Cyber-X,

I was in a similar situation a few years ago. . . Before I did my MS in engineering, I thought about doing the MBA first. . . I decided that from a timing perspective the MS (done in one year) was easiest to get out of the way first, then I did the MBA. No regrets from my decision. . .

I then comtemplated (and still contemplating) a PhD in engineering (and even at times a JD). However, at some point there is a diminishing return on education versus salary versus enjoyment of life. With that, I've decided to focus on my CFA (to go along with my PE in engineering) and to stay out of the class room for a while. . .

The degrees look good, but life has a lot to offer outside of the classroom and if you don't enjoy it when you're young you won't get another chance later. . . School will always be there, your youth won't. . .

Good luck. . .

 

Is an MBA worth it? A question I ask myself all the time. I got mine from UT-Austin's McCombs School of Business, a Top 20/25 school depending on which on the rankings you look at. Graduated in May 2002 and spent a little over a year without a job.

Kept telling myself a newly minted MBA should strive for an MBA level job. After much networking, calling, meeting people and sending out resumes and cover letters, and following up with people, I have just recently settled for a job that I could have quite possibly gotten without an MBA. A job that has a salary mostly based on commissions, because it's sales oriented. I needed to get a job. Not being able to find a job after such a long time really affects you and makes you really wonder why nobody seems to give you the time of day. It messes with your head, and it was also starting to affect my relationship with my wife.

Is it worth it? I don't know - I'll tell you when I've paid off the money I racked up in school, made up for the lost income for the last year and eventually get to the salary level that I woulde have expected for a person of my background and experience, who also has an MBA. At this point, I have no idea when all that will happen.

One thing that is important to mention is that if you are using the MBA as a way to change careers, the job market at this point will not favor you. Because of the amount of highly qualified people who are out looking for jobs at this time, people with previous experience in the industry/career you have now chosen to go after will win out. Even if you have an MBA. Now, this is what I've seen. Others may differ.

For those applying - best of luck. I really enjoyed my two years in school. I was challenged, I learned a lot, and met some great people along the way. It's unfortunate that my situation over the last year has created a very negative spin on this experience. I don't even keep in touch with my MBA friends these days. Many of them seem to have gone on to great jobs with great companies. It's not fun to call them up and hear them tell me their job is great, while I have to relay to them how I've been jobless for a year and just now have gotten a job that I could have gotten without an MBA and which does not directly make use of the skills I learned in school. I guess at this point, I should just be happy I have a job. Who knows, maybe it's me.

 

I am feeling your pain. I finished my MBA in August and it seems that there is no light at the end of the tunnel. I am starting to feel that I will have to settle like you talked about. I can only get interviews for commision positions, none that really use what I learned getting my MBA. Hopefully our degrees will pay off in the future in terms of advancement, promotions, or future hiring.

 

Rodan and DFul4d,

Out of curiosity, what are your backgrounds aside from the MBA?

I have heard that there's currently a lot of unemployed people with grad degrees like MBAs. I'm a little concerned about it myself, and don't know if the degree will really pay off in the end. I was hoping that my semi-diverse background will work to my advantage if the job market still sucks when I graduate...but that could just be wishful thinking on my part.

Anyway, were you guys in Sales prior to completing your MBA? I'm currently a programmer, and after finishing my MBA, hope to change careers and get a business job, preferably in a tech or biotech company. From your experiences, it sounds like changing fields would be tough.

 

cyber_x,

My background prior to my mba was marketing communications and public relations. I was hoping the MBA would allow me to transition to full-fledged marketing management for a consumer products company, but so far, that has not been the case.

My working experience has also been pretty diverse, which I always though would be an asset. I have work experience in the U.S. as well as abroad, am fully fluent in spanish. Have worked for good companies, albeit not necessarily Fortune 500 (I've been wondering if this has somehow hurt my chances for jobs in the past, believe it or not). I do not have prior sales experience, so my new job is totally new to me. I'm a bit aprehensive of working somewhere where the compansation is so heavily based on commissions. At this point, I guess I'm going to have to bust my ass at something I've never done just to keep afloat and prosper, but I don't have much of a choice. I'll have to find a way to incorporate what I lerned in b-school to my new job.

I think technology is a bit different in terms of job prospects. I would advice you to look on the job boards (i.e. Hot Jobs, Monster, Careerbuilder, Flipdog, America's Job Bank) for the kind of job you hope to be able to attain after an MBA and look at the requirements they expect of candidates. That should give you an idea. If there's a phone number, hell, I say call them and ask them if they would consider a person with your pre-mba experience.

Best of luck!

 

All,

I have to agree that with the fact that the current job market for MBAs (and other skilled professionals) is still really tough. I have a number of friends that finished B-school back in 00-01, got great jobs, then got laid off. . . Needless to say, they've had a tought time ever since.

As we all know the tech sector and finance (I-banking) industries have taken a major hit over the past 2.5 years for many reasons. However, as with most things, the job market will eventually rebound. A MBA (or any graduate degree for that matter) will almost always give the person with the degree an edge over the have not's.

Unfortunately, the days of the huge signing bonus and multiple offers are gone, but I would not let that be deciding factor in whether you pursue a graduate degree or not. At some point, things will turn around and the extra paper will come in handy. . .

 

I'm glad to have stumbled across this thread as I have also been getting myself geared up to apply to B-schools. As voiced from several of you, the value of the program and degree lacks the luster it once held. And to complicate matters, I don't want to lose my current job. I have been doing healthcare IT consulting for the past three years and the job is fairly secure.

As with several of you, JD programs also crossed my mind but graduates from recent years have also been struggling to find jobs. Economic times like this one reminds me why med school could have been a better choice for absolute job security.

Currently, part-time MBA programs look more promising (currently eyeballing the tech MBA offered at UW) but I really don't want to miss out on the experience of a full time program. I've resigned to postpone my worrying about the program until I've actually taken the GMAT and ready to work on the rest of the application process.

Speaking of which, I should get back to studying... good luck!

 

[QUOTE]Originally posted by Hitman
I'm glad to have stumbled across this thread as I have also been getting myself geared up to apply to B-schools.

 

Well, about to start my MBA in a few months. I'm anxious and scared as hell at the same time. Initially, my company was going to pay for my education, but they have since changed the program so I quit.

So anyone else starting their MBA this year???

 

Kekoa, good luck on the program! You'll love it! Build your team from day one - find RELIABLE AND HARD WORKING group members to work with.