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Hi Fishes, I have offers from PwC(risk advisory) and IBM(app development). Thing is that the PwC joining is at Kolkata location but I don't want to go there and stay. There is not much difference between the offers in terms of package(10 & 10.4). Can I ask PwC to provide WFH or change my office location for this? Deloitte EY PwC KPMG
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It entirely depends on your circumstances:
1) Current salary: I personally went to a very non-target undergrad and never had a shot at consulting. Prior to b-school I had 4 YOE but was stuck doing a compliance role for a company in the Midwest. I only got into a T10 school due to a lot of study for the GMAT, and a great (lucky) interview. In the end, my salary increased pre to post MBA by 150% (2.5x). The difference in salary will cover my loans thin a few years with little stress.
2) Professional goals - again, depends where you are now and where you want to be. If your goal is IB, MBB, PE, and you’re not there already, MBA might make sense. If you’re already in the career you want, or can easily pivot to what you want, the MBA might not be worth it.
3) This one may be a point of disagreement - but where you are as far as family/kids, and your social preferences, may play a part. Looking back, my 2 years of b-school were so fun that I can’t believe I ever considered not going. I visited 5 continents, met an amazing group of friends, spent 2 years being able to party basically whenever I wanted (thanks, grade non-disclosure), and somehow actually still learned a TON. But I also went into b-school as a single guy in my 20’s. If you’re older/have kids or family, etc, and lose the social side, I’m not sure it’s worth it.
Some schools skew older / my MBA program has a partners club which helped married couples bond. I was single but married ppl got a whole experience too
I went from making 70k to making 280k 4 yrs later. Yep, worth it. Prolly would be making ~130k p/y less had I stayed in my old job.
This is gold
Chief
People saying that an MBA is not worth the initial investment are a little bit shortsighted about the future benefits of getting one. Yes, you might have some debt coming out of it but your career opportunities, upward mobility, and pay accelerate at a higher rate than with no MBA. I bet you the number of high level execs without an MBA are few and far between (exception is some partners at some consulting firms). This is not even mentioning the other benefits - you’re pivoting industries, expanding your networks, meeting like-minded people, having fun etc
Yes agree with this. One could argue that an mba from some Ivy League schools limit you now vs help you.
I only see the ROI in 3 scenarios:
1. You get into a top 10 MBA program before the age of 30. This is nearly always worth it as these programs have great reputations, huge networks and you can easily pay off the debt. Assuming you’re not already at MBB or aren’t content with your career yet this is nearly always a great ROI.
2. Fresh start in a new industry with higher earning potential. This is pretty straightforward, sometimes the barriers to enter a industry like consulting or finance with no relevant work experience are too high without another degree.
3. Your employer pays for it, a free degree is a free degree.
I think many of the social, travel and friends can be done without taking a 2 year break going to b school. It’s also nearly impossible to put a ROI on these experiences. I don’t believe anything they teach in that classroom is worth $100k or can’t be self taught online for much less. At the end of the day if you aren’t doing your MBA for one of the 3 reasons above it might not be the best decision and while you may learn a lot and have a good time, you’re still less likely to see a good ROI on that time and money spent in a classroom instead of working.
Cool. I appreciate your hypothesis. Just wanted the context of if you had completed an MBA program. Also, shouldn’t doubt yourself too much. Harvard’s legacy admit LY was 33% compared to the 6% non-legacy.
I broke even after taxes in 3 years.
Pre-MBA TC ~80
Post-MBA TC 230
Current TC 300-320
You sound like me, no it’s not
Totally worth it. It’ll be the best two years of your life.
1) the professors you meet are beyond amazing. Yes you can google the concepts, but it’s not the same. These folks go on to win Nobel prices and you’ll be in awe with their intellect. My professor used to teach us a concept and then immediately pull up an article in the WSJ and have us apply the concept during class. It created a great atmosphere to collaborate and learn.
2) the network you develop at B school is very different from a work network. My b school classmates would do anything to help me get a job at their company. The bond of friendship is stronger
3) the ROI is only realized in the long run when you’re gunning for a senior role
4) I was an engineer in undergrad, so taking classes in accounting, finance, macroeconomics etc, helped me a lot
5) if you’re looking to switch jobs, there is no better place to recruit. It’s not the same as applying online, or via LinkedIn
6) you don’t need an MBA to be successful. Anyone who tells you that is lying to you. It all depends on your personal situation and goals. If anything an MBA helps improve your chances of being successful.
7) the true cost of the MBA is opportunity cost + cost to attend school. In my case it was around ~$450k. If you really want to know if it’s worth it, make some assumptions and do the cash flow analysis over 10 years.
8) only worth it if you go to a Top 10 school.
Everything you said but especially #2. The other piece that’s important to remember is that the MBA isn’t necessarily for the job you get right afterwards. It also serves you long-term when you’re applying for C-suite jobs and the like.
What you learn in an MBA program serves you in ways you cannot imagine when you're going through the process. 25 years later as an MD, still using key concepts and lessons learned from the experience; including, how to manage calendar.
Will say if it’s not top 20ish at worst (better if top 10) then the long term ROI becomes even more long term. I’ve got an M7 through sponsorship, don’t feel I’m exceptional by any means, but now that I’m starting to take interviews for exits I’m in consideration for higher level roles and the name recognition has been phenomenal. “Oh you went to x, I went to y, what a great school” kind of thing.
Not for me, but I’m scared of being burned out yet tied to the corporate world because I need to pay off debt. Others clearly make bank and thrive after MBA.
I’m pretty sure hires from top MBA programs make more than I do coming out of industry. If you’re looking to stay in your current position I totally agree it’s not worth it.
In the near term, it probably depends on your specific situation. I can’t speak to long term benefit though. The salary bump and the significant pivot into a different industry and function that I pulled off wouldn’t have been possible without getting an MBA or completely restarting my career.
As others have said, I’ll break even in only ~2-3 years.