Full Tuiton MBA or Aim Higher
I am currently enrolled in a MSF program at a semi-target school. The school is ranked somewhere between 20 and 40, depending on where you look. The program is usually three semesters, and I have completed two of them. I am currently working an internship as a portfolio analyst at a Fortune 500 company. The business school in which I am currently enrolled recently extended me a full tuition MBA offer. Although I'd like to believe I received the offer because of my good looks, charm, and stellar resume, I think the truth is they wanted to fill some seats and preferred doing it from within their school.
I am fully aware of what a generous offer this is, and after the cost of the MSF program, the only way I could reasonably attend the MBA program is with the full tuition scholarship. However I have some concerns and I am hoping that the generous denizens of WSO could lend me a hand in understanding all of the pros and cons.
Concerns:
A full year at a non-finance related job and my current internship make up the entirety of my work experience. With such little work experience, I am afraid that the MBA would just be a waste of time. I might get the degree, but without sufficient work experience, I am no more qualified for greater than/above entry level jobs, or the salary that accompanies them (and rightfully so I am sure). This is a primary concern because if the degree is of no benefit, then it would be a rather large detriment, because for two years my loans would be collecting interest.
My second concern is associated with the fact that you can really only play the MBA card once. Even though there is no tuition, there is opportunity cost associated with forgone salary, living expenses, and the lost option value of being able to pursue the degree later. I had planned on getting an MBA, but only after a few years of work, to strengthen my resume. I would then have aimed for target schools, and I think I would have had reasonable success. I had a 4.0 GPA in undergrad, I have a 3.8 in my current program, and I have no doubt that with two or three years to prepare, I can get a gmat score necessary for acceptance into a competitive program.
So, good people of WSO... If you were in my shoes, what would you do? I appreciate any advice, guidance, and opinions that you might have, because I am utterly lost in this decision.
You definitely need alot more work experience then you currently have. Assuming you can get some decent offers coming out of your MSF program, If I were in your shoes right now, I'd pass on the MBA. With your stats and MSF, just add on a couple of years of quality work experience and high GMAT and you'll be competitive for the M7 down the line and the superior opportunities that come with it if your resume pans out. Right now making money and gaining practical experience (and paying off your current loans) should be your main goals; you've got plenty of time before you have to find yourself in another classroom. This will also help you plan your future career much more effectively. you'll have a much better idea of what you want, where you fit, and what you absolutely hate. Good luck!
Although I am just as inexperienced as you, my recommendation would be to work and then go back for the MBA. You mention these student loans hanging over your head and having no way to pay for your MBA but with a good job and proper budgeting, you can get yourself out of debt and make some progress towards MBA tuition. As others have said, MBA tuition is only a piece of the total cost of an MBA (forfeited wages, living, travel, etc.) In that respect, free vs. full price even becomes less absolute. There's nothing wrong with taking advantage of a free MBA but if you feel you'd be happier getting a target name on your resume, then I would do that. This also depends on what type of job you're looking for upon graduation.
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