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# Dilemma of Dilemmas - free to top 20 or pay to top 10

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### Top 20 or Top 10?

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Manager
Joined: 03 Aug 2010
Posts: 69
Schools: Kellogg Class of 2013
WE 1: US Military
Followers: 3

Kudos [?]: 9 [0], given: 6

Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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02 Dec 2010, 14:17
Gotta a TOUGH decision to make here.

Got a 750 GMAT
GPA in the high 3s
Work Ex is prior military, lots of great experiences

I am confident that I stand a decent chance with top 10 schools. However, bc of my military service, I can go to school completely free anywhere in the state of Texas. Thus, I am considering going to McCombs, which I am 'over-qualified' for, over all others.

Am I making a mistake?

I intend to focus on GM or MC, and would be interested in returning to TX anyways. But I'm worried I'm going to be 'branded' second-tier all my life, in corporations etc... Then again, I just cant see the purpose of paying over 100k for a 10k pay raise over what I can just get for free.

What would you do?
Manager
Joined: 24 Aug 2010
Posts: 125
Schools: CBS Class of 2013
Followers: 5

Kudos [?]: 14 [0], given: 0

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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02 Dec 2010, 14:42
I'm a CBS admit and I know a guy who's in at CBS and we both matriculate next year. He's also a vet and 80% of his tuition is covered AND he gets a 3,000/month stipend. I would think you'd get a similar deal. Am I wrong?
Current Student
Joined: 07 May 2010
Posts: 731
Followers: 14

Kudos [?]: 89 [0], given: 66

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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02 Dec 2010, 14:55
well have you even applied to any other school yet?
You could get a full ride with your history and numbers at some better schools.
Its also important to note that after your first job, no one will care anymore where you went to school, your alma mater does not define your "tier" after a couple years.
Why not apply to other schools and then go from there?
This is a good dilemma to have but not until its actually in front of you.
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Current Student
Joined: 07 Apr 2010
Posts: 496
Schools: Wharton/Lauder Class of 2013
WE 1: Big Four Advisory
Followers: 26

Kudos [?]: 265 [0], given: 38

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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02 Dec 2010, 15:13
Gotta a TOUGH decision to make here.

Got a 750 GMAT
GPA in the high 3s
Work Ex is prior military, lots of great experiences

I am confident that I stand a decent chance with top 10 schools. However, bc of my military service, I can go to school completely free anywhere in the state of Texas. Thus, I am considering going to McCombs, which I am 'over-qualified' for, over all others.

Am I making a mistake?

I intend to focus on GM or MC, and would be interested in returning to TX anyways. But I'm worried I'm going to be 'branded' second-tier all my life, in corporations etc... Then again, I just cant see the purpose of paying over 100k for a 10k pay raise over what I can just get for free.

What would you do?

Have you calculated the impact of a 10k pay raise over your entire career? Say you get an average 12% raise over 10 years after your MBA. You would be earning around $28,000 more at the end of 10 years if you started with a$100k salary as opposed to a $90k start. Even assuming NO change to your salary over the next 20 years, that would translate in to a difference of$730,000 over 30 years. I know a person who didnt get the salary they wanted or would normally get at that position in a new job because their previous salary was too low to justify a big bump. So your starting salary will definitely have a big impact in the long term.
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Manager
Joined: 03 Aug 2010
Posts: 69
Schools: Kellogg Class of 2013
WE 1: US Military
Followers: 3

Kudos [?]: 9 [0], given: 6

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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02 Dec 2010, 15:58
First of all, thanks everyone for your responses so far. Really.

As far as the 80% and a stipend, thats the GI Bill. I actually dont get one bc I was chosen for a full 4 year scholarship for undergrad, which disqualifies me.

Well I guess I can apply to tops and just hope to get lucky with a scholarship?

The key thing is I plan on returning to TX, so salaries will be lower here anyways. I just dont want to have to constantly overcome mediocre impressions bc of my alma mater.

But thats great if after a couple of years your alma mater doesnt matter much anymore.
Manager
Joined: 01 Jun 2006
Posts: 183
Location: United States
Schools: Haas '15 (M)
GMAT 1: 750 Q50 V40
Followers: 3

Kudos [?]: 27 [0], given: 3

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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02 Dec 2010, 16:03
How many years of service do you have? Having had an ROTC scholarship doesn't disqualify you from the new Post 9/11 GI Bill. You just have to serve out your 4-year commitment before you start accruing time towards the GI Bill.

First of all, thanks everyone for your responses so far. Really.

As far as the 80% and a stipend, thats the GI Bill. I actually dont get one bc I was chosen for a full 4 year scholarship for undergrad, which disqualifies me.

Well I guess I can apply to tops and just hope to get lucky with a scholarship?

The key thing is I plan on returning to TX, so salaries will be lower here anyways. I just dont want to have to constantly overcome mediocre impressions bc of my alma mater.

