Just ranting, but MBAs out there, is anybody in the same situation?
I had no debt when came out of undergrad. Spent 2 years in IB, and had saved about $100k over that time, not spending any bonuses and not spending much except on rent (about half of my salary). Life was looking good.
Then in 2008 I decided to go for a H/S/W MBA and things started to go horribly wrong...
My savings were totally wiped out by the cost of tuition fee ($80K+ all the other hidden "extras" such as insurance, admin fee, medical fee, etc. add up to $100K)
Then I had to take on another $130k of debt because of
- living expenses ($1000/month, quite reasonable)
- international travel (90% of it for job hunting)
- The fact that the PE fund that took me for a decided that it didn't have to pay me any salary for the privilege of spending 3 months with them (I will hate them forever, and they are a $9bn fund) in a very expensive international location
- The fact that I only got a job 4 month after graduation because PE recruiting was tough
I'm now 2 years after graduation, just got my latest bonus and I'm finally down to 0 debt, 0 savings, 0 assets. And I'm 32yo. Bonuses have been crappy, work has not been rewarding and frankly, that MBA was really useless (apart from the network, which is the only value of an MBA to me).
Of course I made the transition to PE, but it's not as well paid as I thought, the lifestyle is actually pretty close to what it was for me in(i.e. it sucks), and frankly, I think the industry is a bit dead right now. And I suspect our fund is going to go bust.
I'd like to start my own business but I feel old, broke, tired and abused by greedy partners. And I'm in the office during the Christmas break.