Grad School Worth the $$?

[livinitup]

My cousin was discussing an interesting dilemna. He has a great degree in finance/business from a top school, worked a bunch of years, got totally burnt-out making great money until the economy tanked so his commisions tanked to nothing for a year, did the Peace Corp for 2 years, got into a great MBA program but not his #1 choice. Now he's in the Virgin Islands making $10K a month (this might be exaggerated) and seriously considering NOT going to his #2 choice for his MBA because 1- He's 30 and making good money and realizes he has marketable skills, 2-this is 2 years FT making no money, 3- $150K debt.

No wife or kids. What you say MM?

[clickerish]

I don't really see why a person needs an advanced degree if they are happy with what they are doing, feel they can be happy doing it and that it's not going to disappear.

He could also re-apply in the future without prejudice should he feel so moved. MBAs don't have age limits.

[Deleted]

It totally depends on what he will do with that MBA. If you go the finance route post top MBA, then you will get your money back in one year. However, the environment is tough and competitive and your cousin already burned out once. It is hard to go back to the grind once you get a taste above the bottom of the totem pole.

DH is in your cousin's situation where he acquired enough experience over the years that quitting for a FT top MBA program will cost him dearly. However, these FT programs are designed for people with less than 10 years of working experience and DH has just about that much. He even landed a new job in a completely different side of the bank so he really doesn't "need" it. But, it is a nice check mark on his resume. So he will apply for a top Executive MBA program and hope to have his employer pay for it. This way, he can continue earning $ while going to school once a month.

[livinitup]

May 14, 2012 13:53:44 GMT -5 v said:

What kind of second choice are we talking about? The name on the MBA matters a LOT. So if, like, Wharton was his second choice I'd feel differently than I would if Fordham was his second choice.

Duke.

[fbf2006]

It depends on what the second choice is and what his future career plans are. I personally don't think he needs an MBA but it seems like sometimes (in NYC anyway), regardless of one's experience, people like to see that top MBA on resumes.

[h]

May 14, 2012 13:58:30 GMT -5 v said:

May 14, 2012 13:55:42 GMT -5 livinitup said:

Duke.

In that case, I lean towards thinking he should go, but on the other hand it depends on what he wants to do after. If he's already burnt out from one business job, he may not like another.

Also, I don't know how I'd feel about being a single 30-something stuck in Durham for 2 years... but that's neither here nor there I guess.

I think MBAs at a non-top tier school are usually a waste of time and money, but Duke is a good program with great networking opportunities and will therefore probably be worth it. I would not worry about being stuck in Durham for 2 years because most of your social life during business school revolves around the school and your classmates anyway.

But if he is totally satisified with his current career path and earning potential, there is really no reason to go.

[SJ]

If he got burned out of the finance/corporate world, why would he need a MBA? Is he trying to return to that world? Is the gig in the Virgin Islands temporary?

In general, I feel that MBA's from top schools are well worth the money. However, if your cousin doesn't want to re-enter "that world", I see absolutely no reason to get $150K into debt when he has a good thing going.