two income to one, mba tuition etc...

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just_for_fun

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Tech hubby wants to switch into gen mgt/ marketing role, is an MBA from top school the way to go? While he is tech savvy, it is generally acknowledged that he is extremely good with people, and can think strategically. His GMAT score is in the mid 700s (is this a good score or not?), with verbal section slightly higher than the math section which seems to reinforce what we already know about his relative strengths (or should I not read too much into the verbal vs math split?).

Anyway, while I can be more encouraging to other analysts on the forum wanting to switch tracks, (back office to front office, auditor to IB etc. etc.), it is different when this happens in my family. Giving away a comfortable salary, possibly moving to a new town where I have to find a new job, living on my salary while trying to pay for 100-200K plus tuition (hence depleting all of our savings... etc. etc.), just doesn't sound very attractive to me, at this stage in my life and career. Yes, I am rather selfish...

What do you think? Ultimately this is going to be our (most likely his while I try to be supportive) decision, but can the switch be done without the MBA route? Also, I'm interested in hearing people who are married while switching tracks...

Thanks.
 
Gen mgmt / marketing will make him 85k/yr + 20% bonus for 3-4 years after mba. don't do it
 
I agree. Unless its a high paying position (i-banking, PM) it'll take you all your life to pay off that loan.
 
commstudent Wrote:
-------------------------------------------------------
> Why doesnt he do an MBA part time?

And how "comfortable" of a salary right now?
 
"His GMAT score is in the mid 700s (is this a good score or not?)"

It's extremely good. I don't think any b-school has a median score above 710.
 
I believe these are the top 3, from Business Week website.

Stanford - 720
Penn - 714
Harvard - 711
 
Clarifications:

comfortable salary?
~100K, in addition, there seems to be possibility for advancement still in the long run, though short run spikes are less certain.

Why not part time?
Because the schools in town with part time MBA, while reputable is no harvard or stanford. He thinks that if he needs to do an MBA, it would either be a top school, or he wouldn't want to bother with all the efforts.

Also, I really like my current role, team and company. I moved to this town when he got this job, and after some career moves I finally consider myself settled down. I don't want to start all over again...
 
justff,

I am in the same boat, my wife has been really supportive. We moved, she found a job she liked even better. The major challenge has been the one income factor.
If she wasn't behind me 100%, it would break us. That is really the most important thing to consider.

The best way to transition is a full-time MBA from a top school. It is because of the recruitment opportunities and job fairs the business schools put together.

I would recommend supporting him through the initial process application, interviews, etc. If he lands Harvard, you know what to do.
 
Executive MBAs are great for this situation if he can take alternating fridays off. (Cornell even offers a Sat-Sun one I've heard.) We had several in our program commuting great distances (one did his final semester from China), and of course there are several "global" EMBAs that take half the coursework in London.

Also admission is a cakewalk -- EMBA programs accept 1/4 - 1/2 of applicants. The academics are pretty much on par with full-time program, if the networking suffers a bit.
 
This is exactly why I tell all my boys not to get married or have kids before they are the person they always dreamed about being and not a day before.



Edited 1 time(s). Last edit at Thursday, July 19, 2007 at 10:20PM by Gouman.
 
Median starting salary for general mgmt for the school i'm at (top 5) last year: 97k + 15k signing bonus. Marketing was 85.5k + 20k sign on bonus. So if he makes 100k now, youre probably looking at a negative return on investment at least in the short run after he graduates depending on what type of bonus structure he has. That would be what he is looking at in return for a little less than 2 years lost wages + tuiton costs. Its hard to predict what the difference in the trajectory of his salary would be say 5 years in the future though - my guess is it would be higher with the mba, but no one can say for sure.

He should also factor in quality of life as tech generally works fewer hours than a general mgmt or marketing role would (at least in my experience) as long as youre not doing consulting. He should also really think about what he wants to do (if he hates tech it may still be worth it even with a negative roi).

Another thing to factor in is that the job market in 2 years is unknown - if the economy is in the toilet when he graduates, he may have trouble simply getting a job, much less one with equivalent pay to what he is making now.

Mid 700s gmat is very good, thats probably around 95th percentile. That with decent essays & even average undergrad grades will most likely get him into the top 5 mba program of his choice.

emba is really not a good option for someone seeking to switch careers, so that is not a really good suggestion given this scenario imo.
 
When it comes down to it though...if he's looking to go into mgmt/marketing, you guys need to question why? Why not go into finance/asset management/research and make 5-10x times what he'd make in the desired?
 
darienhacker:
>Executive MBAs are great for this situation if he can take alternating fridays off.
I'm not sure if emba is the right answer - doesn't one need to be an "exec" first? The term conjures up an image of someone higher up in a fortune 500 company, with multiple teams, depts, regions under management.

skiloa:
>Why not go into finance/asset management/research and make 5-10x times what he'd make in the desired?

The goal of getting an mba is not more $$, but a different line of job with better fit, higher level of interest, and better use of his talents (his rationale). He is not interested in finance, even though he did better on my end of book CFA practice questions than I did. Things will only be too easy if he is interested in finance; I can introduce him to all my contacts I know, and he can probably work at the front office without spending a fortune on tuition.

MH:
>He should also really think about what he wants to do (if he hates tech it may still be worth it even with a negative roi).
Excellent comment. I think this sums it up very well... He doesn't even hate tech this much. I don't think he knows exactly what he wants to do, and therefore wants to use the 2 yr MBA to buy time. The reality is, 2 yr will be up soon, and he will still be unsure as before... Meanwhile, our savings will be depleted, I'll move to a new job with only 50% chance of liking it more. Both the bay area and boston (assuming he goes to harvard/ stanford) have insane house prices that we won't be able to afford on one salary.
 
>>Executive MBAs are great for this situation if he can take alternating fridays off.
>I'm not sure if emba is the right answer - doesn't one need to be an "exec" first? The term conjures up an image of someone higher up in a fortune 500 company, with multiple teams, depts, regions under management.

It's a common misconception. Average age at entry is around 31 (with wide dispersion). The "global" programs tend to have higher-placed executives, but the typical program has a lot of first-time line managers (in finance circles, ~VP).
 
Support your spouse; his 2 years in grad school will pass very quickly,
but you keep the right to remind him about your sacrifice every day of his life.
 
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