I'm sure this question has been asked a lot but I was hoping to get advice for someone from my perspective.
I have 4 yrs experience as a real estate/housing analyst. Graduated from Hofstra with BBA in finance. Completed 2 cert programs at NYU: credit analysis and real estate finance & investment. I'm preparing to take GMAT soon, prepped a lot so expecting to do well.
I will be applying to top ivy MBA programs (Harvard, Wharton, Columbia, Sloan) but all are reaches. If I don't get into those, my options will be between NYU and Baruch part time MBA. Can go at night after work and my firm reimburses $10k a yr. I wouldn't consider full time unless its a top school.
I know NYU and Baruch are not in the same league, but there is a huge difference in cost. Considering my tuition reimbursement, which would make more sense? I recently finished paying off all my student loan debt from Hofstra and it isn't very appealing to be under a mountain of debt again.
FYI - I would basically be getting my MBA simply for career advancement. Not sure exactly what I will use it for yet, but would rather get it done now while young and no children.
Appreciate any advice, thanks guys
Most people are willing to spend the extra money because MBA programs open you up to recruiting. This doesn't seem to be the case for you since you will be part-time and working for your company. Baruch might actually make more sense.. didn't think I would ever say that.
I agree with the above.
While normally i would say NYU, it really comes down to what career goals you have post MBA. If you simply want an MBA for the sake of having one, or know that an MBA from Baruch will suffice for whatever YOUR career goals are than obviously go to Baruch.
The part time Baruch MBA is ranked ~50 i believe, so its definitely a good program and a great bang for your buck. But if your goals are banking/p.e than definitely go Stern.
valuationGURU, RDR, thanks for the helpful advice. I really appreciate your thoughts.
I know NYU is a much better school, I'm just trying to figure out if its worth all the additional cost. This may be stupid, but I didn't know the part time programs do not open you up to recruiting. Part of the issue here is that I don't really know what I want to do in the future yet. I'm a housing credit analyst now simply because I fell into it. I'm making a great living for my age and work a comfortable 9-5 schedule but my time at my current company is likely only for another year or two. I'm thinking to get the MBA in my back pocket now and figure everything out later. If I got into Columbia, I'd likely take on all the debt and go full time.
I do enjoy evaluating potential investment opportunities (value investing, etc) and I think this is partially why I'm attracted to real estate.
I would just be mindful of what you future holds. Personally, I would only do a part-time program, especially at a 'lesser' school, if I was on a partner track at my current firm and the degree was more or less a credential to round out my story on the firm's website.
Depending on your age and what the next year or two could look like regarding responsibilities and growth in your current position, you should consider skipping the part time program and just casting a slightly wider net with regards to potential bschools. Ross, Fuqua, Darden, Yale, and Dartmouth are really great schools and, for the most part, would get you where you need to go.
Anyways, just remember that an MBA is the ultimate reset button. You must use it wisely because it's the last one you are likely to get. Honestly, my advice is to not even consider getting an MBA until you know what you want to do and can determine how it will, or might, be beneficial.
Regards
This
I am not on a partner track on my current firm. I quoted only a year or two remaining at my current job because my firm is currently in bankruptcy, so time is limited. You make a good point about the MBA being a reset button and you only use it once. However, how do people at ~25yrs old know exactly what they want to do for rest of their career. All I've done is work as a housing analyst. I've fantasized about being an investment analyst but there's no way of me knowing for sure if that is exactly what I want to do for rest of my life.
If i got into Columbia, I would then consider FT. Otherwise, it is difficult for me to rationalize giving up 2 yrs of income and assuming massive debt. Is it that bad doing a part time program? I thought an MBA is an MBA. Doing it part time while working shows great work ethic and doesn't hurt your financial situation either.
With a part-time program, you don't really get the career reset. Aside from a few exceptions, part-time programs are just not good for those interested in changing careers (or even companies).
Why are you even applying to business school of you don't know what you want to do. Rule number 1 with MBAs is you need to hit the ground running fairly certain of what you're doing. I think you're doing an MBA for all the wrong reasons, primarily because you're afraid of your firm being in bankruptcy. I really recommend you do more research. The fact that you're not aware of the benefits or lack thereof in part time programs is concerning. Don't want to see you spend 10's of thousand if dollars and be totally lost and bitter.
If you don't know what you want to do I'd go with the program that will give you the most options. That would be Stern. You need to check with the school to see what recruiting resources are available. My school does not allow PT students to recruit on campus for internships but does offer full career services and OCR for full-time roles. Check this out before applying anywhere.
if you view Baruch part-time MBA as an acceptable back-up to Harvard/Stanford/Columbia/Sloan then you need to put more thought into why you want an MBA.
if there are 5 components of the elite MBA value proposition, Baruch achieves only 1 of those which is: learning the commoditized MBA content (finance/accounting/marketing/etc.). if that's what you want out of an MBA then this makes sense but most people interested in the top schools require the other components. a school like Stern will also provides some decent brand value, decent network, decent on-campus recruiting, etc.
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