Author Topic: To MBA or not to MBA (w/ tuition reimbursement)  (Read 4117 times)

khotte

  • 5 O'Clock Shadow
  • *
  • Posts: 64
  • Age: 29
  • Location: Orlando, FL
  • Badass Mustachian Twins!
To MBA or not to MBA (w/ tuition reimbursement)
« on: February 16, 2015, 04:33:16 PM »
Hi everyone!

I just got a new job that will pay up to $700/credit hour for two classes at a time. I would be responsible for anything over $700/credit hour and/or if I took more than two classes at a time. I wasn't planning on going back to get my MBA but now I feel like I should so I don't lose out on what my company will pay for.

Thoughts?

gluskap

  • Stubble
  • **
  • Posts: 169
  • Age: 39
  • Location: Los Angeles, CA
    • Money Savvy Mommy
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #1 on: February 16, 2015, 06:16:59 PM »
I think as long as they are paying and you have the time to do it, why not?  It's still always a plus to have a graduate degree on your resume.  I would just do 2 classes at a time.  That way you don't pay anything extra and it's really hard to work and take more than 2 classes at a time anyways.

willow

  • 5 O'Clock Shadow
  • *
  • Posts: 95
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #2 on: February 16, 2015, 06:42:46 PM »
If my company were paying I'd go no questions asked. Exceptions being wanting something other than an MBA or thinking it would cause my life problems because of the time commitment.

khotte

  • 5 O'Clock Shadow
  • *
  • Posts: 64
  • Age: 29
  • Location: Orlando, FL
  • Badass Mustachian Twins!
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #3 on: February 17, 2015, 01:33:27 PM »
Now a couple of the programs I'm looking into cost upwards of $1200/credit hour. So I'd be responsible for anything above $700/credit hour. Assuming each class is 3 credit hours, and I take two classes at a time, (which is sometimes tough for programs that require you to be part of a cohort), I'd be responsible for $3000 every semester. Still cheaper than paying outright, but is it still worth it?

renter4evah?

  • 5 O'Clock Shadow
  • *
  • Posts: 15
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #4 on: February 17, 2015, 01:35:40 PM »
Does the company require you to stay with them for a certain timeframe in return for the reimbursement (that's what mine does)?

NICE!

  • Pencil Stache
  • ****
  • Posts: 687
  • Location: Africa
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #5 on: February 17, 2015, 01:38:19 PM »
Without knowing more about your career goals or specific situation, I'd say yes. I'm a huge proponent of education.

However, there are several scenarios in which I would say it isn't right for you (hair on fire, plan to stop being an employee soon, etc).

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1354
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #6 on: February 17, 2015, 01:43:59 PM »
Assuming that the MBA requires 30 credit hours, 6 hours per semester = 5 semesters x $3,000 = $18,000 your cost.
Will the MBA be required at your company to advance?
How long do you plan to stay at your company?
Are the $1200/credit hour programs substantially better than $700/CH programs available to you?

johnstein

  • 5 O'Clock Shadow
  • *
  • Posts: 20
  • Location: Houston, TX
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #7 on: February 17, 2015, 01:51:28 PM »
- How long would taking 2 classes at a time take you to graduate?  3 years or more? 
- What's the reimbursement policy?  pay raise after graduation? 
- Do you have support from your family/spouse?  Your week nights and weekends are going to be all homework/projects.
- Have to spoke with anyone in your company that has done it?

Just my 2 cents... I know many part time MBA students (a full time graduate myself), most of them are fully sponsored by their employer with 1-2 years lock in.  Even with that, many of them told me they'd not do it cause it doesnt really help in terms of getting a better job because if you're in a big city, there are many other MBA's for the employers to choose from and most of them are probably from a full time or more prestigious program.  *most of the part time programs requires you to put "part-time" on the resume as suppose to just MBA from XXX.  As you know, full time programs have very different admission criteria.


khotte

  • 5 O'Clock Shadow
  • *
  • Posts: 64
  • Age: 29
  • Location: Orlando, FL
  • Badass Mustachian Twins!
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #8 on: February 17, 2015, 02:05:43 PM »
Does the company require you to stay with them for a certain timeframe in return for the reimbursement (that's what mine does)?

Yes, I have to stay with them one year upon graduation.

Assuming that the MBA requires 30 credit hours, 6 hours per semester = 5 semesters x $3,000 = $18,000 your cost.
Will the MBA be required at your company to advance?
How long do you plan to stay at your company?
Are the $1200/credit hour programs substantially better than $700/CH programs available to you?

MBA isn't required, and I'm not set on staying with this company forever. If I choose to get my MBA, I'll plan to stay a year after completion. The programs I'm looking into are a mixture of online and in person and both are over $700/credit hour. The $700/credit hour programs I would have available would be the fully online programs. So it depends on  your point of view comparing University of Florida to University of Phoenix.

