LBS vs. Ross($) vs. No B-School ($$) [Solved: Neither]

Question

Hi all,

I have been stressing about what's the right move and would love some input. My post-MBA goal is to get into big tech PM / strategy. To kickstart the process, I quit my bank job in Toronto and recently joined a fintech scale-up based in California as a PM (in the Toronto office). Been loving this job and survived the layoff related to COVID-19, when they reduced 15-20% of the workforce.

I am fortunate to have been admitted to LBS (no scholarship) and Ross (with $20K scholarship). Despite the scholarship, Ross will still be more expensive than LBS given the strength in USD and generally higher tuition costs. I am open to working in London or Bay Area (OPT 3Y visa for US and 2Y visa for UK) immediately after MBA but I would love to come back to Toronto in 3-5 years.

I am particularly worried about internship placements next year given the current COVID-19 situation and the mass unemployment claims unfolding.

I have to decide today to whether:

1) Go to Ross and pay $2,000 deposits
2) Go to LBS (I have paid £9,000 deposits already)
3) Stay put at fintech, keep the ~$140K salary and hope to get into Big Tech after 1-2y experience

My second plan is to get into MC if Big Tech recruitment is harder than expected. Any opinions are welcome.

Regenerate · Answer

Have you asked Ross if the could equal out the cost with LBS?

What is your guess of the all-in cost difference?

SomeGuyOutThere · Answer

Estimated around $50K cad more expensive if I go to Ross

Posted from my mobile device

JohnJohnJ · Answer

You’re already in the Bay Area and you’re already working in tech. You’ll transition sooner or later to big tech in PM or whatever role. 
You don’t need an MBA to achieve that PM role.
I know so many PMs there from no name schools and with no MBA, they all make over $300k a year.

If you’ve absolutely made up your mind and you’ve paid the $9-10k to LBS, you might as well go there and have a little fun in Europe for two years.

Posted from my mobile device

bigge2win · Answer

You already have a $140K salary PM job, which is what every MBA who loves Tech wants post-MBA. I say stay with the job. I honestly think this is a no-brainer. Tech doesn't care much about the degree. It's really about the work experience. 2 years as a PM in Tech will make you a Senior PM and potentially Group PM soon after, where your salary could be $180-$190K.

If you got your MBA, you'd be coming back out best case in the same place 2 years from now as you're at now, but $150K-$200K deep in debt. Also, don't over-glorify Big Tech. FAANG is great, but there's also the unicorn route, which gives you a bigger payout post IPO if you choose the right company.

bb · Answer

Sorry I missed this discussion

I assume you ended up paying the Ross deposit for the heck of it? What if there is another wave of lay offs and you don’t survive that one? What would be your plan? Reapply? Posted from my mobile device

bigge2win · Answer

His primary option should be to find another job as a PM since he’d have at least 6-12 months on the job as a PM, which beats having a 2-yr MBA and no PM experience. That’s what any post-MBA would be doing anyways if laid off. Picking up $150K-$200K debt wouldn’t be the most prudent move when his market rate is already at least $140K.

Plus, people who know startups and tech understand how the financials work. You look at the burn rate, and you see where the projections are and how the company performs. If it doesn’t meet expectations which you can once again project further in advance, you can beat the lay-off by finding a role at another company who has a better burn rate and sufficient funding with strong growth initiatives. That’s the name of the game in the private tech world at pre-IPO stage. There are PLENTY of tech companies hiring right now.

SomeGuyOutThere · Answer

Just wanted to provide a quick update since bb reached out - I decided stick around and I ended up not doing either MBA programs. It was a very tough decision since I think I got very lucky to be accepted by both amazing programs (my GMAT is only 700).

I told my work about my MBA admissions and the execs said it's a bad idea to pursue MBA without the networking component during COVID. They put together a retention package ($40k spot bonus to cover my after-tax deposits paid to LBS), title bump, and more equity.

Earlier this year during performance review they increased my base pay to include the bonus (I lightly negotiated on it) + even more equity so hopefully when the company does get acquired / SPAC'd / IPO'd the payout would hopefully be worth the experience. Now the company is growing and I get to build a team of 5 that report to me. I feel like an imposter everyday and so far I haven't regretted the decision but there's always the "what if's" - maybe I will look back and regret the decision since MBA is a long-term investment, but short-term I've been lucky and everything is playing out pretty well.

Regenerate · Answer

It sounds like you made a great decision!

Posted from my mobile device

bb · Answer

Awesome! Thanks so much for sharing and your update! It has been a crazy year. I don't know if it helps the folks down the road to decide what to do but it definitely provides a crisp perspective. I think at some point in time once the break the mid-manager barrier, the MBA is not as critical and you can do PT or EMBA on a side or even Online program without losing the income. It is great your employer came through with options for you! Hang around

LBS vs. Ross($) vs. No B-School ($$) [Solved: Neither]

LBS vs. Ross vs. No B-School

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