[Advice requested] Soul-searching: To be an MBA or not to be?

Question

Hi guys!

In the process of evolution of my MBA dreams, I am at a point where I need to make a "go/no-go" decision. I have been soul-searching for quite sometime now, have read many, many posts here about people and their reasons for an MBA/their expectations from an MBA/their fears of an MBA, and have tried countless decision-making frameworks but to no avail (clearly highlighting how much I "need" an MBA..lol)

I  need your help in tracing the steps to a decision , in searching for a reason that is either strong enough for me to keep in front of myself for the next 3 years (till I graduate), or is strong enough for me to de-focus myself from the pursuit of an MBA.

I present my case to you.

Current job : Senior Manager at a mid-sized analytics services company. I handle 1-2 client engagements for our Decision Analytics consulting practice. I like my job.

Current skill sets : Data science. Consulting skills.

$$:  about $130k (including bonus)

Current location : USA.

Career growth/job opportunities:

-Just got promoted. For the next 2-3 years, I see myself handling more client responsibility + increasingly becoming a go-to person on data science & other subject matter.

-From what I see on LinkedIn, I feel pretty confident in being able to find another job if I had to.

Current education : BE (non-IIT/NIT/BITS university in India)

GMAT:  Got 690 on the GMAT Prep test without any preparation. Confident that with 2-3 months of preparation, I can get this to 730+

MBA : Only looking to go to an M7/INSEAD program.

Dilemma :

1.  On Money Plenty of people I read about on the forum say that money is an important goal. I feel like I am earning enough right now. In fact, I am super scared of a $200k loan (pay-back amount being more that, of course). So, root for money or no?

2.  Reason : Soul-searching threw out "ego boost" as an important advantage of a top MBA program. "Proving myself to myself" is an added advantage.

3.  Ambition : Not sure how ambitious I am. Sometimes feel like there is too much to sacrifice for a leadership position (family life, peace of mind, being there for loved ones..), but the other times I feel like I don't just want to be a cog in the wheel for the rests of my life.

4.  Postponing MBA decision : I am 26. Will get married in the next 12-18 months. I imagine things will only get difficult with age/family responsibilities.

5.  Life after MBA : I've heard plenty of (horror) stories about overworked consultants and burnt-out bankers. But these two are the biggest employers and most-likely to sponsor foreign candidates for visa/permanent residentship.

6.  Experience : This is one thing that stands in favor. I have always imagined that getting the world's top education, from the top professors, alongside some of the smartest people in the world is an experience worth having, and with the limited time I have on this earth, I should not walk but run towards the gates of this experience.

If you were in my shoes, what would you do?

(Also, how the heck do I figure out what I want to do after my MBA? Especially today, when I have only worked in one industry + have no knowledge of what an MBA program will teach me)

PersonalMBACoach · Answer

pikeman,

Thanks for the detailed post! You are certainly thinking through this decision, which is a good thing. I'll respond to each of your points.

1. Money - If you play your cards right, the loan is easily paid off. You are young and have many years ahead of you, so even a small increase in salary will help for a number of years.

2. Reason - This you have to answer. There are many reasons for an MBA and we can certainly talk for hours about that. Some good ones are to develop a network, test yourself in a different environment and create the ability to change jobs/industries more easily down the line (as well as of course be more competitive for jobs and have higher roles).

3. Ambition - This is more of a career advice question which we could discuss offline. Everyone has a different definition of success and some soul searching as you say can help. That said, if you find the right position and do well, you could create work/life balance for yourself that could come more easily than if you were a cog in the wheel as you say. Then again, rising does take some sacrifice. It is a balance and there are plenty of post-MBA roles that allow for work/life balance. They may not be the highest paying jobs, but they are certainly there. (i.e. working in industry vs. consulting / banking).

4. Timing- If you are interested, I recommend going for it soon, even next year. As you get older, your chances of getting in will start to go down and you will have other life obligations.

5. Post-MBA- See above. It is possible for foreign candidates to get jobs that are not consulting/banking. Another option is to start in consulting and then move out (which a lot of people do).

6. Experience- Yes, I agree.

Defining a post-MBA plan takes some time and planning. If you want to discuss further, this is the first step I take when working with applicants. Good luck and reach out for any other thoughts or to discuss your strategy.

Best,
Scott

VeritasPrepDozie · Answer

Thanks for all of the information. Maybe I'm over simplifying this but I think what should be really driving your decisions is the career aspect. I don't know how you can decide on whether to pursue an MBA until you reconcile the career aspect. That generally is what should initiate a decision to pursue an MBA otherwise I don't know what you'd be making your decision on. Focus there first and decide if where you want to be is best reached via an MBA or can you achieve your personal and professional goals without on

TransparentMBA · Answer

Pikeman -

Congrats on a great career so far, and you're asking the right questions.

Regarding the work/life balance post-MBA - you should really think hard about that, but also remember it's not all consulting and banking. Many other post-MBA jobs - general management programs at large companies like Kraft/Heinz or Citi for instance - pay exceptionally well while requiring less travel and lower hours/week than these jobs.

In fact, our data at TransparentMBA (user reported compensation and satisfaction data for MBAs) shows both General Management and Corporate Strategy as <50 hours/week worked on average, with satisfaction scores of 7.8/10 and 7.3/10 on average - some of the highest of all MBA jobs.

So, in doing your research, think of what motivates you and if work/life balance is a major factor, consider these careers when talking to alumni of your target schools. And feel free to use our data - it's completely free!

Good luck :-D

MBAbot · Answer

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[Advice requested] Soul-searching: To be an MBA or not to be?

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