Getting an MBA

[Stagleton]

Hey,

I'm thinking about getting an MBA. I think it's a stupid idea, but I can't help it. I really want to get into startups and move back to the bay area or possibly go into investment banking. What am I thinking?? I guess I'm the youngest of 5 kids and I have a competitive streak. I'm 27, work very good hours, and an MBA will put me about 4-500.000$ (excuse the fuzzy math) behind where I'd be in 2 years. But, my brother-in law lives in a cool city and makes about a million$/year in IB. That sounds pretty tempting but I would probably not make that for a long time (if ever) while working grueling hours. The thing is, I sort of miss the competition and grueling hours I had in school. I had fun competing for top grades and getting challenged. Anybody out there with an MBA (or not) with some advice?

[2527]

I got an MBA a couple of years ago.  The main thing I saw with me and my peers is an MBA might enable you to advance somewhat in your current profession and in the context of your current set of connections.  It isn't going to revolutionize your professional life.  Don't let yourself have inflated expectations of what it will do for you.

[ace1224]

i got my MBA recently.  it changed nothing at all in my life.  not even my pay grade.  all it did was set me up to be a better qualified candidate when/if my boss retires and i apply for her job. 
i wasn't really challenged either, accept for accounting class ugh, it was a lot of papers, a lot of discussions, and a lot of group projects.  and as for top grades, i wouldn't really know because they don't post a master list of grades.  i know what my gpa is but everyone else, i have no clue.
why do you think you need one?  what do you think it will change?  the only reason i even got mine was because my work pays for it so i was all "meh, okay"

[Stagleton]

Hi!

Thanks for the responses. The reasons I want to get an MBA:

1. Change industry ie IB or Entrepreneurship
2. Make more money
3. Buy into a network with people who have influence which can later lead to more power or money etc.
4. Go back to school because I like to learn
5. Compete with people in my family because I have youngest child syndrome and I want to prove something by earning more money, have more power, than them
6. Learn some 'soft' skills like networking and whatever
7. Get better with leadership skills

[ace1224]

Hi!

Thanks for the responses. The reasons I want to get an MBA:

1. Change industry ie IB or Entrepreneurship
2. Make more money
3. Buy into a network with people who have influence which can later lead to more power or money etc.
4. Go back to school because I like to learn
5. Compete with people in my family because I have youngest child syndrome and I want to prove something by earning more money, have more power, than them
6. Learn some 'soft' skills like networking and whatever
7. Get better with leadership skills

1. if you make your own company you don't need any education requirements
2. mba doesn't always equal more money, it could but its not 100%
3. i can see that, but you could probably get the same for free by getting involved in community things.  i used to volunteer and chair a couple of things and met some people that way
4. i can get down with that lol
5. ummm....lol?
6. i have learned none of that
7. how does an mba do that?

[Stagleton]

Hi!

Thanks for the responses. The reasons I want to get an MBA:

1. Change industry ie IB or Entrepreneurship
2. Make more money
3. Buy into a network with people who have influence which can later lead to more power or money etc.
4. Go back to school because I like to learn
5. Compete with people in my family because I have youngest child syndrome and I want to prove something by earning more money, have more power, than them
6. Learn some 'soft' skills like networking and whatever
7. Get better with leadership skills

1. if you make your own company you don't need any education requirements
2. mba doesn't always equal more money, it could but its not 100%
3. i can see that, but you could probably get the same for free by getting involved in community things.  i used to volunteer and chair a couple of things and met some people that way
4. i can get down with that lol
5. ummm....lol?
6. i have learned none of that
7. how does an mba do that?

1. if you make your own company you don't need any education requirements
      True! Hoping I can go this way, but it's hard finding people to work with when I can't promise them a paycheck and also investors seem to listen to you more if you have more credentials. If I want to go the IB route MBA seems like the only way.
2. mba doesn't always equal more money, it could but its not 100%
     Agreed (or less money when you consider debt and opportunity cost)
3. i can see that, but you could probably get the same for free by getting involved in community things.  i used to volunteer and chair a couple of things and met some people that way
     Yes that's true. MBA seems like an efficient way to buy into a network with senators, future ceo's and possible presidents....didn't George Bush get a harvard mba?? :P
4. i can get down with that lol
     My only self criticism is that education is free with an internet connection or very cheap by buying books that are one version older than the most recent.....A book on Java5 is like 3$ and most of the functions are the same
5. ummm....lol?
     :) trying to be honest and self reflective.
6. i have learned none of that
     haha, good to know
7. how does an mba do that?
     I don't know. Don't people major in general management? And don't lots of CEOs have MBAs? Maybe it doesn't, but at least people think it does..

