..

[a123456]

I agree with the person above who mentioned about what your aspirations are. Why do you suddenly want to get an MBA? If it's just to add 3 letters to your resume, then I don't think it's a good idea. If you have some plan where you'll use the extra degree to jump start your career path somewhere, then it might be more useful.

Harvard MBAs don't really get more money because they know more about engineering or whatever field than other people. It's from knowing enough about how to sell yourself to get into Harvard in the first place and then hopefully using their network to get ahead.

Especially in this economy, there is going to be a flood of new MBA graduates because people went back to school after being unable to find a job. Having looked through a ton of resumes, I don't think an MBA will automatically give you a step up over the rest of the pack although it will vary depending on exactly what you're applying for.

About lower ranked schools below Harvard, that's tough. The quality of the network starts going down pretty fast so it's tough to say.

 

[GodlessAstronomer]

No one got the reference in my post? ATOT makes me sad

 

[Bill Brasky]

A, for networking. Duh.

 

[Delita]

I have a buddy who is going to Harvard for his MBA now. If I could feasibly do it I would totally go, but I can't afford to give up the salary and experience for a couple of years and take out the massive amount of loans. I know another guy who is going to Chicago who used to work at a major investment bank who has some money saved up. He figures once he gets out he'll be making a pretty good chunk of change so hes not to worried about forgoing the money. I chose to do a part time program near me. Its a 15-20 school with some name recognition so I'm pretty pleased. I guess it really depends on your end goal. Unless you want to get into to some top tier firm you really don't need the Harvard name. However, one of the major things your really get out of an MBA is the networking. I'd personally go with B, but for shits an giggles I would apply and see if you get in.

 

[Corporate Thug]

what is this harvard or bust mentality?!?!? There are other great B schools out there (Marshall (USC), Anderson (UCLA), Haas (Berkeley).

Consider all the options.

 

[simms]

I have a buddy who is going to Harvard for his MBA now. If I could feasibly do it I would totally go, but I can't afford to give up the salary and experience for a couple of years and take out the massive amount of loans. I know another guy who is going to Chicago who used to work at a major investment bank who has some money saved up. He figures once he gets out he'll be making a pretty good chunk of change so hes not to worried about forgoing the money. I chose to do a part time program near me. Its a 15-20 school with some name recognition so I'm pretty pleased. I guess it really depends on your end goal. Unless you want to get into to some top tier firm you really don't need the Harvard name. However, one of the major things your really get out of an MBA is the networking. I'd personally go with B, but for shits an giggles I would apply and see if you get in.

How do you find the networking opportunities, being in a part time program?

 

[xanis]

I'd probably go for B. An MBA from a second-tier school obviously wouldn't be as good as one from Harvard, but it's still an MBA. You get to keep making your $90K while doing option B too.

 

[Delita]

How do you find the networking opportunities, being in a part time program?

It's a lot easier to network in a full time program, which would be more of a reason to go to Harvard. There are events that most programs put together that you can do some networking, but you also can do a lot during different group work. It's really how much you put into it.

 

[sindows]

If I were in your position, I would go to Harvard and switch careers to investment banking. That is literally what half the HBS graduates end up doing anyways and as far as salaries are concerned, if you get into the top banks, base is ~120k. What schools fail to mention is that you also get a 80-100k bonus at year end...so total comp is 200k+

Here are the comp averages for one of the worst years in banking...
http://www.wallstreetoasis.com/compdb-2008

Put 5 years into the company and it'll easily pay for your MBA...

Edit: As for the rest of your questions....

IMO the only reason to get a MBA is to get into Investment Banking/Consulting. The only way to get into IB/C is to get into a top 20 school. A MBA from any other school is pretty much worthless IMO. You don't actually learn much in a MBA program, its more for the networking and prestige than anything else...

 

[Delita]

what is this harvard or bust mentality?!?!? There are other great B schools out there (Marshall (USC), Anderson (UCLA), Haas (Berkeley).

Consider all the options.

The question, as I take it, is more of "Should I go to a top tier program full time, or a 2nd tier program part time." Schools like Berkeley, Stanford, Chicago, Penn, etc have great MBA programs, but he would need to give up a lot to go to any of these schools and frankly some of the lower ranked programs wouldn't really be worth it.

 

[darkxshade]

D. Find a local job at McDonalds near Harvard and do your MBA there part time. :awe:

 

[MagnusTheBrewer]

I vote for B. People change in their outlooks, goals and, priorities particularly in going from their twenties to thirties. Staying in your local area going to school while working will help in sorting things out.

 

[TridenT]

A.

