{ "media_type": "image", "post_content": "Applies to private US MBA programs too… Kellogg especially. Know way too many with mediocre prospects and debt up to their eyeballs", "post_id": "60e85765122f83001c04c4f0", "reply_count": 178, "vote_count": 29, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
null
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Why doesn't anyone think to look at job prospects and corresponding pay outcomes before agreeing to pay that much for a degree?? Don't go to Harvard for education and think you'll become secretary for education. Don't go to Columbia for film and think you'll become Steven Spielberg. Be realistic, use your money to invest in achievable outcomes and don't throw it away because you fell for a marketing scheme.

This is why I hate the student loan forgiveness crap...you're enabling people to continue to make poor financial decisions and get out of it with no consequences. DO SOME RESEARCH!! Don't assume the real world will offer you a way out of your own choices.

I know I'm going to get reamed out for that last comment. Turning off notifications 😜

likesmartfunny

Eventually… after 25 years of being too poor to pay them. It’s not like people skate on it.

Being from a foreign country, I was initially enrolled in a state university’s science PhD program. After realizing that even so-called non-profit universities are trying to maximize profit and revenue, I decided to leave science and graduated with my master’s.

Due to visa issues, it’s hard to transition from academic jobs to industry. Combined with my urge to “pivot to another career”, I decided to do an MBA. I did cost and ROI calculations, to see if it was worth going to MBA.

In addition to the modest scholarship, I paid $60K for 2-year full-time MBA tuition in a top 50 school. I paid $5K for additional expenses (online access, textbooks, case studies, global immersion). I paid $3,500 for my student loan interest. Let’s round it up to $70K.

I had living expenses of $30K per year, due to living in “modest” conditions in an affordable city. So my costs added up to about $130K.

Made $30K from internships. So, I ended the MBA with roughly -$100K compared to what I began with. (That’s an expensive investment but still let’s see the returns).

I got the consultant offer, $150K base + $20K signing bonus. I totally paid off all my student loan balance on my third month at my job.

My net worth before MBA was $30K. After my MBA 1.5 years into the consultant job, my net worth became $150K. And I am debt free.

I actually didn’t borrow too much. I borrowed $25K from the bank, $18K from parents (it’s a no-interest loan that I paid back). The rest has come out of my pocket. You need to put cash down, not to borrow recklessly.

I try to feel sympathy for those who borrow a fortune to study the fields that won’t pay nice salaries. I went to a state university master’s + a state university MBA. I can feel the pain of a person who went to a state university. Private, I am sorry. They should have done some “cost and potential return” calculations.

like
Recent IconRecent

Why is it so hard for me to feel sympathy for somebody who took out $200K loan to study film?

Who is approving these loans?

likehelpful

Student loan debt doesn’t go away even if you default — there are only a few limited circumstances in which it can be forgiven. So as far as consequences go, crushing poverty and no access to consumer financing seems like a real one…

Kellogg? No. M7 MBAs have great ROI on average, especially if you’re not one of those people who gets an MBA to work at a non-profit. If you do that, the debt is on you. Literally any other industry will easily pay you six figures post-Kellogg. I would agree with you about lower tier MBA schools though.

likefunnysmart

SOM here. Paid off my debt (had some scholarship so wasn’t 100% tuition) in 1.5yrs of consulting. Then left consulting to do what I wanted to. Totally worth ROI.

like

What’s that about kellogg? I nearly tripled my income after graduating 😇

likeuplifting

I made 32k per year working at a nonprofit pre Kellogg

like

Hope you had a good time at Booth! 🙃✨

likefunnysmart

Why the Kellogg assault? I went to a lower ranked program and literally everyone I know that went M7 made out very well. Outside T25 is where ROI gets tricky, depending on exit industry.

likesmart

Dude has a film degree 🤡

like

Students sit in class part time taught by professors who teach part time…leveraging endless tax credits at luxury good prices

like

A guy my year at Wharton did a joint degree and posted a screenshot of his $400k student debt balance online. Moved to one of the most expensive cities in the world after. Saw this article yesterday and thought of him - gives me secondhand anxiety

like

Lauder? This is what’s putting me off pursuing it even though it’s my dream degree ha

like

It’s predatory lending and these institutions should have to take the loss out of their endowments.

like

School marketed an overpriced, low value degree and an unaffordable loan to fools. Sounds like predatory lending to me.

like

OP got dinged by Kellogg, so taking it out here…

likesmart

Bro!! I’ve been saying this: Columbia has so many random masters programs that cost so much and let anyone in. Just scams tbh

like

I think at any school Master degrees in Arts is the dumbest investment

like

I think you have to decide what is important to you. I decided to attend a T20 school instead of a T12 school for my MBA bc the T20 school offered me a full ride.

