<p>I always planned on working for two years after my undergrad then going back to school (probably an MBA). For me, that means starting school in the Fall 2009. However, all of a sudden giving up a stable job doesn't seem like the smart business decision. Is anyone facing a similar dilemma? Is the "economic crisis" making you question your decision to go back full time?</p>
<p>Three comments. First, if you want to go to one of the better MBA programs, you should plan to have 3 to 5 years of work experience, not just 2.</p>
<p>Second, if the economy is in bad shape, then the opportunity cost of your being in school is actually likely to be lower than when the economy is in good shape (and employment rates are higher). Take a look at the sharp uptick in applications to MBA programs this year. These applicants are acting in an economically rational way.</p>
<p>Third, getting another degree should be looked at as an investment in your future – in developing your own human capital, the benefits of which pay off over your lifetime. When you do it, and how you pay for it (including foregone alternative income) is an important decision. But don’t look at it as just a short-term decision in terms of costs and benefits.</p>
<p>I think it’s important to consider what type of program you can get into now, and what type of program you can get into with another year or two of work experience. If you believe your profile will improve, then it probably is a good idea to wait. Right now the # of applicants are at record highs making it more difficult to get into top schools.</p>
<p>Right now MBA students are having a hard time getting jobs. One would expect that in two years the economy will have improved and hiring will be back up, but nobody knows for sure. It is a risk that you would be taking. Given that risk, I certainly see nothing wrong with waiting. I would probably advise that you do wait.</p>
<p>mackinaw, I agree with your points 1 and 3. I disagree with 2 though. Unemployment rates are higher, but that is at the national level (and global I suppose). I still have a job though. So I am giving up my salary for a degree that is worth less than it would be worth other years (because more people are doing them and because it is harder to get into top schools this year). Additionally, I’ll be graduating with a relatively large class and we will only ‘hoping’ for a better economy (ie more jobs). Whatever happens with the economy, there will be more MBA graduates seeking jobs at that point too.</p>
<p>Lastly, the increase in MBA application is not because lots of potential students all of a sudden realize now is the time to strike. It is because lots of potential students are sitting around with no other options. I don’t know if I want to group myself with that bunch.</p>
<p>I would definitely wait and get a job. There are companies out there who are still hiring. I’m getting interviews. </p>
<p>(Fact: Most companies laid off seasoned workers who were worth a lot of money.)</p>
<p>bump?!?!?!?!?!?!?</p>
<p>
</p>
<p>There is a story about a guy cutting trees with a dull axe. A lumberjack came by and suggested he sharpen his axe. The guy replied: “I don’t have time to sharpen my axe, I have all these other trees I have to cut.”</p>
<p>It is a lot easier to give up an entry level position today to get the skills you need for the future, than to give up a mid-level job 10 years from now (when you have a family, mortgage, etc.) because you don’t have the skills to progress. Or, your progression may be slower because you have to learn them the hard way.</p>
<p>wow. that’s good advice OperaDad (and a cute story). I’m leaning towards going…</p>
<p>I wish I had gone earlier.</p>
<p>I have a wife and two kids now. Had to opt for the part time route. Still, had I gone earlier I probably would have gone part time, but I still wish I had done it sooner.</p>
<p>Lack of action seems to be a bigger regret for me than action itself.</p>
<p>Operadad is right.</p>
<p>Hopefully I plan to go back to grad school when I’m 25-26. When I finish, I will start a family and have no regrets.</p>
<p>But wait, you only have 2 years’ work experience. Work for a couple more years first. If you have 4-5 years’ experience, then I’d suggest you attend now. The economy will be better and you would be more competitive if you have a nice job progression.</p>
<p>It depends on the quality of the program you can enter. I would not give up a stable job you enjoy unless it’s a strong program that will qualify you for a different range of jobs.</p>
<p>^Totally agree with hmom on this one. </p>
<p>I don’t think people can help you with this decision anymore unless they know what job you have now, what you would hope to do with an MBA and which MBA program you would be attending.</p>
<p>giving up a entry level job at one of the big 4 to go to Thunderbird (I plan on doing International Business)</p>
<p>A lot of good advice has been said here…</p>
<p>
</p>
<p>
</p>
<p>
</p>
<p>I recommend that you find out whether your current employer will sponsor/pay for you to go to school for an MBA.
My friend’s brother graduated from Rutgers Pharmacy and worked for Pfizer for 3 years before they offered to pay him his salary + the cost of a 2 year full-time MBA and double his income after he graduated. He basically went to school full time, got paid $120,000/year while going to school, worked part-time as a retail pharmacist while he was going school for a additional income, and had Pfizer double his salary to $240,000/year after he graduated.
So look into it. If your employer is not interested in helping you further your career when you have the opportunity to, you probably won’t want to hang around for long either.</p>