[grantmeaname]

I really want to get into startups

If you want to work in startups it's important what you know, not where you went to school. Meritocracy and all that.

or possibly go into investment banking.

Well which is it? These are on opposite ends of the country, have dramatically different pay, different credential needs, different roles required of the professional, and dramatically different expectations of how much you work. If you want to work in IB you need a top 10 MBA, but you should make sure you really want to work in IB and you really want to work 80 hours a week for the rest of your career before you give up half a million dollars to go back to B-school. Since you also are the kind of person who might enjoy a startup, you should figure out if IB is really what you want.

[JoshuaSpodek]

I decided to go to business school because I started my first business with zero business experience and realized business skills would help me in my passion to start more companies.

I went to business school to learn basic business skills like accounting, finance, marketing, strategy, and so on.

I ended up learning and valuing my leadership and other so-called soft skills far more. I came out a different person than I went in. I consider going to business school one of my best decisions, though actually I got lucky since I didn't know I'd get out of it what I did. I'm still paying it off, but I'm comfortable with that. I don't know how else I could have gotten that type of education.

I had no interest in going into banking and didn't know what consulting was before starting, so I mostly didn't get distracted by those pursuits, which I wasn't interested in.

My strategy on life is dramatically different than most of my classmates', or a large part of the population, as far as I can tell. They do what it takes to make a lot of money. I figure out how little I need and work no more than I need to to cover my needs. As a result, I've worked one or two days per week for most of the past decade.

Now I teach and coach leadership, starting my own practice. Exactly what I want to do in life. Had I not gone to business school I'd probably be in the rat race still trying to understand my values.

[grantmeaname]

What do you want in life? Why do you care about power and influence or making a million dollars a year, especially if you're already making six figures? Are you not looking to earn enough to retire and then retire?

[Stagleton]

I really want to get into startups

If you want to work in startups it's important what you know, not where you went to school. Meritocracy and all that.

or possibly go into investment banking.

Well which is it? These are on opposite ends of the country, have dramatically different pay, different credential needs, different roles required of the professional, and dramatically different expectations of how much you work. If you want to work in IB you need a top 10 MBA, but you should make sure you really want to work in IB and you really want to work 80 hours a week for the rest of your career before you give up half a million dollars to go back to B-school. Since you also are the kind of person who might enjoy a startup, you should figure out if IB is really what you want.

I'd like to believe that startups are all a meritocracy, but I don't think that's the case. In order to get in the door of a VC having an MBA and talking the talk can't hurt.

Well it's both :) I'm doing my soul searching to figure that out. I'd say you need to go to a top 5 school for IB in this day and age. (or maybe NYU/Columbia with the close access to Wall Street). I'm thinking about 2 years working 80 hours and then transferring to a private equity firm.

[Bank]

I got my MBA about a decade ago, with similar considerations in mind, apart from the youngest child syndrome.  Didn't really know what I wanted to do, wasn't feeling particularly challenged at my job, didn't have the initiative or confidence to make my own path, and justified the whole thing with my very real love of learning.

Two years later I woke up and realized I'd "spent $150,000 on an education I could have gotten for a $1.50 in late charges at the public library." -- Good Will Hunting.

Well, not really.  I got plenty of scholarships because I flubbed my applications (done at the last minute with the aid of alcohol) and didn't get into a top tier school.  I only ended up paying for about $30,000 out of pocket for the second tier program that did accept me -- although the opportunity cost of those two lost years was massive.  I also got a job right out of business school in a field I eventually decided I really liked, but ONLY because one of my professors hired me to work at his consulting company.  Can you count on being so lucky?  I wouldn't bet on it.

