2007 Aggie Grad here. Currently work at a financial institution as branch manager but I feel like I need more education, such as an MBA, to advance into senior level management. Any advice or recommendations on Houston area or online MBA programs?
MBA Advice
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Last: 3 yr ago by jespy
TAMU in city centre?
Considered it, but also looking to diversify my education a bit. As someone said on another thread, I have the A&M brand for my undergrad. Pros/Cons to getting your MBA from the same school as your undergrad? Besides A&M being awesome of course.
Tulane. Don't recall their set up in Houston, but my friends who did that one liked it.
I know someone who will be starting Cornell's MBA program online.
Not sure. Currently lower level business student
The best on-line programs include: Indiana, Carnegie Mellon and the University of North Carolina. I went to the first two schools and recommend them. UNC would be a very solid choice as well. Go to all three schools web sites and check the programs out.
blingard said:
The best on-line programs include: Indiana, Carnegie Mellon and the University of North Carolina. I went to the first two schools and recommend them. UNC would be a very solid choice as well. Go to all three schools web sites and check the programs out.
I can vouch for the online programs at Indiana and UNC. I don't have an MBA but I've hired a lot of people who do, including graduates from both of these programs. I would say the graduates of both of these online programs were as prepared coming in as graduates of any other top 20 full-time program I've hired.
Nm
Appreciate the suggestions!
Want to stay at your company or move to another? If the former, go to a weekend program (tu, rice, A&M). If the latter, go full time to the highest ranked one you can. I did tu's on the weekend, but did end up moving companies (but not through the university's recruiting process).
Many companies want an MBA to intern the summer between year 1 and 2, then hire on, but if you are doing weekends, you obviously can't do that (as I'm assuming you'll still be working).
Many companies want an MBA to intern the summer between year 1 and 2, then hire on, but if you are doing weekends, you obviously can't do that (as I'm assuming you'll still be working).
And I had to decided between A&M and another school, and my theory was I was already 100% Aggie through and through. However to non-Ags, they tend to lean toward having different schools between undergrad and MBA (just my experience).
If you don't mind, I have a few questions. I was just accepted to Rice's professional MBA program.
What school?
Full time or part time?
Are you still functioning in an engineering role, if so, in management? If not, did you transition careers? What to?
What has been the impact on your earnings and earning potential?
I am currently in engineering. I am considering changing careers all together if I can't transition into management. I have taken a liking to finance and financial analysis and this is where I am considering a career transition but have no formal education in business, accounting or finance.
What school?
Full time or part time?
Are you still functioning in an engineering role, if so, in management? If not, did you transition careers? What to?
What has been the impact on your earnings and earning potential?
I am currently in engineering. I am considering changing careers all together if I can't transition into management. I have taken a liking to finance and financial analysis and this is where I am considering a career transition but have no formal education in business, accounting or finance.
if you're trying to do a career change, a full-time would've been the move, but see what career management resources are available to you as a part-time student at Jonesjamaggie06 said:
If you don't mind, I have a few questions. I was just accepted to Rice's professional MBA program.
What school?
Full time or part time?
Are you still functioning in an engineering role, if so, in management? If not, did you transition careers? What to?
What has been the impact on your earnings and earning potential?
I am currently in engineering. I am considering changing careers all together if I can't transition into management. I have taken a liking to finance and financial analysis and this is where I am considering a career transition but have no formal education in business, accounting or finance.
I dont understand the full time programs. Who, except 23 year olds with little actual experience can suddenly not only stop receiving a paycheck, but then also add another $200k in debt to finance an MBA? I mean, its $100k just in tuition. Now add back in your living expenses for two years and thats like a $400-500k decision.
There is no way.
There is no way.
jamaggie06 said:
I dont understand the full time programs. Who, except 23 year olds with little actual experience can suddenly not only stop receiving a paycheck, but then also add another $200k in debt to finance an MBA? I mean, its $100k just in tuition. Now add back in your living expenses for two years and thats like a $400-500k decision.
There is no way.
Your math says that you are probably not a good candidate or you are but you have a lot to learn. Your base living expenses for two years are a fixed opertaing cost that would be spent if you went to school or not, hell it would be spent if you were unemployed.
Without getting into discounting future cash flows, The cost is (tuition-scholarships) + (2 years salary - internship pay) - signing bonus.
Of course that only takes into account part of the value, you need to consider the increase to the of your entire career's future cash flow from two years out. Put the two together and you have an NPV. If that NPV is more than a single dollar, going is a good fiscal idea.
