Already making 90k, would it make sense to do an mba?

Question

I am turning 28, GMAT score 730

I am already making very close to post-mba salary.

If I decide to do an mba, there will be uncertainty from 1) getting into an ideal school, 2) getting internship, 3) getting full-time position.

On top of that, I will incur a lot of living expenses.

Should I do an EMBA a few years later?

Thanks Alex.

AlexMBAApply · Answer

If you only look at an MBA purely in terms of salary, then no.

Look, most people going to the top schools now are making close to the post-MBA salary levels. But they're not going for a salary bump. They're going to school to change careers, find new opportunities, a new start, and so forth.

The thing is, even though a lot of folks lambast MBAs for being money hungry, the reality is, it's not really about the money because again most people are making close to if not more than the salaries/comp for many post-MBA jobs.

And if it is about the money, it's more about longer-term potential - not "salary" but overall net worth (i.e. building the foundation to eventually start their own business). Wealth is built on asset growth, not income.

Ivanjames · Answer

What about if I am 41? I currently also make around 90k for a government sponsored real estate finance firm. I've been there for 2 years. Prior to that 
I have owned and ran two small companies (appraisal and a fast food restaurant) and have also managed a real estate data collection team. Going on the theme of it not being just about the money, does it make sense for me to shoot for the stars with something like McCombs, stick with my original plan of Florida State online or go with the middle choice of UT-Dallas? I realize this is a little off topic, but I would really appreciate some advice. Thanks!

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d3miller · Answer

It depends on what your goal is. Whether it comes up in interviews or your essays, the question will arise: Why are you pursuing an MBA? If your answer is "to make more money", then an MBA probably isn't for you.

I'm 27 years old and will be making about $130k this year. I'm currently in the application process. My post-MBA salary has very little to do with my motivations for pursuing an MBA.

Ivanjames · Answer

My main goal would be to improve my chances at future opportunities. Before this job, my resume was filled with good experience and an undergrad diploma, but practically zero name recognition due to entrepreneurialship, small companies, small school, etc. I'm hoping that an MBA from a more well known school would help to tie everything together. However, I have a myriad of reasons for wanting an MBA and would reflect that in any essay or interview situation.

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AlexMBAApply · Answer

At your age, you are probably best going to an exec or part-time program, rather than taking time away to do a full-time program. In a way, you're probably better getting a more "prestigious" name on the resume from a part-time program, rather than going to a "lesser" full-time program if what you're really after is the credential and brand on your resume.

Ivanjames · Answer

Thanks, I really appreciate the advice.

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mbafant · Answer

What is your main reason in pursuing an MBA?

d3miller · Answer

I currently work in product management in the technology industry. I've worked for startups, medium-size companies, and now a large enterprise. In each company there were specific skill-sets that I just did not have. At the startup I was very close to the executive team, who all had MBAs. There was a language they spoke that I just didn't understand, most of which was related to accounting and finance. At the large companies there are a lot of skills around analytical marketing (e.g. statistics) that would really allow me be a more effective product manager. I also wish to gain general management skills so I can either return to a startup and successfully work in upper management, or have my own startup. Lastly, I'm would also like to make somewhat of a career transition, from my current B2B-like product management role to more of a B2C role in brand/product management in the consumer technology space.

Already making 90k, would it make sense to do an mba?

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