MBA now, or wait 2 years?
So, I have to make a decision today. NYU has offered me a job, which would allow me to complete an MBA part time over the next 3 years at approximately 40% of the regular cost. They cover 90% of tuition, but the tuition they excuse is taxable income to me for the most part - ouch! Hard to pay that on non-profit salary, but I could make do on a tight budget for a few years.
I also have a job offer to go work a really very boring job with pretty long hours, but the base salary is pretty nice, and it pays overtime - so my total pay would be 110-200k. I could spend 2 years doing this to pay off what loans I have outstanding now, and save up the money to go to a full time program somewhere.
I was totally prepared to take the NYU gig until the taxes information came to light, as I think it would be more interesting, I'd be working with people I like, and I'd have my MBA sooner - which means moving into the jobs that interest me the most sooner. I might have to take out a bit more loans to cover the extremely tight budget situation, though, and am generally bummed about the not-quite-as-awesome reality of the tuition benefit, which was a very large factor in picking that job. It would also give me a few more years of financial analysis and management work experience, which is more relevant to the kinds of jobs I would want than what I have been/would continue to do for work if I take the big bucks job.
What would you do?
Why is it that you want to get your MBA? I'm assuming it's to "move into the jobs that interest you" (e.g. financial analysis and management) and NOT what you're currently doing. If this is the case, a FT program is most likely the better way to go since you'll get more access to the career center and whatnot.
Paying less is nice in a sense but it's useless if it doesn't get you to where you want to go.
Have you spoken with a CPA about this? I would go back over IRS publication 970. If the MBA does not qualify you for a new industry, it is work related, it is not required to keep your existing job, and it improves or maintains job skills, and you either do it part time or for less than a year, (all of which I believe apply), you can take a from-AGI business deduction for tuition.
http://www.irs.gov/pub/irs-pdf/p970.pdf
Haha, I am a CPA, and a tax person at that - the determination is made by HR there on a course by course basis. Only about 25% of the program is related enough to what I would be doing to be exempt per their interpretation. I could potentially try to claim deductions for the rest of the tuition come return time, and it might go unquestioned by the IRS. The problem is that HR withholds from your paychecks for that "income", so several months a year I would be receiving essentially no paycheck.
As for why I want to get it - because I don't want to be just an accountant anymore. I think a stronger academic background in quant analysis as well as the network built would be helpful to give me a shot at more interesting work. The career center is not really a major concern for me, I have friends in both the full time and part time programs and they comment that because the people in the part time program all have jobs and usually 5, 10, and 20 years of experience, the connections you make there easily offset the loss of on campus interviews through the career center as far as opening doors for you. I am also not sure I want to stay in NYC after I complete the program, and from what I hear the career center opportunities are primarily NYC-based.
I am not opposed to full time, but I do think the part time would suit my needs based on the conversations I've had. I guess my biggest hangup right now is that it will be financially uncomfortable to get through the next few years unless I take out more loans.
Where do you stand on undergraduate student debt right now? Do you qualify for debt forgiveness by working at a nonprofit? And what do you mean by "long hours" in the $110K/year job?
It costs about $2800/month to have a lower-middle-class life in New York. That means living in one of the outer boroughs, having a roommate but your own bedroom, and cooking at home most nights. We need to make sure that you can clear that before you go for NYU.
Finally, you do realize that NYU has a top notch financial mathematics program, right? If you want to be a quant, or if you feel you have enough leadership skills and just want to pick up the technical aspects of an MBA, the Fin Math program is probably a less expensive option.
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