The right person getting Getting an MBA from the right school is a no brainier. Ths wrong person Getting an MBA from the wrong school is a no brainier.
It is the wrong person getting an MBA from the right school or the right person getting an MBA from the wrong school that is sticky
So you know many mid-career folks who have done what you said, or just mainly the 23-25 year old crowd?
I mean, you can use those numbers, but, if you don't pay your mortgage for two years because you have no income... it doesn't matter what the NPV is. I get that it's a fixed operating cost. My point is, somehow, you have to come up with cash to cover those fixed operating costs for two years (unfortunately, I'm not like some companies and can't just fund myself from the equity markets in perpetuity). That's a bit different than paying those fixed operating costs with actual cash flow.
But again, I'm not trying to get into a pissing match. I looked at the full time program and I don't see anyway it's possible except for those very young and with very few if any financial and or familial commitments.
I mean, you can use those numbers, but, if you don't pay your mortgage for two years because you have no income... it doesn't matter what the NPV is. I get that it's a fixed operating cost. My point is, somehow, you have to come up with cash to cover those fixed operating costs for two years (unfortunately, I'm not like some companies and can't just fund myself from the equity markets in perpetuity). That's a bit different than paying those fixed operating costs with actual cash flow.
But again, I'm not trying to get into a pissing match. I looked at the full time program and I don't see anyway it's possible except for those very young and with very few if any financial and or familial commitments.
From my experience, most MBA candidates at full time programs at 27-30 and have saved up a portion living expenses to help get them through the 2 years of MBA.
If I were to put a number on it, I'd say 30 is when you better be making enough and you probably don't have enough time left in career to make a full time program worth while from a financial sense unless you are coming from a non-profit/government job.
That said, teachers and former military are sought after MBA canidates (particularly academy grads).
That said, teachers and former military are sought after MBA canidates (particularly academy grads).
well seeing that i just turned 30 and am quitting my job in 3 weeks to attend a full-time MBA program, i am living proof that it's easily doable. The payback period on this degree will be 4 years from today, and my salary will significantly increase. This is very short-term thinking, which makes sense why a part-time MBA would be for you. Full-time isn't for everyone, but i wouldn't suggest continue doing a career/function that you just do not like just because of societal/financial pressures. I don't measure happiness in dollars either, so that has to also go into the equation. This was a 40 year decision for me, not a 2 year decisionjamaggie06 said:
I dont understand the full time programs. Who, except 23 year olds with little actual experience can suddenly not only stop receiving a paycheck, but then also add another $200k in debt to finance an MBA? I mean, its $100k just in tuition. Now add back in your living expenses for two years and thats like a $400-500k decision.
There is no way.
Are you married?
Are you relocating to attend?
What industry are you looking to move into?
Are you borrowing against retirement savings, or do you actually have the savings on hand to cover school plus living for two years? If so, congrats. But, damn. If you've got that by 30, what do you need an MBA for?
Maybe its just the conservative engineer in me, and yes I've seen all the great claims of increased salary etc., but I look at is far from a guarantee.
Im not saying that I dont see the value of one. Obviously, I do.
I was just genuinely curious as to who comprises the bulk of the FT students as it just didnt seem like a viable possibility for me.
Its still hard to stomach knowing that mba tuition alone is going to cost more than twice what paid for six years at A&M for two degrees including living expenses.
Also, what program are you going to? I'm interested in reading your thoughts and expectations on the process and program. I know I could have likely been admitted to a top full time program and I really intend to make the most of networking opportunities as that is one of the great benefits of any good program.
Again, Im not trying to e-fight or be pessismistic. I just want go into this with realistic expectations. So, the more comments and discussion, the better. Even if it exposes my limited knowledge in this area. Nothing I stated was intended to be fact. It was just my opinion as viewed from afar, as it is, as I dont even begin until July.
Are you relocating to attend?
What industry are you looking to move into?
Are you borrowing against retirement savings, or do you actually have the savings on hand to cover school plus living for two years? If so, congrats. But, damn. If you've got that by 30, what do you need an MBA for?
Maybe its just the conservative engineer in me, and yes I've seen all the great claims of increased salary etc., but I look at is far from a guarantee.
Im not saying that I dont see the value of one. Obviously, I do.
I was just genuinely curious as to who comprises the bulk of the FT students as it just didnt seem like a viable possibility for me.
Its still hard to stomach knowing that mba tuition alone is going to cost more than twice what paid for six years at A&M for two degrees including living expenses.
Also, what program are you going to? I'm interested in reading your thoughts and expectations on the process and program. I know I could have likely been admitted to a top full time program and I really intend to make the most of networking opportunities as that is one of the great benefits of any good program.
