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If you’re thinking about going back to school, you’re not alone. Tons of us are moving on to get our Master’s degrees, and for STEM majors and a few lucky others, this decision can prove to be very lucrative. Of course, there’s one prestigious post-grad degree that’s always stood out above the rest – the MBA. MDs and JDs are fine, but if you want to really make it, like multi-million dollar annual bonus make it, you need the MBA. Or at least, you used to.
According to new data from the University of Texas at Dallas, MBAs aren’t what they used to be. While they were previously the gold standard when it came to Master’s degrees, the market is now flooded, which is a bad thing if you’re trying to pursue higher education. 200,000 MBAs are now being awarded every year, so unless yours comes with a name like Harvard or Wharton, you might have just thrown away six figures in student loan debt for no reason. Not only does the market have way too many players in the field, but the results from the study show 98% of recruiters don’t think that getting an MBA actually prepares you for the workforce. Additionally, on a scale of 1-10, MBA students never broke a 7 average in achieving high work ethic, critical thinking, teamwork, and communication skills.
Of course, if you already have those skills, an MBA could improve your job prospects, but don’t go to B-school expecting an easy ride into a top career without the accompanying hard work. While in the middle of this current application cycle, make sure you’re exploring your options thoroughly, including employer reimbursement and improving your STEM undergraduate GPA. Life’s tough out there, kids, and unfortunately, more education isn’t always the answer. .
[via Inc.]
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Steph W.
Steph W. is a new Master's degree graduate with an intern's salary and six-figure taste. She realizes her expectations far exceed reality, so she spends her days pinning away Loubs she pretends are in her physical closet instead of her virtual one. Her hobbies include attempting to trapping her boyfriend into marriage before he finds out how insane she is and pretending that Black Box wine tastes as good as the kind she could afford when she was gainfully employed. Send her tips for getting out of student debt at recruitchairtsm@gmail.com
@therecruitchair
Shocking revelation, an MBA from a low tier school doesn’t equate to high earning potential. Who saw that coming?
Guys, I hate to break it to you but most of what we do in life is a waste of time. Think about it, you’re about to go back to school on top of working a job you don’t like just to be in more debt in hopes to get a job that pays a little better that you still probably won’t like. Go buy a fucking van, learn how to surf, travel up and down the west coast, get good at smoking pot, learn to like Ragnar music since it all sounds like the exact same song being played throughout an entire genre, make hemp bracelets, and just embrace being a bag of shit because tectonically you’re still a bag of shot even with your office attire on and everyone else around you is most likely an uninteresting bag of shut. You’re not going win this argument. I have already won. I have won life
I can’t spell for shit but I have definitely won life. I am currently on business in NYC and have drank a good amount of spirits so I can spout off this incoherent shit and still win life. Goodnight. Love you
I come here for your comments Devin. Keep it up.
Having an MBA and still having a shitty-job, PGP
I would never recommend getting an MBA without some work experience first. That being said, I started my MBA about 3 years after undergrad, and just finished n December. It did allow me to jump companies for a pretty significant salary boost, and it’s something that definitely won’t hurt when I’m being compared against other candidates for jobs in the future.
You really just have to weigh the monetary cost of the program vs. your expected career trajectory.
I’ve been working since spring if 2013 and am seriously considering going back in fall 2018 for an MBA. Just curious, did you do a full-time program?
I just started a part time program now after working for 3 years, I’d highly recommend it. I go to a top 40 school, and the part time is very manageable. If I take my time with it I’m expected to graduate in 2019, but I plan to accelerate and finish in summer ’18.
Agreed- I’m currently in a part time program while working full time. While it does get stressful during finals, it’s relatively manageable if you keep up with the readings, etc. will finish in 2 years and my work pays for part of it. Furthermore it’s allowed me to meet some great people in the process.
I graduated undergrad in 2013, worked for 18 months, then started a part-time program while working as an accountant at the same school. I would recommend going part-time while working if you can, especially for the school. My program is top 50 so nothing crazy but definitely has worked out for me
How long are you anticipating the MBA will take to complete since you’re going part-time?
Currently doing my MBA through Kelley’s online program. Would highly recommend.
As a fellow Hoosier, I know we have a great online MBA program. I’m just curious as to differences in earning potential when it comes to full-time vs part-time or online.
If I could redo it. I would go full time top 20 program. Just finished part time program duel concentration 2.5 years.
Started January 2015, 6 credits in spring, summer, and fall semesters. Taking 7.5 now and in the summer. My program is 51 credits and I’ll be done end of July 2017
I did an evening program (because I knew I would slack off if I didn’t physically have to go). Took 2 years and our classes were every week, with 3 weeks off for Christmas break.
The value in an MBA is more in the network of the school, and a few years down the road, in your classmates. I learned very little new information in terms of textbook knowledge from the MBA, but the networking events, hands-on projects and presentations, and guest speakers were invaluable.
They don’t differentiate between part time and full time (employers).
If you can’t get into a top 30ish master’s program for whatever you’re going to back to school for it’s a waste. No surprise there.
Too true. Getting a masters in engineering takes, if your lucky, 1.5 years. That with the 60k, and no real time going towards work experience for your license makes it useless.
This was incredibly depressing to read as I was walking out of my negotiation class for my MBA program…
same
Currently a full-time student at top 7 program. It has definitely increased my career prospects, but it was A TON of work to get in, and even now I’m working my ass off to get a job a “top firm”, because the bar is much higher. Am I any happier than when I was when I was just a worker bee out of college? Nope :/
Problem is I’m stuck on the hedonic treadmill. Don’t chase money folks, chase relationships with good people and you’ll be much happier.
It would be interesting to see how this breaks between full-time students and part-time students who work an office 8-5 job and go to school at night.
Would be really interested to see this breakdown when it comes to the top schools.
Yea the average starting salary at Kenan Flagler here is pretty damn high, but everybody in the program has like at least 5 years work experience.
Do you go full-time or part-time?
I got my MBA at Booth through its weekend program. Pretty much everyone I’ve met through the program has either stayed at their old company and received a sizable pay increase or were able to find entry level MBA positions somewhere else along the full timers. You get access to on campus recruiting and career services, so as long as you’re not trying to break into investment banking or PE firms, I would say you can get the same jobs as the full timers.
Agreed on the top schools. Feel like if you’re at a school where the Googles, McKinseys, and Goldmans of the world actively recruit it would be totally worth it.
Most importantly, no matter where it’s from don’t put MBA in your signature, linkedin, or business card.
Shit.