<p>Well, one obvious way to solve your dilemma is to get both an MBA and an SM through one of those joint programs, like the LFM program at MITSloan or the MMM program at Northwestern Kellogg. </p>
<p>Now of course I would warn you that these tend to be highly specialized programs and you should carefully investigate whether they really are for you. In particular, if you want to be a management consultant later in life, then you may actually be better off going to a normal MBA program than to one of these special combined programs. For example, I know people who got into LFM and turned it down to just enter the regular MBA program at MITSloan because they didn't feel that LFM would let them direct their career where they wanted it to go. </p>
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Is the MS worth the time/money investment if I plan to stay in industry work? How important is it to go to a prestigious graduate school, and what would my chances be?
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<p>Worth it? Probably, although it would be even better if you could get the MS part-time, and especially if you can get your employer to pay for it. Many engineering schools run special partnerships with companies that allow employees to get their MS part-time. For example, I know some people who worked in the GE Aircraft Engines Division in Massachusetts and were able to get their MS in aerospace engineering at MIT part-time while doing so. Granted, it took many years for them to complete their degree, but it was still a pretty good deal. </p>
<p>As far as how important it is to go to a prestigious school, well, that depends on a number of factors. The truth is, all degrees 'expire' in the sense that few companies are going to care about them a few years after you get them, the only thing they will really care about is what you've been doing lately as far as your work experience goes. A prestigious degree can help you get a better job, but it's up to you to do well in that job. </p>
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Does applying for a terminal masters hurt my chances because schools are looking for researchers? or does it just hurt my chances for being financially supported, but help my chances for getting in since they want my money?
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<p>It's the latter. It is generally substantially easier to get into a terminal master's program than a PhD program, precisely because you rarely get any guaranteed financial support as a terminal master's student. </p>
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Could I get into a top b-school?
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<p>That hinges primarily on how strong your work experience and leadership qualities are. Your undergrad record will mean little. For example, you can have the best grades in the world, but if your career is mediocre, then you will stand little chance of getting in. </p>
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Would it help my application if I got the MS first?
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<p>It can't hurt, but like I said, the primary factor is your work experience. Getting an MS does not really 'prove' that you are going to be a successful employee, and in fact the time that you spend getting the MS may be better spent just working and developing your career. </p>
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Could I get into a consulting firm without the MBA, say with an MS from a top engineering school?
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<p>You can, but probably only as an analyst, which basically means that you'd be coming in at the same level as a fresh bachelor's degree recipient would. What you are really asking is will you be able to get the associate-level position that a typical MBA grad would get with just an MS, and the answer to that is 'possible but unlikely'. An MBA is a standard way to get into the associate-level position. An MS is generally not seen as an advanced enough of a degree to get there.</p>