Again, Im not trying to e-fight or be pessismistic. I just want go into this with realistic expectations. So, the more comments and discussion, the better. Even if it exposes my limited knowledge in this area. Nothing I stated was intended to be fact. It was just my opinion as viewed from afar, as it is, as I dont even begin until July.
No problem, I understand where you're coming from, and your concerns are 100% valid.jamaggie06 said:
Are you married?
Are you relocating to attend?
What industry are you looking to move into?
Are you borrowing against retirement savings, or do you actually have the savings on hand to cover school plus living for two years? If so, congrats. But, damn. If you've got that by 30, what do you need an MBA for?
Maybe its just the conservative engineer in me, and yes I've seen all the great claims of increased salary etc., but I look at is far from a guarantee.
Im not saying that I dont see the value of one. Obviously, I do.
I was just genuinely curious as to who comprises the bulk of the FT students as it just didnt seem like a viable possibility for me.
Its still hard to stomach knowing that mba tuition alone is going to cost more than twice what paid for six years at A&M for two degrees including living expenses.
Also, what program are you going to? I'm interested in reading your thoughts and expectations on the process and program. I know I could have likely been admitted to a top full time program and I really intend to make the most of networking opportunities as that is one of the great benefits of any good program.
Again, Im not trying to e-fight or be pessismistic. I just want go into this with realistic expectations. So, the more comments and discussion, the better. Even if it exposes my limited knowledge in this area. Nothing I stated was intended to be fact. It was just my opinion as viewed from afar, as it is, as I dont even begin until July.
As for me, I'm a single guy, don't own a home, my car lease ends in September (all by design), and yes, I am relocating to attend school at MIT Sloan in August. I currently work in private equity doing valuations/accounting work and want to switch into technology or entertainment, working in business development. Ha i feel like i just churned out a dating profile.
To my knowledge, the average age of the class of 2019 is about 28 years old, and most are career switchers like myself. I also received a generous scholarship from MIT, so the debt burden will end up being around $90k (I went to a&m on scholarship so this is a titanic leap from what i paid in undergrad) after all things are considered. I'm not planning to use my savings to pay for anything except excess travel, since i would rather borrow, make my monthly interest payments while in school, and allow my savings to be there for other things. Then again, i come from an industry where we firmly believe debt is cheaper than equity so i tend to apply that philosophy to my personal life. Sure, I am giving up a 6 figure salary to attend business school, but I have been planning this move since 2012 and saved my money and made life decisions to ensure that i was ready to enter school at the age of 30.
As for the value of the degree, I told myself i was only going to school if i could get into a top 15 program, because I plan to live on the west coast and travel to africa to do work in my parents' home country, and I need a degree that will open doors to those avenues, and MIT was the best school i got into, so i'm going. I wanted to be able to learn about tech and pivot away from anything accounting and finance related and MIT was the best tech school i applied to (I didn't apply to stanford GSB). I have access to an incredible alumni network (which has Kofi Annan, Daryl Morey and Carly FIorina as alums) and the plethora of resources at the many labs on campus. The increased salary is more of a career arch approach rather than a 2-3 year window, as Duncan said. I was okay sacrificing short term dollars for long-term gains. Knowing that i could possibly double my career earnings by taking two years off (might be three if i get into Harvard's Kennedy School in March) made the decision to go to school that much easier.
Another observation is that a lot of ags, for some reason or another, generally aren't at a lot of the top FT programs (there are tons in the PT programs) outside of the state of texas (although that's changing now, with 5 at HBS and 3 at dartmouth, 2 at Duke and 2 at MIT), and I think it's due to the aversion to risk of lost income due to coming from very safe career backgrounds and ags seem to start families much earlier than other school counterparts.
Fantastic post
Quote:
I think it's due to the aversion to risk of lost income due to coming from very safe career backgrounds and ags seem to start families much earlier than other school counterparts.
This is so spot on. I am constantly shocked by risk averse the typical aTm grad is.
Agree, but aren't millennials often criticized for the contrary.
So, in four years of working, you're going to have 100k saved u?. In addition to retirement savings? Any current student loans?
As a fresh graduate, what kind of salary are you getting already?
As a fresh graduate, what kind of salary are you getting already?
Not really all that tough or unbelievable IMO.jamaggie06 said:
So, in four years of working, you're going to have 100k saved u?. In addition to retirement savings? Any current student loans?
As a fresh graduate, what kind of salary are you getting already?
So $80k is more reasonable, but yeah I had $20k in student loans which I knocked out by Christmas with the help of my $10k pretax signing bonus.
