Should I go for a ful time MBA?
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17 Jan 2014, 01:01
I live in Melbourne and work at a very reputable Australian insurance firm. I have about 6.5 years of work ex and have had 2 promotions in my 3 years at the company. I used to be in IT, as a support analyst, but moved to the business side and now work around the automated underwriting for retail insurance. I get a lot of exposure to the actual insurance business, from Products to Underwriting, to claims, to sales & marketing, etc. The reason I was hired by the business team in spite of having no knowledge of the insurance business was that I could demonstrate my ability to manage. All my colleagues are at least 10 yrs or more older than I am and this tells me something.....
I have reached the highest level I could without managing people. I now feel that I need to make a move so that I am not forced to wait for natural progression for making my way up. It is not so that I want to work with only my current company as my role can fit any other company in the insurance business as well. I am open to working at a consulting firm or a corporate - as long as I get to work in the Financial services sector and get to manage.
I have taken the GMAT and scored a 610 which is a bit low for making an application to the Melbourne Business School one needs a GMAT score for applying for a FT MBA program to the MBS. I am contemplating taking another shot at the exam which I don't mind at all. I will be able to make a score between 680-700 which would easily suffice.
The questions that is hovering in my mind is that would going for a part time MBA be a better option from an economical perspective? The full time MBA costs $75000 AUD and takes at least 12 months to finish. I already earn $120,000 a year - which is the avg post FT MBA salary for an MBS graduate. If were to complete my part time MBA in 2 yrs' time I would still be higher than the avg and would be able to find a job, either internally or externally, which would pay me at least 10-15% more. I will be eligible for > 90% study grant form the government.
If I go for a part time course I could well have paid my course off in the 2 year duration which would mean that post-MBA I start without owing anything to anyone! If I go for a FT course I would still end up in the Financial services sector and I am not sure how much I would be able to make!
Can you pls suggest what I may do?
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