- How long would taking 2 classes at a time take you to graduate?  3 years or more? 
- What's the reimbursement policy?  pay raise after graduation? 
- Do you have support from your family/spouse?  Your week nights and weekends are going to be all homework/projects.
- Have to spoke with anyone in your company that has done it?

Just my 2 cents... I know many part time MBA students (a full time graduate myself), most of them are fully sponsored by their employer with 1-2 years lock in.  Even with that, many of them told me they'd not do it cause it doesnt really help in terms of getting a better job because if you're in a big city, there are many other MBA's for the employers to choose from and most of them are probably from a full time or more prestigious program.  *most of the part time programs requires you to put "part-time" on the resume as suppose to just MBA from XXX.  As you know, full time programs have very different admission criteria.

 - The only program I'm looking at that lets me take two classes at a time is 39 credit hours. It would take me ~3 years to graduate from this specific program. The other programs I'm looking at are lockstep with a cohort, and have a predetermined number of classes per semester and predetermined semester in which you take them.
 - No pay raise after graduation (I wish!), which is why I would want to get it paid for, and then look elsewhere for another job.
 - I don't have any commitments right now so I'm not worried about the time aspect.
 - I work at a very large organization and several people have gone to several different universities.
« Last Edit: February 17, 2015, 02:26:01 PM by khotte »

AK

  • Stubble
  • **
  • Posts: 171
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #9 on: February 18, 2015, 04:56:13 AM »
I spent 3 years going part-time while working full-time to get my MBA and it's tough and downright exhausting. I paid out of pocket and thought it was a good move at the time. Now, I'm not so sure. It's definitely helped me but not as much as the tuition cost. My reasons for getting it were

1) if I start a business some day, it would help which I have no doubt about that.
2) if I want to switch careers, it would help.
3) it would help me be a better developer by understanding the business side of things better. Definitely helped here too.
4) looks good on a resume...   This certainly depends...
5) Networking opportunities.

Bottom line, will this really help with your long-term goals given the time and money costs? Can you spend your time doing side hustles that build passive income streams instead? Are there other degrees they'll pay for that would help you even more?

pbkmaine

  • Walrus Stache
  • *******
  • Posts: 8296
  • Age: 62
  • Location: The Villages, Florida
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #10 on: February 18, 2015, 06:26:43 AM »
I can't advise you to get one or not. I will say that for certain jobs, where your MBA is from factors into the hiring decision and the salary. I worked on Wall Street. The name of my business school mattered. My husband worked in manufacturing. The fact that he had one got him a big promotion. Where it was from was not important.

mginwa

  • 5 O'Clock Shadow
  • *
  • Posts: 24
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #11 on: February 18, 2015, 03:18:40 PM »
I can't advise you to get one or not. I will say that for certain jobs, where your MBA is from factors into the hiring decision and the salary. I worked on Wall Street. The name of my business school mattered. My husband worked in manufacturing. The fact that he had one got him a big promotion. Where it was from was not important.

+1. My MBA was a huge (HUGE) income increaser. I paid for it myself, and it was extremely expensive and utterly worth it. But depending on what you do or want to do, the name and rank of the school can be either hugely helpful or hugely destructive. Going to the wrong school could send a really bad message to potential employers. Don't do it just for the match, do it because it's the right thing for your career and you know exactly what you are looking to accomplish. Then find the right program. Every school has a list of companies that recruit from them--if your target company(ies) isn't on that list, don't bother applying to that school. There's a simple economic brutality to MBA programs.

ShaneD

  • Stubble
  • **
  • Posts: 184
Re: To MBA or not to MBA (w/ tuition reimbursement)
« Reply #12 on: February 18, 2015, 05:14:05 PM »
I spent 3 years going part-time while working full-time to get my MBA and it's tough and downright exhausting. I paid out of pocket and thought it was a good move at the time. Now, I'm not so sure. It's definitely helped me but not as much as the tuition cost. My reasons for getting it were

1) if I start a business some day, it would help which I have no doubt about that.
2) if I want to switch careers, it would help.
3) it would help me be a better developer by understanding the business side of things better. Definitely helped here too.
4) looks good on a resume...   This certainly depends...
5) Networking opportunities.

Bottom line, will this really help with your long-term goals given the time and money costs? Can you spend your time doing side hustles that build passive income streams instead? Are there other degrees they'll pay for that would help you even more?

Similar to AK's thoughts, I'd think long and hard on the return you'd get on the investment of time and energy you'd have to put into it. As others have noted, it could very well help your career options, so it could turn out great. I'd simply advise doing real research into it, even checking to see what the companies that interest you value. With scholarships and grants, I had a completely free ride to grad school, but jumped ship when I realized the projects and clients/companies that interested me just didn't much care either way. A nice bonus to be sure, but the degree was going to take a lot out of me to give back very little. My time and energy were simply better spent elsewhere. If time and money had been no object, I'd have completed the degree just for the fun and knowledge; but long-term, it was more lucrative for me to take on additional professional projects and build up my portfolio than the degree would have given me.
« Last Edit: February 18, 2015, 05:16:05 PM by ShaneD »