If I had to do it over again, I would be more focused.  I would network at networking events (even though I hated and still hate networking) and educate myself in a targeted way.  In my case I wanted to get into analytical finance.  Therefore, I would have gotten a CFA or gone to school at night for a MS in Finance.  People may love MBA's, but having one doesn't make you stand out as IB or entrepreneur material.  Someone who is self-starter with initiative stands out to, well, pretty much everyone.  Maybe not to a HR hiring manager who's looking to check a bunch of boxes, but you won't really be going to be relying on the kindness of hiring managers, will you? (See point above about networking.)

Last bit of opinion from someone who works with I-Bankers all the time - I-Banking sucks.  It's not fun or glamorous.  It's a grind of meetings and Powerpoint pitches with terrible quality of life and pay which (at lower levels) is relatively shitty for the number of hours you're expected to put in.  Some get rich.  Most get burnt out and leave.  Again, there's no telling which category you will fall into, but the percentages say it will likely be the latter.

[Stagleton]

I got my MBA about a decade ago, with similar considerations in mind, apart from the youngest child syndrome.  Didn't really know what I wanted to do, wasn't feeling particularly challenged at my job, didn't have the initiative or confidence to make my own path, and justified the whole thing with my very real love of learning.

Two years later I woke up and realized I'd "spent $150,000 on an education I could have gotten for a $1.50 in late charges at the public library." -- Good Will Hunting.

Well, not really.  I got plenty of scholarships because I flubbed my applications (done at the last minute with the aid of alcohol) and didn't get into a top tier school.  I only ended up paying for about $30,000 out of pocket for the second tier program that did accept me -- although the opportunity cost of those two lost years was massive.  I also got a job right out of business school in a field I eventually decided I really liked, but ONLY because one of my professors hired me to work at his consulting company.  Can you count on being so lucky?  I wouldn't bet on it.

If I had to do it over again, I would be more focused.  I would network at networking events (even though I hated and still hate networking) and educate myself in a targeted way.  In my case I wanted to get into analytical finance.  Therefore, I would have gotten a CFA or gone to school at night for a MS in Finance.  People may love MBA's, but having one doesn't make you stand out as IB or entrepreneur material.  Someone who is self-starter with initiative stands out to, well, pretty much everyone.  Maybe not to a HR hiring manager who's looking to check a bunch of boxes, but you won't really be going to be relying on the kindness of hiring managers, will you? (See point above about networking.)

Last bit of opinion from someone who works with I-Bankers all the time - I-Banking sucks.  It's not fun or glamorous.  It's a grind of meetings and Powerpoint pitches with terrible quality of life and pay which (at lower levels) is relatively shitty for the number of hours you're expected to put in.  Some get rich.  Most get burnt out and leave.  Again, there's no telling which category you will fall into, but the percentages say it will likely be the latter.

Thanks for that. I agree. I'm thinking about trying to get a CFA instead since that will be much cheaper and a significant challenge. I realize IB life is many hours and hard work etc. But I guess the things in life that have influenced me the most have been when life isn't easy

[Stagleton]

What do you want in life? Why do you care about power and influence or making a million dollars a year, especially if you're already making six figures? Are you not looking to earn enough to retire and then retire?

I care about money and power for selfish and devlish reasons; well it's mainly to measure up (youngest child thingy). Yes and no; I am conflicted about retiring; although I'm aiming to have the option within 5 years.

[Stagleton]

Anyway, I think it's time I shut up. People have real problems. Thanks for your help everyone!

[ace1224]

What do you want in life? Why do you care about power and influence or making a million dollars a year, especially if you're already making six figures? Are you not looking to earn enough to retire and then retire?

I care about money and power for selfish and devlish reasons; well it's mainly to measure up (youngest child thingy). Yes and no; I am conflicted about retiring; although I'm aiming to have the option within 5 years.

that's cool that you know yourself so well.  i'd say if you want an MBA for the sake of having an mba at least make sure to get one for pretty damn close to free.  start looking up scholarships, or see if your work pays for one

[grantmeaname]

I'm not saying your motivations are wrong, I'm just saying you really need to know what they are to make a suitable decision. We tend to be a bit of an exit-the-rat-race kind of group, but that doesn't mean it's what you have to value.

