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Looking to secure a coveted spot at a top business school? Our team of seasoned MBA admissions consultants, including top B schools alumni and industry leaders, is here to help turn your dreams into reality. Let’s kick-start your journey to success!
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01 Apr 2016, 05:47
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First time posting on the forum! I'm just starting my journey through the GMAT and starting up some applications. 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 PT 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 PT MBAs (given some of the schools I was looking into cost upwards of $130k).
Can anyone speak to the potential salary bump that comes from a PT MBA or really even a FT MBA (think Booth, Kellogg, etc.) when you already have a very competitive salary? Specifically, I'm hoping to get into the healthcare strategy (provider, payer, revenue management, etc.) space in the midwest. The more I think of it, the more I realize maybe I need to dial down the caliber of schools I'm looking at and focus more on a local PT MBA program.
I know there are numerous other factors to consider here, but I'm just hoping to get some general insights from the community!
When diving into the topic of obtaining an PT 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 PT MBAs (given some of the schools I was looking into cost upwards of $130k).
Can anyone speak to the potential salary bump that comes from a PT MBA or really even a FT MBA (think Booth, Kellogg, etc.) when you already have a very competitive salary? Specifically, I'm hoping to get into the healthcare strategy (provider, payer, revenue management, etc.) space in the midwest. The more I think of it, the more I realize maybe I need to dial down the caliber of schools I'm looking at and focus more on a local PT MBA program.
I know there are numerous other factors to consider here, but I'm just hoping to get some general insights from the community!
01 Apr 2016, 23:18
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Moving to a better forum where your post is more likely to get the needed attention.
Question: Why do you need an MBA? You mentioned wanting to switch industries - is that the main driver for an MBA? How is salary in that space?
Question: Why do you need an MBA? You mentioned wanting to switch industries - is that the main driver for an MBA? How is salary in that space?
02 Apr 2016, 15:54
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gmatprepper101
Hey there,
It's a good question you ask and a lot depends on the specific of the programs you are looking at, of your profile and of your goals. But I think I can relatively clearly answer that if you are thinking about a FT degree from a Top 10 program, usually in the long-term it is a LOT more beneficial for you to do such a program than a PT program - the lifetime of prestige, contacts you will make, access to alumni and resources are invaluable. It's not always entirely quantifiable, but it is very very real. Otherwise, let's say for argument's sake that your profile is not strong enough for say Top 20 and you are judging a 30-ranked midwest MBA vs a highly ranked PT program, then things begin to change. If you do a PT MBA let's say while working, you have no guarantee even to get a salary bump although you will certainly learn stuff. But imagine you go to a good MBA with good recruitment in healthcare, you can immediately expect a bump of 20-40% upon graduation, and I think that even putting aside the other long-term benefits I mentioned above, that that alone can make it quite worthwhile...
I hope this helps and if you have any further questions do not hesitate,
Best,
JF
