Is an MBA worth it?

[Macfarland]

Hey guys, as some of you might have read in my other thread, I am contemplating to do an MBA. I was studying for the GMAT a couple of days ago, and I decided to search the worthiness of the degree. I thought that opinions would favor the degree but to my surprise opinions were pretty much divided evenly. To some, it's the best decision ever. To others, the ROI is just not worth it.
Here is my short story, after taking 5 years off school, I decided to pursue my BA in International Business around 2003 and finished it in 2009. My experience has mostly been entrepreneurship in Baja and SD. My reason to pursue this degree is because I want to work for a firm in SD as doing business in Mexico is volatile. I want some insurance. The only way (I think) to get back in the game is to pursue an MBA. The school is private and is the Harvard of San Diego. The cost of the program is $75,000. If I do it, it would be the full-time program because I don't have any obligations and I have the luxury to go to school full-time. I will not forgo any position in a firm as the business is family owned. I will still receive my monthly dividend (enough for my S550 GT) and then some. Can my business grow? Of course it can, but it may last 5 years or 30.
I ask here because many of you have successful careers and I'd like to hear some opinions from you guys. Is the MBA worth it?
Thanks

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[evo8904]

Thankfully, I knocked my MBA in one year after my BA. If I had a chance to do it again, I would have gone to law school. There are law schools that have a MBA/JD program where you would get both in 3 years. When I was a insurance investigator I would negotiate settlements against opposing counsel. I knew a lot of them and they were making a lot of money. They would get 33% of the settlement amount. I left insurance world last year and by my self, I negotiated 4.3 million in insurance claims. Go to law school!

 

[airjonny]

I'd say it would be worth it as a fall back. Especially if it's a target school, you can possibly get your head in the door in banking.

 

[Rv-Junke]

MBA - only when
1) You are going to a prestigious school (ie top 10 in the world)
OR
2) You are getting it for free (ie, company is paying)
OR
3) You are being groomed for a spot within a company you want to work for long term and it is necessary for advancement.

Paying for an MBA at 'any old school' is a bad idea. They rank amongst the most worthless degrees in a vacuum in my eyes. The problem is that being business savvy is really not trainable - it's an innate trait and the only thing that develops it is - you got it - EXPERIENCE!

We now live in a marketplace of ideas instead of service or products. If you want to make it big, you have good ideas and you know how to implement them. If a successful business is a painting, an MBA is the equivalent of learning how to thin paint, apply brush strokes, wet blend, etc. Will this class give you inspiration and the ability to paint a masterpiece? Doubtful! The only thing it will do is teach someone with innate talent some extra tricks. But these are things you simply learn from a good mentor and/or with experience on your own in the same time period. It's all great mechanically but ultimately useless without the proper perspective (ie deep knowledge of the industry you are trying to compete in) and the right ideas. People become break out successes by being different than their peers - not the same. Guess what an MBA is training you to do?

I have to echo Flak.

A degree doesn't guarantee anything other than you will have debt.

Personally my path was without proper schooling (I received my Associates from a County College in NJ, at the ripe old age of 24)...However, a TON of hard work and scrappiness, and with many blessings I ended up being a CEO of a Venture Backed Software company at the ripe old age of 44...so IMHO, I think success is measured by what you deem important, and how you get there is up to one person and that is you! If you feel you need an MBA to be successful, or get ahead (measured to what YOU deem the baseline) than you need to chase your dreams and not let anyone tell you different!

However, as Flak mentions a proper mentor, time, and being open to the opportunities that open in front of you may net a bigger return...

I wish you the very best in your search, and hope you and your family have a very Blessed Christmas (Holiday for all the PC people out there) and a Very Safe New Years.

 

[Macfarland]

Thanks for the responses guys. Aside from good internships that may land a job the other reason supporters for the MBA say is worth it, it's the networking. The difference between a BA and MBA is that the latter has elite students especially in a private school. From San Diego to Mexico City to Taiwan and India, in the couple of events they have had, I have met the offspring of CEOs of firms from around the world. This can lead to jobs or business deals, and so on. Well, the first step is to get the GMAT out of the way. Once I have that, I have time to think about it as the deadline is May 30. Thanks again and keep the stories coming, they are very interesting.

 

[TurboAg]

Flak is pretty much dead on...Personally the only way I would do it if I was paying would be if you could get in to a top 10 school

Also, no top 10 schools in San Diego so a direct recommendation would be no. Only CA schools would be Stanford and possibly Berkeley. Good luck!

 

[Farmundeh]

I'm ALL for advancing one's education, but speaking as someone who has a post-graduate degree (along with many friends who are similarly situated), I can tell you that Flak's comments are on point.

Business-related master degrees and law school (since it was mentioned in this thread as well) are both grossly overrated, and not so coincidentally the marketplace is over-saturated with both. I would think long and hard about spending that much money on a degree that may ultimately not make that much of a difference. If your two main arguments in favor of going for an MBA are 1) the internships, and 2) networking, look at it this way:

The internships - The probability of an internship turning into something permanent/worthwhile heavily depends on your school's ranking/credibility/alumni network. I would closely look into this for any school you are considering. And I don't mean any stats that they may provide you with, but rather third-party only. Grad schools are gifted at skewing reality in their favor.

Networking - If you have the personality needed in order to network and are comfortable doing it, you can/will do it no matter where you are. Don't pursue another degree for the purpose of networking. There are plenty of professional associations, no matter what field you're in, that you can become affiliated with in order to meet people and make the necessary connections.

Just my .02 based on personal experience. Either way, I wish you the best of luck in all of your endeavors.:cheers:

 

[dghuggin1]

My feelings about MBAs are similar to the previous posters, so I will spare you. I am a firm believer that your relationships will take you further than your talent ever will. Networking opens countless doors. People want to hire someone that they are comfortable with, either directly or through a referral. For example, during my last job search I identified people working in positions similar to the one I was seeking that I felt I should contact. To identify individuals I utilized the alumni directory at my school, linkedin, and company websites. I then reached out to them via email asking to setup conference calls, lunches, or drinks after work. I was NEVER told no. Sometimes I had to email two or three times for a response, but they responded and commended me on my persistence. I was quickly able to build a pretty solid network of people who were cluing me into numerous unposted job opportunities, and introducing me to other individuals. I eventually landed the job I am in now because I met my boss at a networking event. Networking is not difficult, you just have to become comfortable with doing it. Teach yourself how to find common ground, be personable, stroke egos some, and sell yourself.

With that being said, networking is not a substitute for hard work. You must still perform. Whether you are a navy seal, a successful attorney, a successful engineer, or a successful entertainer, the common thread is hard work.

 

[Macfarland]

Hey guys, I hope you had a nice Holiday season. Thanks for all the replies. After extensive hours of doing research and interviewing professionals, I have come to the conclusion than in fact an MBA is not worth it at this point in my life. I will continue with my business and I'll look for a steady job through carrer services of my alma matter until if ever my business picks up. The highlight of this year will certainly be the arrival of my S550. Thanks again and may all of your resolutions get accomplished!

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