[Stagleton]

I'm not saying your motivations are wrong, I'm just saying you really need to know what they are to make a suitable decision. We tend to be a bit of an exit-the-rat-race kind of group, but that doesn't mean it's what you have to value.

that's why I'm here. I want to hear the MBA idea challenged. I'm kinda getting to a fork in the road where I can say f-it I'm retiring and traveling for the rest of my life or say that I'm going to try to be mr bigmoneypowerbigshot. you guys are my anti-family (the way you think). so it's cool to get a rounded view of the situation. I value both sides and unfortunately I'm only aware that I have one life-lifetime so I have to make a choice

[Russ]

I care about money and power for selfish and devlish reasons; well it's mainly to measure up (youngest child thingy). Yes and no; I am conflicted about retiring; although I'm aiming to have the option within 5 years.

that's cool that you know yourself so well.  i'd say if you want an MBA for the sake of having an mba at least make sure to get one for pretty damn close to free.  start looking up scholarships, or see if your work pays for one

facepunch time... yeah sure it's good to know that you feel like you need to measure up to your older siblings, but it sounds like you're trying to fix it in an incredibly nonproductive way. The way I see this playing out is you go to business school, go into IB or whatever, and by the time you've caught up to where your brother is now he'll be doing something else that you envy. You spent god knows how much money on a top-5 school and you're still not happy.

I usually don't like telling people what to do, but you asked for advice so here it is: get over yourself. Recognize that not everybody has to strive for this one ideal that your siblings have magically found and be your own person. Do your own thing, do it to the best of your ability, and you will always "measure up", no matter who's making more money or working more hours.

Hell, in five years when you're retired your older siblings might be saying "man I wish I had it figured out like little Stagleton". Who measures up then?

Bottom line I guess is that I've found a lot more happiness motivating myself internally rather than comparing myself to others. I recognize that not everyone is the same so take it or leave it, but I wanted to share in case it helps you.

[Stagleton]

I care about money and power for selfish and devlish reasons; well it's mainly to measure up (youngest child thingy). Yes and no; I am conflicted about retiring; although I'm aiming to have the option within 5 years.

that's cool that you know yourself so well.  i'd say if you want an MBA for the sake of having an mba at least make sure to get one for pretty damn close to free.  start looking up scholarships, or see if your work pays for one

facepunch time... yeah sure it's good to know that you feel like you need to measure up to your older siblings, but it sounds like you're trying to fix it in an incredibly nonproductive way. The way I see this playing out is you go to business school, go into IB or whatever, and by the time you've caught up to where your brother is now he'll be doing something else that you envy. You spent god knows how much money on a top-5 school and you're still not happy.

I usually don't like telling people what to do, but you asked for advice so here it is: get over yourself. Recognize that not everybody has to strive for this one ideal that your siblings have magically found and be your own person. Do your own thing, do it to the best of your ability, and you will always "measure up", no matter who's making more money or working more hours.

Hell, in five years when you're retired your older siblings might be saying "man I wish I had it figured out like little Stagleton". Who measures up then?

Bottom line I guess is that I've found a lot more happiness motivating myself internally rather than comparing myself to others. I recognize that not everyone is the same so take it or leave it, but I wanted to share in case it helps you.

there it is

but to be fair, my family will just see me as unemployed, which I hope to not give sRit about

[2527]

I don't know you but an MBA is a big expense and it probably isn't going to take you where you want to go.

[MsSindy]

If you care about money and power and competing with "the Joneses" you are on the wrong forum, dude! 

If you care about reaching FI as soon as possible and finding internal happiness, then ditch the competitive attitude - doesn't mean you still can't excel in an endeavor, but do it for the right reasons.

From a strictly financial position, I'm assuming you make decent money now, work with that, cut expenses, save like crazy, and don't buy an MBA - be creative and figure out how you can achieve your dreams and success without one.

[pbkmaine]

+1 on the issue of opportunity cost. I would also ask how driven you are. The most prestigious and remunerative MBA jobs require very long hours and virtually no life outside of work. I interviewed with McKinsey years ago. They were frank about the hours and travel required. I was working at a big accounting firm at the time that was famous for long hours. But I was stunned at how much harder I would be expected to work at McKinsey. In the end, I walked away. Also, +1 on the CFA rather than the MBA if you are interested in investment analysis. Much cheaper and will put you on the same career path. For some investment houses they want both designations, but get the CFA first and get the job. Odds are that they will pay for the MBA if they want you to have it as well. 

