Economics PhD switching to MBA
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02 Jun 2015, 07:58
Hi guys,
I'm about a year away from finishing up my economics PhD at Michigan (a decent, but not elite economics school) and I've started thinking about what it would be like to get an MBA. I had a consulting interview a few months ago and thought the work would actually be pretty stimulating, and reasoned that other business-y jobs would also be pretty cool. I've also really started to hate the rat race of academia and don't honestly think I could be anything more than a mediocre researcher. So I've thought about applying to MBAs without finishing my PhD in the hopes of starting something new.
Anyway, is this a terrible decision?
I've been thinking the following:
1. The MBA would be a fresh start, and if I decide I want to return to academia, the option's always there. It would also be a welcome relief from the grind of a PhD program.
2. I get all the shallow things I want out of life: parties, prestige, and money. No, but seriously, this is a slight consideration. Correct me if I'm wrong.
3. I will get to work in dynamic, fast-paced environments and change the world. Again, correct me if I'm wrong.
Some reservations:
1. My PhD program will pay me to finish, and it's in a field that's not unrelated to the business world. In fact, I feel as though the jobs I've gotten interviews for (McKinsey, JP Morgan quant, etc.) are just as good, if not better, than what I'd get with a top MBA (from Harvard, Stanford, or Penn).
2. MBA's also are also expensive and money is one thing I don't have too much of right now. I'd have to take on massive debt.
3. I have no work experience outside of working as a consultant for a large development organization (the World Bank), so not sure I could crack the top 4 or 5 programs. I have a good GPA though (3.8 undergrad) and my GRE score is about to expire but it's pretty high, relatively (800M, 710 V, 5.0 AWA).
4. As far as classes go, they'd be a complete waste of time, considering I am at this point qualified to teach most of them (B-schools tend to hire lots of Econ PhD's).
Any advice would be appreciated. Seriously, anything.