VP
Joined: 05 Aug 2007
Posts: 1431
Given Kudos: 22
Concentration: General Management
Schools:NYU Stern '11
Re: Wharton/HBS/Stanford or other UE MBA may not be worth it
[#permalink]
06 Aug 2008, 15:12
It's worth it if like most of us you are looking to break into IB/MC/PE/VC. I don't think any of us have any delusions about how many working hours each of those careers entails. You want to be an entrepreneur and seek VC funding? Guess what, an MBA will give you more credibility and open more doors. You sell equities in Dallas and want to work for L'Oreal in New York? An MBA will give you a shot at that.
Would Warren Buffet still have been successful without an MBA, probably. Will we ever know that for sure, no.
Furthermore, as I always try to convince myself when faced with a breakeven period of between 6-7 years on my MBA investment, an MBA provides a lot in terms of intangible value. In the end you could save yourself several thousand dollars and just take the equivalent of each class offered at H/S/W at your local community college/state university. Yet, most people don't. Because H/S/W and the rest of the M7 offer a lot more than just a learning experience. Let's start with something very simple - how do you put a price on an alumni network, lifelong access to career services, and several new acquaintances (each sharing something in common with you - your degree) at least as professionally accomplished as you are?
Often, the tuition you pay at a Near Elite or Trans Elite school is (let's disregard scholarships for a moment) the same as what you pay at an Elite or Ultra Elite school. If anything, that post is testament to the fact that you need to go to the best business school you get into, because the intangible value you get from the Elite and Ultra Elite in terms of alumni network and access to the choicest recruiters (even after graduation) is a lot higher than at schools a little lower on the reputation totem pole.