I knew coming in I would have to work a tad bit harder to get the interview but still most of the same companies came to campus, school has a great network, and liked being a bit of the underdog. At the end it worked out. But a “M7 or bust” and not take into account other costs then it will definitely hinder you!

like

Same here, except for me it was T50. Only two big 4s recruited at my school, and one of those only for federal work. Definitely was an uphill battle getting into strategy consulting, but worth not having any student debt.

like

Thought this was relevant! 😅

Post Photo
like

The thread is wild. This particular program seems like a huge scam trading on the “Columbia” name

Post Photo
likefunnyhelpful

I went to a non-target to avoid student debt all together. If student debt gets cancelled, then shame on me for being prudent.

likesmart

Sameee

like

Zero sympathy in this day and age for not doing literally 20 minutes of google research to see post grad school career opportunities and salary ranges

like

I don’t think it’s the schools’ fault. Blowing $300k on BA Film Studies and an MFA is stupid - unless you have personal connections to break you in.

My Asian parents frugality meant they were always thinking of RoI and steered me to STEM

like

As a son of an immigrant, will agree. Feel like we are given more a pragmatic view of the world

like

Hot take: OP get rejected from Kellogg but got into another M7 program and is salty. 🤡

likefunny

Not for everyone. Unless you go into consulting which isn’t “stable.”

like

I guess up or out cultures can feel “unstable” but the exit opps usually make up for that

If he wanted money he shouldn’t have done Filme in the first place… choose a career according to your goals jeez…

like

This is so gross but I’ve been noticing it the past 5 years or so. I know lots of people that went to my B10 undergrad that were thrilled about their Ivy League grad program acceptances and have since graduated, only to now be unemployed or making as much as they would have been if they hadn’t done the grad school, but with all the debt. It’s extra sad because a lot of them didn’t come from a lot of money and had some or all of their UG tuition covered by scholarships, and jumped at the opportunity to go to an Ivy League grad program and make their families proud.

Also, I’m not talking MBA programs here, but the public policy, public health, life science stuff, etc.

like

Graduate schools are a menace to society and the pipeline that fills them (college "advisors") is at best incompetent and at worst predatory.

Don't take advice from people who don't have and probably never have had a real job, and worse, actually feel they are superior than those who have.

Related Posts

How would one pivot from a management consulting role to PE? I’m currently getting my MBA part time while working with brands selling on Amazon. Any suggestions would be appreciated!

like

Additional Posts

Hello, anyone from Akamai technologies, Bangalore??
Need some info on the employee benefits (covid benefits).

Thank you.

like

What are the main differences between R1 and R2 case interviews? Are R2 significantly harder or is the grading harsher?

like

Wow Jack Ryan season 2!!👏👏👏 so good! Must watch!

like

Used car: Mazda 6 vs CX-5? Which one do you think makes a better sense keeping in mind:
1. 8-9K price difference
2. Have a SUV & this will be second car
3. For work travel ~10miles/day

Are variable bonus payouts paid out already?

like

Bain was here...

like

Is it better to get a prelit artificial Xmas tree? Debating if I should pay extra $100 for the prelit version

like

What’s the compensation range for west Monroe partners for someone has 2.5 years experience with a masters degree in technology practice?

like

Can your body get used to your birth control after a while or as you age and that changes it’s effectiveness? I have been on the same pill since it I was a teen. Never had issues. Now in my mid-20s I’ve have noticed my periods getting heavier and pms symptoms getting worse. Any else ever experienced this?

like

What is your reason to switch companies beyond salary and role?

I am planning to shift to Singapore for 3 years. I am getting 7000 SGD per month salary. Is it enough in Singapore to live?

like

Have any consultant successfully transitioned to finance? If so, how’d they do it and where’d they go? Let’s keep MBB exits aside.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

For account settings, visit Fishbowl on Desktop Browser or

General

Legal