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Do I need to get a top 15 or 25 MBA?

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Joined: 15 Feb 2016
Posts: 7

Kudos [?]: 1 [1] , given: 5

Concentration: Strategy, Healthcare
GPA: 3.9
Do I need to get a top 15 or 25 MBA? [#permalink]

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New post 10 Apr 2017, 13:26
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Here it is--1.5 years of half-baked conversations that I have had in my own mind and with a handful of people....

Background:

I've always wanted to pursue an MBA for intrinsic reasons, obtaining business level knowledge/experiences/connections, as well as opening up career opportunities.

When diving into the topic of obtaining an MBA (through hours of Googling and talking to many close friends and family), I've come across an interesting statistic that may play heavily into the caliber of schools that I pursue. Some quick background info--I'm 26, working in the mid-west, great experiences in Fortune 10 companies, and an engineer from a top 10 engineering school (BSE/MSE). Currently, my salary is ~$100k and I know in the course of the next 5 years I can move up in the ranks and potentially bring in upwards of a ~30% increase and management/director level positions. Although salary isn't too important for me, given that I have a growing family it is not by any means something I can gloss over when looking at MBAs (given some of the schools I was looking into cost upwards of $130k tuition + living expenses + forgone salary).

I do not want to change industries or even the function of my work! I love what I do but I know that down the line I will need an MBA. FYI--I work in the healthcare space first on the medical device side, now on the payor side.

Stats:
- Undergrad- 3.9 (biomed engineering)
- Grad- 3.98 (biomed engineering)
- GMAT- 680 (not really planning on retaking)
- ~4.5 years WE (2.5 at a leadership rotational program at a global conglomerate, 2 years at a non-profit in an internal management consulting role)
- I know I will be able to draft a compelling story in my essays so consider my essays to be average or above average.
- Manage 2-4 people in a project setting (not matrixed...just project)

Questions:
- Given I'm in the industry and even function that I want to be in, should I consider PT MBA from a top 5 school (Kellogg or Booth)? Leads to lots of debt given no reimbursement from company. Also, given my salary today I expect my ROI to be long (I'm thinking a decade out).
- Should I just bite the bullet and gun for a top 15 program full time and take out ~$200k in loans? (My overall salary trajectory would be steepened but my wife would hate to be eating Ramen noodles every night when we already got the taste of steak).
- Should I take a breather on trying to get an MBA now and let my career ride out for a few years and then revisit the EMBA or PT MBA conversation once I hit a senior manager role (~5-8 years down the line)?

Sorry to just unload on you all. I just figured I'd throw it all out there and everyone will eat up what they want/need to.

PM me if you have any other questions!

Kudos [?]: 1 [1] , given: 5

Do I need to get a top 15 or 25 MBA?   [#permalink] 10 Apr 2017, 13:26
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Do I need to get a top 15 or 25 MBA?

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