[Daleth]

I care about money and power for selfish and devlish reasons; well it's mainly to measure up (youngest child thingy). Yes and no; I am conflicted about retiring; although I'm aiming to have the option within 5 years.

that's cool that you know yourself so well.  i'd say if you want an MBA for the sake of having an mba at least make sure to get one for pretty damn close to free.  start looking up scholarships, or see if your work pays for one

facepunch time... yeah sure it's good to know that you feel like you need to measure up to your older siblings, but it sounds like you're trying to fix it in an incredibly nonproductive way. The way I see this playing out is you go to business school, go into IB or whatever, and by the time you've caught up to where your brother is now he'll be doing something else that you envy. You spent god knows how much money on a top-5 school and you're still not happy.

I usually don't like telling people what to do, but you asked for advice so here it is: get over yourself. Recognize that not everybody has to strive for this one ideal that your siblings have magically found and be your own person. Do your own thing, do it to the best of your ability, and you will always "measure up", no matter who's making more money or working more hours.

Hell, in five years when you're retired your older siblings might be saying "man I wish I had it figured out like little Stagleton". Who measures up then?

Bottom line I guess is that I've found a lot more happiness motivating myself internally rather than comparing myself to others. I recognize that not everyone is the same so take it or leave it, but I wanted to share in case it helps you.

there it is

but to be fair, my family will just see me as unemployed, which I hope to not give sRit about

But they, of course, are wrong. Do you want to spend your life competing in a meaningless race that doesn't lead to happiness, just because your relatives are caught on that hamster wheel? Or do you want to be your own man?

Hell, the shock of seeing you be your own man may well inspire one or more of them to see their hamster wheel for what it is, and follow your lead.

[clutchy]

I was talking with the CFO of a hospital group and she flat out said even with a CPA license you'll still need an MBA if you want to get into upper management. 

It's somewhat of a base for competition.

I'm not entirely sure I agree but it's hard to argue with an industry exec.  Usually you learn from listening :)

[Frugal373]

I'll be happy to challenge your MBA idea because I recently went through this and decided in the end that it is not worth it at all. First....what do you do right now? If it's anything remotely finance or consulting related, you can get into both IBD or VC without an MBA. Have you actually tried just applying for any of the jobs you want? Maybe you can just get them at any rate, looks like you already have some work experience. I thought I could not get the job I wanted without an MBA...but then again I didn't want to waste 2 years of my life + tuition + opportunity cost of lost earnings, so I went ahead and started applying for the exact same jobs that I thought I needed an MBA for (bc most of them asked for that in the job descirption). Turns out I didn't....I got my dream job within 3 months, lol. So before you go do this, make absolutely sure that you can't get those jobs without an MBA. It will just take you a few months of applying to find out, definitely worth to put in the effort. Secondly, if the only thing you are lacking is finance skills, then go and do the CFA, much cheaper and you'll learn more than in any finance MBA class and it's globally respected. Lastly, a lot of IBD and VC jobs are based on connections...if your brother works in IBD and makes 1mn a year...then he is an MD or at least a senior VP which should equal connections....see if he can help you.
Also, be careful what you wish for, if you have never even interned in an investment bank or stepped foot into a VC firm (and yes, you should figure out which of those you actually want, they are VERY different), then make sure that you actually want to do this! Working 80 hours+ a week doesn't so bad when you talk about it....but wait until you actually have to do it.
If you do go down the MBA route, make sure you go to a top 10 school (HBS, Stanford, Wharton, INSEAD, etc.). If you do some 2nd tier MBA, then you'll probably not cut it for the IBD or VC firms unless you make some good connections....and the way I see it, you can make connections in many other ways that are way cheaper than an MBA. Just get a list of VC firms in the Bay Area (google), cold email them and ask if you could do an unpaid internship for 3 months. You'll probably get some responses and this way you get connections and you can figure out if you really want this. So my two cents are, before you go do an MBA, make sure you know EXACTLY why you want to do this and EXACTLY what you want to get out of it and what you want to do afterwards. Just because you like to study and want a break from your job (which btw is why a lot of people do an MBA) is not a good reason. You could do online study and take 6 months off, you would save a lot of money that way. And of course it's October...it doesn't hurt you to apply for an MBA for next fall and do all of the above until then....you can always still change your mind and turn it down if you get in...which is what I did. Good luck!

