, but I just had to say that this is probably one of the most important pieces of advice I've ever heard. Thank you Alex. And as a current college student, hopefully I do it right.
Read "Ahead of the Curve" ... that's the closest someone gets to 'regretting' the experience. In other words, no, it's unlikely you'll regret two years of fun, while gaining 'professional insurance' for your future at a top-3 b-school. Debt may annoy you later on, but that's about it...
MBA Apply dishes out some great advice. Thank you for your thoughts, man.
Well I can't speak to going to a top 3 MBA... but forget about coming to China to learn Mandarin. I've been here almost 3 years now, 2+ working in PE and a semester studying abroad (focusing on Chinese), and I also studied for four years in UG.... I still can't speak this shit properly!
i'd say you should go to H/S/W if you get in... you may have to work for a while afterwords and pay off that money... but by the time you're like 40 you'll be in such a good spot financially you can retire, start your own company, write... do whatever you like.
I think people would agree H/S/W is worth it, but what about the top 4-8 who claim to be in the top 7? Chicago, Kellogg, MIT, Wharton, Tuck, Columbia?
Anyone here know anyone that says they should have passed on B-School?
what about any top fifteen :D
I guess the real drop off would be after top 15. I can imagine people regretting spending money on Darden, UNC, or Tepper type places if it doesn't get them where they want to be. Not to say they are not excellent programs, but I can see someone not getting into Banking from there, and having to settle for some F500 job they could have gotten without spending $100K.
Good F500 jobs are not easy to get at the MBA level.
I don't get this - the same guys who had headhunters begging them to take a BDev/strategy interview at acquisitive blue-chips as IB analysts/PE associates are struggling to get what is basically the same job with a year of bschool under their belt?
Or is your definition of a good F500 job in more marketing / operational disciplines where you have to pay your dues all over again?
I know. I said "some" job. Not a "good" job.
The best thing that ever happened to Warren Buffet was getting rejected from HBS. Just food for thought.
Good point. Henry Kravis hated his time at Columbia though. He was a C student and wanted to drop out but his dad told him not to.
"The best thing that ever happened to Warren Buffet was getting rejected from HBS. Just food for thought."
Yeah because he went to Columbia and was taught by Ben Graham, a titan of security analysis.
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