I'm an investment banking analyst and save 40-50% of my base and then don't plan on spending any of my bonuses for the next three years so I think I can hit $80k.
I'm an investment banking analyst and save 40-50% of my base and then don't plan on spending any of my bonuses for the next three years so I think I can hit $80k.
Thats why I asked what your starting salary was.
WTF? I started out at $60k as a graduate engineer.
This just reinforces the troubling notion I've come to accept. Engineers are grossly underpaid.
Given the numbers your talking about, it sounds like new grads in other fields are making way more than I imagined. One of the main reasons I'm considering a career change.
On $60k a year, even if there hadnt been a great recession, theres no way I could have saved $20k a year after taxes in addition to a 401k coming out of school.
Kudos to you if a) you can or b) you're making substantially more than $60k straight out of school.
Another question, what are the benefits of an MBA for someone who already has a finance degree and is in IB already? Does it move you into upper management quicker or are you intending to change paths (entrepenuer?)?
WTF? I started out at $60k as a graduate engineer.
This just reinforces the troubling notion I've come to accept. Engineers are grossly underpaid.
Given the numbers your talking about, it sounds like new grads in other fields are making way more than I imagined. One of the main reasons I'm considering a career change.
On $60k a year, even if there hadnt been a great recession, theres no way I could have saved $20k a year after taxes in addition to a 401k coming out of school.
Kudos to you if a) you can or b) you're making substantially more than $60k straight out of school.
Another question, what are the benefits of an MBA for someone who already has a finance degree and is in IB already? Does it move you into upper management quicker or are you intending to change paths (entrepenuer?)?
Depends on what you want to do. If you want to stay in high finance but pivot, then you can get into any combination of VC, hedge funds or private equity. If you want to switch careers, I've seen plenty of people go the strategy consulting or start up route.
All those options can easily pay $200K when including bonuses the first year out of business school. And that's why the ROI can make sense. However, as others have already mentioned, you need to have the right background/trajectory and be at the right school for it to work.
Keep in mind though that certainly not everyone even at top schools will get these highly coveted jobs. So for the rest, the ROI can be more murky as business schools have decided to blindly increase tuition by 7 to 10% a year for the past 15 years but corporate America salaries certainly haven't kept up.
All those options can easily pay $200K when including bonuses the first year out of business school. And that's why the ROI can make sense. However, as others have already mentioned, you need to have the right background/trajectory and be at the right school for it to work.
Keep in mind though that certainly not everyone even at top schools will get these highly coveted jobs. So for the rest, the ROI can be more murky as business schools have decided to blindly increase tuition by 7 to 10% a year for the past 15 years but corporate America salaries certainly haven't kept up.
fightin16 said:jamaggie06 said:
Thats why I asked what your starting salary was.
WTF? I started out at $60k as a graduate engineer.
This just reinforces the troubling notion I've come to accept. Engineers are grossly underpaid.
Given the numbers your talking about, it sounds like new grads in other fields are making way more than I imagined. One of the main reasons I'm considering a career change.
On $60k a year, even if there hadnt been a great recession, theres no way I could have saved $20k a year after taxes in addition to a 401k coming out of school.
Kudos to you if a) you can or b) you're making substantially more than $60k straight out of school.
Another question, what are the benefits of an MBA for someone who already has a finance degree and is in IB already? Does it move you into upper management quicker or are you intending to change paths (entrepenuer?)?
Quote:
This is very short-term thinking, which makes sense why a part-time MBA would be for you.
Hasn't even started his MBA and already a snob...you'll do well my friend.
jamaggie06 said:
If you don't mind, I have a few questions. I was just accepted to Rice's professional MBA program.
What school?
Full time or part time?
Are you still functioning in an engineering role, if so, in management? If not, did you transition careers? What to?
What has been the impact on your earnings and earning potential?
I am currently in engineering. I am considering changing careers all together if I can't transition into management. I have taken a liking to finance and financial analysis and this is where I am considering a career transition but have no formal education in business, accounting or finance.
I feel bad that I have missed your response for so long but here are some answers:
1. I did tu's professional (aka weekend) program
2. Weekends
3. During the MBA, I moved from engineering to finance roles (M&A and business development) at my then employer, but then left that company go to go a very large O&G company
4. Since starting my MBA (2012), my salary has gone up 50% with my new company and potential to kee growing. I feel the MBA gives me some credentials, but working my ass off and being open to different roles is key (moved into a sales role for a year or two most recently)
Happy to share more if you have further questions. Email is username except class year is 2008 at gmail