PS: I work in the finance industry, have done IBD and PE and have also done CFA, similar age as you, so if you want any more advice, feel free to PM me.

[livetogive]

Also in finance, SO is in marketing.  An MBA can be an effective tool depending on where you are and what you want to do.  Mine was worth it to be because although my salary is only marginally higher now than it would've been in the Army, I was able to switch industries.  My GI Bill, savings, etc paid for most of my school so I have no debt.

My SO is in marketing and her MBA was about moving from $40k/year to triple or more.  Does anyone in her office (or mine) care that we have an MBA?  Not at all.  Did it help us get in the door for the jobs? Yes.

I have 2 friends in finance who don't have MBAs and have better jobs than I, but they also started in finance during the boom as undergrads.

"You must have one to get into management" is BS.  The 2 MDs I support make around half a mil per year for a 60 hour workweek and neither has an MBA.  In fact the only person in our group with one is me, and I'm the lowest on the totem pole.

However most investment banking recruiting is formulaic.  Crank out an undergrad, be an analyst for 2 years, leave, do something, get an MBA, get hired back in whatever.  It's possible, but exceptionally difficult, to get in that particular field outside of the normal track.  If that's what you want an MBA is the easiest way to do it.

[Frugal373]

Agree with TurboLT. If you are a complete career switcher, then absolutey it will be helpful. Most people who were in the military and then went into investment banking did it through an MBA. And yes, there is an aspect to Investment Banking recruiting (not really VC recruiting though) that an MBA can be helpful for as recruiters will show up on campus sometime between Nov and Feb to interview you...however this only applies for Tier 1 schools. Having said all this, I would still just give your brother-in-law a call first and see if he could just help get you a job/internship.
In general though, the landscape is changing. There used to be a model of graduating college, do 2 years in IBD as an anlayst then do an MBA and then come back as an Associate. This is not really true very much anymore. I would say 80% of the Associates now (myself included) didn't do the MBA route and still got promoted. Most of the senior people don't have MBAs. And a lot of investment banks are doing away with the 2 year contracts all together as they have realized that they have created a massive brain-drain....why train those bright people for 2 years and then let them go? Doesn't make sense, now it's all about direct promotion and retaining people, especially at the junior levels.

Anyways, my advice would still be that an MBA is sort of your "last resort"....if you tried and can't get those jobs without one. And, as others have pointed out, you really need to first figure out what you actually want to do and why you are doing it. To compete with anyone/impress anyone is really the totally worst motivation. You need to do something because YOU want to do it, not because you think someone else will be impressed. And most people are too busy with their own lives anyways and probably won't notice or think about what you are doing with yours. So before you go and spend 200k on an MBA, really ask yourself why you want to do this...and the same goes for investment banking...I know a lot of people who quit after 4 months because they thought it would be "prestigous" or some kind of "get-rich-quick" scenario or because they wanted to impress their dad or whatever...but it's not....it's hard work and crazy hours and you have to put up with a lot of shit. Read some books...I recommend "monkey business". And check out www.wallstreetoasis.com, there is a lot of advice and discussions on that forum.

[MakingSenseofCents]

I have my Finance MBA and I currently work in investment banking. I am about to leave and pursue full-time self-employment if that means anything. The work that I do in investment banking is incredibly BORING.

[ritchie70]

Keep in mind that everybody seems to have an MBA these days. It counts for nothing to many hiring managers.

In my experience, you'd learn more running a small business for a year than you ever could in an MBA program.

[oldtoyota]

Dear OP--I wrote almost this same post around four months ago and got some good advice. I felt the same as you. I knew it was dumb, and I wanted to do it anyway.

Things to consider:

• The program I had my eye on would be $90K. That would delay my ER by a lot. Likely, I would not get paid that much more than I am getting now. My experience and good results count for a lot, it seems.
• I have never seen the MBA **required** in a job posting. I've only seen it say it would be a plus or a nice to have.
• If your employer pays for it, the degree might be worth it. My friend had our large company pay for a good chunk of her MBA. Eventually, she resigned so she could finish the degree quickly. In her case, I don't think she's ever needed it to get a job. She got her jobs by knowing people, which is how a lot of people get them.

