Ross - Weekend MBA vs. Broad ($$)

Question

Hello everyone,

I'm in a bit of a weird situation that isn't quite cut and dry as it comes to choosing between like programs when it comes to prestige or tuition even. Allow me to explain:

I currently live on the East Coast, working for one of the big 3 consulting companies (admin, not consulting side). My fiancee and I are from Michigan and are looking to move back home. I've been accepted the following programs in Michigan (some on the East Coast as well but we'll ignore that for now because they're not Ross level):

Michigan (Ross) - Weekend program. Completes in 2 years with classes every other Friday and Saturday starting in May. Tuition (in-state) is ~$126k. Gives me the ability to have a job during the year. No scholarship money.

Michigan State (Broad) - Full-time program. Completes in 21 months. Tuition (in-state) is ~$65k and they are giving me scholarships (not sure of the amount yet - have a call with the Director of Admissions tomorrow).

So here's the dilemma, Michigan is literally 2X the cost of MSU before taking into account the scholarship(s) I will get from MSU. My fiancee will be working (high school teacher) and I could be working if I go to Michigan so the gap would be less, but still probably pretty large. We want to live in the Metro-Detroit area rather than East Lansing and then relocate, but we could suck it up for 2 years in the Lansing area/live closer to Detroit and both drive our separate directions. Regardless, our end goal is to be in the Metro Detroit area come 2021.

Moreover, I don't plan on going into consulting at one of the Big 3 as I'm looking more towards internal strategy and strategic management.

Basically, is the reputation and future income potential from Ross that significantly greater than MSU to make going into (probably) rather significant debt worth it? All things equal, I'd go to Michigan in a heartbeat. My siblings went there, I love Ann Arbor, and the program itself is impressive. I just don't know if I can justify the costs to myself (and I don't want to handicap my finacee and my life going forward).

Thanks for any advice you have!

webster7 · Answer

What is your income?

Don't forget that you'll be working while going to Ross. So they should be about equal. You lose 2 year's worth of salary going to MSU.

So I recommend Ross.

bb · Answer

As long as you can make $40K/year, you should be better off at Ross. What am I missing? There is a difference between Full Time and Part Time but that seems not to concern you in this question.

BostontoMichigan · Answer

I live on the East Coast now, but my fiancee and I are planning on moving back while I go through the program so I would lose my current job and have to find a new job back in Michigan during the process.

I have enough cash to cover ~60% of the whole program, but outside of the income from a job (and my finacee's job as a high school teacher) the rest would have to be loans. My thought would be to come back, pay for the first 2 or 3 billing cycles with the cash I have while I look for a job/do the networking and recruiting events at Ross.

With MSU and the $16k I'd get in scholarships (total), I could cover the rest of the program with the cash I have.

So, is Ross worth going into some debt versus MSU and no debt?

BostontoMichigan · Answer

My income currently is $65k with a $5k tuition reimbursement program at one of the Big 3. But, we'd leave our current city to move back to Michigan for the program so I'd leave the job.

I would think I could get a job back in Michigan with a ~15% pay cut so around $55k.

bb · Answer

Ok, I won't beat around the bush anymore. Comparing Ross (ranked currently as Top 10) to Broad (Ranked #37) is like comparing playing with Patriots vs. Playing on a really good Texas high school team. Probably the best high school team in the state but it comes in no comparison.

It would be shortsighted to trade attending Ross for Broad even with a full scholarship.

Now, you are choosing PT vs. FT and that's not exactly apples to apples. There are caveats and I would recommend researching what PT program means. I would also recommend discussing it with your significant other and making sure they are on board with your choice.

Good Luck!

BostontoMichigan · Answer

Haha yeah I know the difference between MSU and Michigan's rankings/prestige is... stark. Value and general balance is what I am more concerned about.

My fiancee is fully on board for Michigan. She has told me to do it and she's more than willing to help support my goals as I've supported hers in the past. The logistics of moving back, starting the program, and trying to figure out the job aspect of it is all very overwhelming at the moment and the allure of not having to deal with loans or belt tightening at MSU is a selling point.

I've been accepted to the Weekend Program already. Kind of wish I would have gone all in on the FT program but with the variables my fiancee and I had at the time, I felt like the Weekend program was more flexible and now I just need to figure it all out.

bb · Answer

Have you told your boss yet? I assume so since he/she likely wrote your LOR's. I have seen many times when people did get raises, promotions, etc due to potentially leaving and due to potentially getting into an MBA while everyone else is just pecking at their job.

I think finding a decent job should not be an issue since many of your classmates (probably all) will have a job and after some time they would be willing to help recruit at their companies. This is the main source of recruiting while attending a WE/PT MBA.

You would have to really screw up to make Ross more expensive than Broad taking all into consideration....

BostontoMichigan · Answer

Yes, I told my boss. He was a recommender for me and said if I continue working (commute from the Boston to Ann Arbor every other weekend) that I would be in line for a promotion to go along with my yearly pay raise and bonus. So that is another option if my fiancee and I stay out in Boston since she might be applying to a grad program out here (it's Harvard so why not take a swing?). That would only work if she gets some scholarships/fellowship because my salary alone couldn't cover COL and grad programs.

Good to know on the networking aspect. I have (family) connections with GM, Deloitte, DTE, and Rock Financial that I can tap into and having the connections Michigan provides would help in that area as well.

Good to know on the networking aspect. I have (family) connections with GM, Deloitte, DTE, and Rock Financial that I can tap into and having the connections Michigan provides would help in that area as well.

Mo2men · Answer

Congrats  BostontoMichigan

I believe that your justification stems from your end goals.  bb  has laid out nicely the difference between the schools and difference between the programs. I'd add extra point trying to help.

If you join Ross PT program, would it support your dreams to make the transition from admin in consulting firm to an internal consulting/strategy? Do you know someone who make the switch from his job into consulting through PT program? How is the recruitment process in Ross PT?

On the other hand, you can ask the same question for Broad. The full time program rewards with high salary as per the employment reports in any school. If not internal consulting/ strategy, do you have plan b (another goal)?

After analyzing the data gathered, you can justify your decision with your finacee and decide whether to take the risk. This is how I would do for myself.

Have Broad declared the amount of scholarship?

Good luck

BostontoMichigan · Answer

MSU is giving me $8k/year and in-state tuition.

I know people who did PT programs and then did consulting before getting into strategic management. They kept their job at the time until graduation before leaving for new opportunities.

I don't have a fully flushed out plan b. At Broad, you select a concentration and focus a majority of your second year to it. Ross, I gather, is a more general approach that still has focuses so you don't necessarily lock into a career track. For better or worse.

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Ross - Weekend MBA vs. Broad ($$)

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