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I would not consider an MBA for a second if I made that. Maybe an exec MBA down the line
Exec MBAs are bs and not really respected; Completely different. Lower caliber applicant pool and not selective. Many EMBAs known this and lie by omission on linkedin and just put MBA. Be careful when considering that path vs this
I made 350k before heading to one of HSW. A huge chunk of the class made around or more than what I did. Most people made more than 180k. Ultimately it’s about the long term branding, networking, and a solid two year structured break. For a lot of us, it wasn’t about a material step change in immediate comp.
Savings from working in finance covered most of it
I make approximately $250K. I went for an EMBA at an M7. The M7 EMBAs are generally serious academically (as much as you want them to be with some caveats on the lower end). The cohort is more senior, therefore networking “quality” is better. Plenty of MBB, IB, PE, HF managers, director-level, PhD’s / MDs at my M7. For me, opportunity cost was too high to leave the market for 2 years.
I would think an FT MBA makes sense if you’re intent on any of the below:
- 2 year break and reset from work
- structured recruiting to pivot (typically) into a pre-manager role in tech, IB, or consulting
- an excuse to shift geographies
Sorry I never responded. I went to Booth and paid my own way through - graduated with zero debt - while working. My non-tuition costs were mostly the flights and accommodations (some other programs cover housing; food and materials were covered). Ultimately I needed the flexibility to work remotely beyond our typical firm policy, and like an extra week or two off.
Harvard has an alternative to the EMBA which is worth looking into - I know nothing about it. However, MIT is still excellent and I would caution not to allow social perceptions tarnish your perceptions. What matters is the biz community knows MIT is excellent. Even if one puts a heavy weight on a sense of self-fulfillment from a prestige degree - I would go far enough to call it a character flaw (harsh I know) among those people. It’s a $200K-$250K decision. You really need to be clear-eyed about what you want from the program.
I was set to make ~180-200k before I left for M7 MBA. Now, I’m going to one of the top paying IB firms, where I will nearly double my comp 1.5 years in, and triple it in my 3rd year as an associate. And have much better long-term career prospects.
I did have ~$175k saved up though.
Double and triple it how? Are you saying 1.5 years in as an associate you make 400k and 3rd years you’ll make 600k?
With your current salary, I would strongly consider Exec MBA / Part Time MBA especially given this tough job market