Since my goal is ER--and one of my most important goals--I decided that the MBA would only hinder me. If your goals are different, you might have a different answer.

[amicableskeptic]

I have been thinking about an MBA similarly to OP.  I took my gmat and could probably go anywhere with my score but my current decision is to hold off on applying right now.  There are a lot of reasons for this, but the biggest is that I want to try a few years being retired and see what it is like.  If I don't like it I figure then I can get an MBA and use that as a step back into the business world.  A few notes:

1.  There are a lot of good schools that give full rides to good students.  Darden and Johnson come to mind but there are many more.  If you are interested in classes more than a brand name you could even go some place like Simon where they actually pay top students a small stipend on top of a full ride (better than $1.50 in late fees at your local library at least).  Even doing it this way has some opportunity cost if you aren't FI yet, but if you are planning on getting FI at an early age and retire I don't think you need to worry about the opportunity cost of lost years so much because early retirement is basically planning for such cost.

2.  If you are planning on early retirement will an MBA even be worth it?  I have been thinking about this a lot.  Part of me thinks it would be worth it just for the fun of learning and meeting other interesting people (there's something about school that tends to make it a fertile place for making new and interesting friends).  Another part of me wonders why I'd want to put all sorts of work into courses that I may well never use.  Finally, if I take a scholarship to go am I hurting someone else who would really use the MBA and needs the scholarship more than me?

3.  Many +1's on the not needing an MBA to work at a start-up.  I've worked at numerous start-ups and there are not that many MBAs.  Also the other curious thing is that MBAs at start-ups typically join later on, founders almost never have MBAs.  I've found that MBAs often get hired at later stages of a start-up's life and if that's what you want it might make sense.  That being said here's Vivek Wadhwa explaining why he doesn't think start-ups should hire MBAs http://blogs.wsj.com/accelerators/2013/04/01/vivek-wadhwa-why-i-no-longer-advise-startups-to-hire-m-b-a-s/?mod=e2tw

4.  On the competitive/family/self expectations front I had some similar feelings pushing me to MBA.  I think many highly driven people do.  My answer to myself about this was that what I am actually doing with my life matters so much more than the degrees I get or the money I make.  I think the whole having a life that matters doesn't get enough play on the MMM site in general, it's in undercurrents but not as overt as the money saving frugality bits.  I had to look long and hard at b-school and think "will this make my life matter more?"  In the end I decided probably no which is why I'm holding off for now.  If I find I can't accomplish my goals in life because I don't have an MBA then I may circle back to it, but step 1 is to just spend some time focused on those goals and see what I can't accomplish with my current skills.  I'd recommend that you do the same.  Get to FI, retire early and start doing something that matters with your life (even if that thing is say being employed by a non-profit).  If you retire into doing nothing then your family will correctly be nonplussed, but if you retire and start changing the world for the better who could judge you?

[Kazimieras]

I recently completed my MBA and if you like the world of business and intend on working there, I would encourage you to go for it. I did mine part-time while I worked full-time. It took 28 months (one of those were overseas), was exceptionally grueling, but it was also a lot of fun (oddly) and rewarding. I would say consider a part-time stream. Part of any program is the book stuff, the there is another layer of time management, etc. that comes into play. I had to live the past 28 months with a calendar always in hand and scheduled virtually everything. As a consequence I am much better at time estimation now, know what I truly value (I had to make some hard calls and reflect upon myself a lot) and have become more efficient at doing things (mostly by learning when is it good enough to get the job done). Another perk, depending on your workplace they can contribute towards your education, and depending on your role you may be able to apply what you learned in class directly to your work. Consider it like free homework time and extra practice.

If you do take the plunge, some advice. You will not need to do the readings if you have a good head on your shoulders. It is entirely possible to BS your way through most of it, but don't. Do the readings. Do the stupid exercises. Take time to reflect. They are really good reads and will provide you some other insights that pay off long-term. The program will give you a better ability to step back and take a high level view (depending if and how you specialize of course) and it will show you how all the parts of the machine known as business interact. I for one gained huge respect for the HR department as I progressed, since I was able to see the influence they have on the organization. Also - be sure to network. Go out for beers with classmates. Go to events hosted at your school. It is like a giant practice session with no consequences, so it is a great time to perfect your ability to network, small talk and learn how to read people.

Good luck :)