Is Getting An MBA Worth It? Part 3
June 24, 2008 – 6:08 am
This is part three of my four part series on the benefits of an MBA. So far we’ve covered the compensation and personal benefits components of getting an MBA. Today we’ll look at the full or part-time decision and the required investment.
Full-time or Part-time
This is a tough question, and it should be evaluated based on your goals. Here’s my opinion:
- A full time program gives you a much deeper experience. You will learn more, make more friends, and enjoy yourself more (if you plan to enjoy yourself). You don’t have the stress and time commitment of a full time job in addition to school work, so you will learn more and will perform better when you can focus on school.
- A full-time program gives you more choices, because you’ll probably need to relocate regardless of which school you choose.
- I wouldn’t make this decision based on whether or not your employer will help pay for school. Make the best choice for yourself based on non-monetary factors.
- You can always try to get accepted to a top tier school, and if you don’t make it or choose not to go you can fall back to a part-time program.
- Part-time programs are much easier to get into, which means the quality of the students is lower. There is less focus because everyone has a full-time job, family, etc. I’ve had part-time students in a few of my classes, and they weren’t that impressive on average. My friends that have full-time MBA’s also concur with this assessment.
- Top tier (i.e. top 3-5) part-time programs will be filled with established local executives which would make for a great network. There will still be some losers in the group too (this it true in full-time programs as well), so be sure to network and build relationships with great performers like yourself.
- Recruiters seek different things from part-time and full-time programs. Recruiters at full-time programs expect to find people who are changing careers. This is a great reason to get a masters degree, and it makes interviewing easier because they know you are moving into a new field. Recruiters at part-time programs are looking for new MBA’s with more years of experience and knowledge of their current field. It’s more difficult for part-time students to switch careers with a new MBA.
- Recruiters understand the financial and time commitment to attend a full-time program, and they expect to find over-achievers in this group. As we all know companies can pay two people doing the same job very different salaries. Do you want to start a new career as in “over-achiever” status or not?
- If you’re simply looking for a credential, then going part-time will save you money. If you can’t relocate and/or aren’t interested in attending a top tier school, then I would also go part-time.
- Are you able to relocate? If not then perhaps pursing an MBA is too much of a committment for you. It’s clearly much easier to pursue a full-time MBA if you’re single and willing to relocate. As a consultant I worked on-site with my clients, so I didn’t really have any roots established anywhere. Therefore it was more “locating” than “relocating” when I decided to go back to school.
I went full-time and that is what I normally recommend to anyone serious about improving one’s skills. I also tell people that they should only attend a top tier school. I attended a school near the bottom of the top 20 (depending on the year and the current rankings). I would have gone to a top 3 if I had applied and been accepted though (Harvard, Kellogg, Wharton). I didn’t apply to the top 3, but I did get into Cornell (ranked ~5-7). However, upon further investigation found that their placement statistics were the same as my school but was triple the price. The programs were nearly identical in all other ways.
The key for me in a top-tier school is the top-tier instructors, the top-tier alumni network, and a recognizable name. I just don’t see the value in having an MBA from a community college or school that is only known locally.
My recommendation is to stay in or near the top 20 full-time MBA programs, or if you live close to a top 3 part-time program that would be worth considering as well.
Investment Required
Paying for business school is no joke. It’s expensive! Lost income for 2 years if you go full time, plus tuition and living expenses. It adds up quick. I haven’t looked at the recent costs, but my guess is it will run from $40,000 to $100,000 depending on the school. Private costs more than public as always, so you might consider looking for some public universities in the top 20 programs. If you’re a resident of that state already you’ll get an in-state discount too!
Scholarships are available too for some people, and most schools offer part-time work to a select group of graduates teaching undergraduate classes or helping with research. I taught an undergraduate class and thought that it was one of the most valuable experiences of my life.
In the final post of this series I will discuss the potential for changes to the type of work you do and to your lifestyle by using an MBA to change careers. Check back tomorrow for this post!
Image Credit: gadgetdude
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