question about B-school tuition and the post-graduation

Question

so most everyone here is probably either in a top B-school or is wanting to go to a top B-school.

Obviously, full scholarships aren't offered for everyone and probably not everyone has 100% of their tuition saved up under the bed.

So most of you are using, grants, loans etc etc.

Now, what is your opinion on such a huge investment for B-school. Is the investment worth it?

Obviously, there's 2 schools of thought. 1 group will say "It's worth it...education is priceless, and the salary you get in the end will make up for it. The other group will say "You must be crazy to spend 100k for 2 years because you will end up in debt for the rest of your life."

Since this is a Gmat forum, there might be some bias, but I want to survey your opinion.

After spending 60 to 120k for school, while still paying off your loan with your starting salary, are you still very well off? Do you still have left over to buy that big house and fancy car? how long does it take to pay it off? Is it one of those situations where you wont 'feel' rich until the loans are out of the way?

bsd_lover · Answer

most alums I've spoken to say they pay it off in 2-5 years.

Toubab · Answer

So you're going to B-school to get rich? Good luck.

Jerz · Answer

Now there's an understatement. Of course we all think it's worth the money, otherwise why would we be applying?

More specifically, I am giving up a job that already pays me more than the avg. starting salary for grads, so there's a good chance that after 2 years and $150,000 in costs, I'll end up in a job that pays *less* than what I make now. But that's not the point, I'm not doing this for the promise of getting rich. I'm doing it for the experience - not just the education but the chance to spend 2 years with a group of incredibly smart, talented and interesting people, and I'm doing it for the chance to switch careers and do something I find more rewarding than what I do now.

So will I have to live more frugally after graduation while I pay off my student loans? Yes. Do I think $150,000 is too high a price to pay for a rewarding career? Not for a second. There's much more to being happy than having a lot of money.

nink · Answer

I think a lot of people make the mistake of debating this question too long. They end up debating this question well into their late 20's and into 30's. That dramatically closes the window of opportunity to get into top programs.

Is a top bschool MBA or any MBA for that matter, worth the cost of attendance?

Well you got to compare the opportunity cost of continuing your professional career with a MBA or without MBA degree.

If you feel that you are in an industry where a MBA degree won't affect your future income, promotion and etc - then don't bother pursuing a MBA degree.

If you feel that you will regret later on in life if you don't pursue MBA now, then you should just close your eyes, shell out money for GMAT Prep, GMAT, and bschool application related expenses.

Bschools can charge what they charge because there's demand for the program. If there's demand, then there must be a reason behind those demands.

MBA degree is a degree that intends to teach you the science of business management, operation, philosophy, technicality, number-crunching, and better decision making. It's an opportunity for you to upgrade your skills through learning, collaboration, team work, and sharing. 
 
David Brinkley, a late American television journalist, once said, "A successful man is one who can lay a firm foundation with the bricks others have thrown at him."

MBA degree will better prepare you to "lay a firm foundation with the bricks" that life can throw at you.

refurb · Answer

+1

Nicely put.

RF

sonibubu · Answer

More specifically, I am giving up a job that already pays me more than the avg. starting salary for grads, so there's a good chance that after 2 years and $150,000 in costs, I'll end up in a job that pays *less* than what I make now.

Will you be my new long lost uncle? Can I borrow $50k?

Rubashov1 · Answer

Exactly my situation and exactly my reasoning. +1

Jerz · Answer

No problem, soni. I'll even give you the Jersey special and knock the vig down to 5 points a week. You can, of course, defer payments while you're in school, but the accrued interest will be capitalized.

Paradosso · Answer

On a different note, can you, Jerz & rca215, recommend some good readings on business careers in healthcare? Thanks!

Rubashov1 · Answer

Hmm, that's a tough one. I don't know of any sites/books that specifically discuss working in healthcare. For general (free) info on the healthcare industry - pharma/biotech in particular - I regularly peruse and subscribe to email lists at www.fiercepharma.com, www.fiercebiotech.com and www.biospace.com.

Jerz · Answer

Same here, I haven't read anything specific about working in the healthcare industry, the knowledge I have is from my time working with healthcare clients and talking to people in my firm's healthcare consulting practice. I did read Regina Herzlinger's "Who Killed Health Care?" and thought it a very good book about the challenges in the industry, but it's focused on the US market. You can also try Vault.com - I haven't read their healthcare industry guide, but have read other guides they've published and thought they were very good. The Kellogg healthcare club also has links to a variety of health-related newsletters and sites: https://www.kellogg.northwestern.edu/stu ... links.html

Rubashov1 · Answer

Paradosso:

Found this link to BU's careers guide from another thread in this forum.

https://management.bu.edu/careers/gradua ... folio.html

It includes a healthcare guide: https://management.bu.edu/gpo/fulltime/m ... tfolio.pdf

question about B-school tuition and the post-graduation

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