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Went to state school. Spent 23k on my MBA. Tripled my salary within 3 years of graduating. Going to a top school is great, but for me the ROI wasn’t there. Getting the MBA propelled my income growth but I’m at or above where T15 grads are too.
My recommendation is to get the cheap state school mba if you have to pay for it. Then just outwork all the T15 people.
Triple the salary and no debt is a lot better life than being in the same place with 150k of debt.
This. I, too, went to a state school for my MBA and graduated with zero debt and job offers paying triple what I made pre-MBA.
I definitely don’t have the bragging rights or access to the network T15 grads have, but, to me, that’s not worth paying 150-200k for 🤷.
scholarships and loans
several good friends are either on loans+cash or scholarships, every woman and URM I know (10-15 confirmed people) got at least a 50% scholarship to the T15s they were accepted to
Spent the money on my own. Tripled my pre-mba salary. Best investment I have ever made.
I agree with K1 a quality MBA is money well spent. I made 82k pre-MBA. 4 years post MBA my TC is roughly 280k with lots of salary growth to come.
That said, where you get your MBA is more important than just getting an MBA….
Living with parents
Additionally, I’m at around a 210 TC right now. Seems like I would not be getting that much more even after getting an MBA. Should I still bother to get a “top” MBA, or just get a cheaper in state one? Basically, I’m not getting an MBA to really make a career switch, but more to add it to my profile.
I think the higher your comp pre MBA the lower return you get on the MBA. If you’re a competitive candidate for a T15 program, you can likely get a full ride to a state school. I’d take the free mba if it’s an option
Some scholarships, some money I had saved, supplemented by loans for the rest. Originally didn’t get a scholarship, just asked them to reconsider my application for it, magically got something. It wasn’t a huge amount but at least reduced the loan burden.
Loans. I determined that if I could graduate making $25k more I could break even paying the loans, but was hoping for a steeper salary growth with MBA. The gamble worked, got a job making $25k more after graduating and in 2 years was at $80k more.
Pro
I paid for my FT MBA via partial company sponsorship ($10k/semester, if memory serves), loans, and self funding. I also worked full time through the MBA program. 0/10, would not recommend doing that, but the net was that I came out of the MBA owing ~$55k and didn't take a comp hit in the process.
I've got friends who got loans and scholarships to cover the cost.
Loans :(