You may as well do it since you're considering it as an option.

OR.. D. Save the money for your Harvard education, and maybe study harder for your tests... retake the GMAT or whateverthefuck, and then go to Harvard?

 

[skim milk]

give us the name of the option B MBA that you are considering and your career goals. We can then give you a better assessment

 

[BoomerD]

OK Ill ask it, what fing job pays 80-90k without a degree or anything of the sort?

For the last 10 years I worked as a crane operator, I made between $75K and $98K...with only a G.E.D.

 

[Babbles]

I believe it was BusinessWeek who ran the numbers a while ago, and even when considering the opportunity cost and the increased tuition cost, the long-term value - on average - of a Harvard (or maybe it was Wharton) MBA was definitely hands-down objectively worth it.

Granted it wasn't an ATOT poll, but I would trust their data.

 

[MotF Bane]

what is this harvard or bust mentality?!?!? There are other great B schools out there (Marshall (USC), Anderson (UCLA), Haas (Berkeley).

Consider all the options.

I'm noticing a West Coast theme in your list. OP hasn't given a location yet.

 

[MotF Bane]

I believe it was BusinessWeek who ran the numbers a while ago, and even when considering the opportunity cost and the increased tuition cost, the long-term value - on average - of a Harvard (or maybe it was Wharton) MBA was definitely hands-down objectively worth it.

Granted it wasn't an ATOT poll, but I would trust their data.

http://www.fabulouslybroke.com/2009/07/is-mba-worth-it/

I found a piece that includes opp cost. Still looking.

 

[Capt Caveman]

If I were in your position, I would go to Harvard and switch careers to investment banking. That is literally what half the HBS graduates end up doing anyways and as far as salaries are concerned, if you get into the top banks, base is ~120k. What schools fail to mention is that you also get a 80-100k bonus at year end...so total comp is 200k+

Here are the comp averages for one of the worst years in banking...
http://www.wallstreetoasis.com/compdb-2008

Put 5 years into the company and it'll easily pay for your MBA...

Edit: As for the rest of your questions....

IMO the only reason to get a MBA is to get into Investment Banking/Consulting. The only way to get into IB/C is to get into a top 20 school. A MBA from any other school is pretty much worthless IMO. You don't actually learn much in a MBA program, its more for the networking and prestige than anything else...

A MBA has more value than just IB/C. I use knowledge from my MBA every day as a PM. And was extremely useful in Biz Dev when I worked with Internet Start-ups. Entrepreneurial Studies is not a concentration in any other discipline.

 

[PCMarine]

Mid-20s and a $200k net worth!? Hopefully that was rounded up to the nearest $200k...

 

[esun]

If you're super serious about it, willing to bust your balls to network and make connections etc., then A. If you just want to do it to get the degree to pad your resume for future prospects, then B. If you value your free time, then C.

 

[Imdmn04]

Sorry to burst your bubbles, but 690 is not going to cut it for any top 5 MBA programs, unless your daddy owns an oil refinery, or has significant political clout, or makes millions of donations each year.

For the average Joe, you need at least 750, a Fortune 500 resume, and top tier under grad degree to get into the top 5 MBA program. Are there exceptions to this rule? Yes, but are you a black woman that has disabilities who grew up in poverty? Probably not.

For a local tier B school, it is harder to judge potential income increases. If your company invested in you, do you think they will want to put you in a upper level management position later on? Or is this just a general tuition subsidy program offered to all employees of the company?

 

[Mani]

I was in a similar situation and found the best of both worlds for me was to do an EMBA at Wharton. You have to travel to Philly or San Fran every 2 weekends, but you develop a great network and have the name without having to take 2 years away from work. It's not easy getting in though - I had a 750, great work experience, essays, and recos. They do however take younger candidates under their Fellowes program if you have strong company backing and a very strong applicant profile (I had to go this route). I'm starting classes next month.

 

[nanette1985]

As others have pointed out, the primary benefit of option A is the networking. But that's a chicken-and-egg thing, the ones who thrive with the networking are the ones who already had the networking ability before they got to Harvard or wherever.

So, forget the MBA thing for now (or do the local part-time) and start going full blast with your networking abilities. You don't have to go to Harvard to make Harvard connections, somewhere nearby you can find someone who did go there, and network with them. There are all sorts of interesting people no matter where you find yourself.

 

[skim milk]

1. A, B or C?
2. If you selected A, would it still remain A if it was a Top 20 B-school? (Stern, Kelley, Tepper)

Stern is a top 15 school.. I would be happy with Stern especially for Finance.
I'd choose Stern over Ross any day