But thats great if after a couple of years your alma mater doesnt matter much anymore.
Manager
Joined: 21 Oct 2010
Posts: 124
Location: Washington, DC, USA
Schools: Wharton (R1), Duke (EA-Open Interview), Darden (R1-Interview + Withdrawn), Ross (R1)
WE 1: 3 years Online Mrktng Rsrch / Pharmaceuticals
Followers: 2

Kudos [?]: 6 [0], given: 2

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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04 Dec 2010, 13:44
staind wrote:

Have you calculated the impact of a 10k pay raise over your entire career? Say you get an average 12% raise over 10 years after your MBA. You would be earning around $28,000 more at the end of 10 years if you started with a$100k salary as opposed to a $90k start. Even assuming NO change to your salary over the next 20 years, that would translate in to a difference of$730,000 over 30 years. I know a person who didnt get the salary they wanted or would normally get at that position in a new job because their previous salary was too low to justify a big bump. So your starting salary will definitely have a big impact in the long term.

"Even assuming NO change to your salary over the next 20 years"
Why do you make this assumption? It's a pretty lousy assumption
Current Student
Status: Wharton bound
Affiliations: VFW, Iraq and Afghanistan Veterans of America, West Point Association of Graduates
Joined: 29 Jun 2010
Posts: 308
Schools: Wharton Class of 2013
WE 1: Army Ranger / Infantry Platoon Leader Operation Iraqi Freedom (2 yrs)
WE 2: Company Executive Officer (1 yr)
WE 3: Company Commander (2 yrs)
Followers: 15

Kudos [?]: 63 [0], given: 75

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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06 Dec 2010, 09:32
Just for your information, I am also a transitiong Army Officer, when you complete your REFRAD paperwork, I would recommend two options if you can make it happen:

1) If you accrue 90 days beyond your committment, you are eligible for 40% GI Bill which is not a huge tuition bump but helps and provides approximately 1000 for living expenses in major cities (then adjust BAH rate for where you would like to attend)

2) Push your end date on your final leave form / DD-214 out. I placed mine in mid-September so I will technically be starting the semester on Active Duty. The new GI Bill covers full tuition without a state cap while on Active Duty.

http://www.gibill.va.gov/documents/Post-911_General_Info.pdf

So if you went to Wharton, for example, you would receive 28K for the first semester just but extending out your time a minute amount. Then the remaining semesters, you would get the 40%. Several veteran MBA students that I know and that get hired actually get their future employer to assist with or pay their second year to add more help. Signing bonuses will also be an offset.

Bottom line there are many ways to skin this cat, good luck

PM me if you have any questions,

Ryan (Army Infantry Officer)
Manager
Joined: 30 Nov 2010
Posts: 82
Schools: Haas Darden Ross Booth Sloan (that's right, HDRBS)
Followers: 2

Kudos [?]: 23 [0], given: 5

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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06 Dec 2010, 10:26
jtinva wrote:
staind wrote:

Have you calculated the impact of a 10k pay raise over your entire career? Say you get an average 12% raise over 10 years after your MBA. You would be earning around $28,000 more at the end of 10 years if you started with a$100k salary as opposed to a $90k start. Even assuming NO change to your salary over the next 20 years, that would translate in to a difference of$730,000 over 30 years. I know a person who didnt get the salary they wanted or would normally get at that position in a new job because their previous salary was too low to justify a big bump. So your starting salary will definitely have a big impact in the long term.

"Even assuming NO change to your salary over the next 20 years"
Why do you make this assumption? It's a pretty lousy assumption

He's making that assumption to establish a lower bound (pretty reasonable) for earnings, and showing that even this situation (w/o magnification due to exponential salary growth) is favorable. The real question is whether 730K over 30 yrs better than 90k up front, and that requires a calculator and a clear view of what you want out of life in the short term. That said, the fact that we're even considering that question given a worst case scenario of zero advancement should make it clear that starting salary overcomes the difference in tuition here in a pure financial sense.
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The end is only the beginning.

Manager
Joined: 03 Aug 2010
Posts: 69
Schools: Kellogg Class of 2013
WE 1: US Military
Followers: 3

Kudos [?]: 9 [0], given: 6

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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09 Dec 2010, 01:40
Ahhh, Ryan, where were you a few months ago?! I've already come off active duty. Wow.... I wish I had known about that. Well, that mistake only cost me like 45k. Thats awesome you were able to figure all that out in order to take advantage of it.
Current Student
Status: Wharton bound
Affiliations: VFW, Iraq and Afghanistan Veterans of America, West Point Association of Graduates
Joined: 29 Jun 2010
Posts: 308
Schools: Wharton Class of 2013
WE 1: Army Ranger / Infantry Platoon Leader Operation Iraqi Freedom (2 yrs)
WE 2: Company Executive Officer (1 yr)
WE 3: Company Commander (2 yrs)
Followers: 15

Kudos [?]: 63 [0], given: 75

Re: Dilemma of Dilemmas - free to top 20 or pay to top 10 [#permalink]

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09 Dec 2010, 07:39
yea but i think you will still be in excellent position to receive scholarships with a 750, military experience, and a good application (which i am sure you have)

i know as military people we like to have things figured out as soon as possible, unfortunately it sucks that we kind of have to watch this whole thing play out out of our hands..
Re: Dilemma of Dilemmas - free to top 20 or pay to top 10   [#permalink] 09 Dec 2010, 07:39
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# Dilemma of Dilemmas - free to top 20 or pay to top 10

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