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I need some advice - I recently got into grad school a few weeks ago (an MBA program for arts administration) and though I was originally excited about it, I'm starting to have second thoughts. Just a background, I graduated last year with a BA in Drama/Mass Comm and I've been working in Marketing for almost a year now. The reason I'd like to get an MBA is so that I can focus on arts management and soon start my own performing arts academy for children and young adults. But I've been reading everywhere that there's not much value in an MBA anymore, and that you should get more experience before going back to school. I'm wondering, should I wait a little longer before going back to grad school? Would it be worth getting an arts admin MBA? Or should I go for a semester and see how it is? I'd be going full time and finding an internship or part time job on the side to further my experience, but at this point, I really don't know what to do - plus I don't wanna make a mistake and it be a $30,000 mistake. Any help would be appreciated! Thanks!
I quit going for my MBA in 04 and no regrets here - especially when I keep rubbing shoulders with people in the same role/function as I am who have one (doesn't look like a big cost/value proposition).
Lots of different questions to ask before you decide one way or another:
#1 How likely it is that you could build the kind of career you want without the specialized connections that often go along with earning an MBA?
-- The actual "content" of pretty much all MBA programs is generally secondary to the people that you meet who are instructors / lecturers / professors AS WELL as classmates
-- The degree itself is sorta like having a Super Bowl ring -- once you put that on your resume there are cetainly some people that will decide "hey I wanna talk to this person"
#2 What sort of pay back are you looking at?
-- If the thing costs $50K-$100K how long would it take you to earn that ADDITIONAL income that cannot be reasonably expected w/o the degreee
#3 What is the reputation of the school?
-- If you are fortunate enough to earn an MBA from Wharton or Stanford or University of Chicago or another Top Tier school it will open a lot more doors than something from a school that has a much less broadly revered status
-- For specialty MBA the whole role of the college's placement office is especially vital, in some fields the number of folks that all have a similar background can be startling...
If you are considering shelling out $30k for this degree, I would say it is not worth it. Unless you had abysmal undergrad grades or application, you should be able to find at least one institution that will offer you scholarships to cover the majority of your expenses.
As for what degree to seek, well, it's true that MBAs are a dime a dozen. The question is really, what will this particular degree, from this particular school, offer you that will assist you in your pursuit of running your own performing arts academy? Have you researched different programs and ascertained that this particular program offers what you are looking for? Just because a lot of schools offer MBAs doesn't mean that their curriculum is the same at all of them. Try to find one that has something specific to offer you that will help you with your goals. If you can't find one, you might consider pursuing a certificate or just non-degree-seeking business courses to help you understand the business aspect of your goals. And what about other degrees? A degree in education, or even teaching art (harder to find program but obviously more relevant) might be more helpful for you than a business degree.
Have you looked for other people who run performing arts programs to see what their background is? That might give you an idea if an MBA will take you in a direction that you want to go.
This is only my view, and I am somewhat jaded, so take it fwiw.
DON'T DO IT!!! In these uncertain times, the reasonable way to take on a graduate program is with employee tuition reimbursement. It's true, you will sacrifice your nights and weekends in studying if it is a program that's at all worthwhile - BUT THAT IS WHY YOU ARE DOING IT. To get exercised, and to learn something difficult. If it's not difficult, it's a check the box program, and it will be worth NOTHING to you, either from a practical standpoint (learning finance) OR from a cosmetic standpoint (Oh look, she's got an MBA!!).
Particularly in a case like this, the ONLY way to get the degree is to have your employer - NOT YOU - pay for it. Remember, student debt is forever. You do not want that millstone around your neck.
I've seen the result of folks who have warehoused themselves in worthless programs, taking on debt in a bet to wait out the economy while having something to "show" for it. It ain't pretty.
In sum, please consider carefully why you are doing this, and in particular, why you are betting on the crap shoot of quitting a full time job and hoping for a part time job to do it.
It sounds like you're young and have time to start the academy later. If it was me, I'd stay with the current employer and pick up as many skills (ask to take on some tasks in a management role and be persistent) as possible while building a nest egg and saving $ for the academy
This is only my view, and I am somewhat jaded, so take it fwiw.
DON'T DO IT!!! In these uncertain times, the reasonable way to take on a graduate program is with employee tuition reimbursement. It's true, you will sacrifice your nights and weekends in studying if it is a program that's at all worthwhile - BUT THAT IS WHY YOU ARE DOING IT. To get exercised, and to learn something difficult. If it's not difficult, it's a check the box program, and it will be worth NOTHING to you, either from a practical standpoint (learning finance) OR from a cosmetic standpoint (Oh look, she's got an MBA!!).
Particularly in a case like this, the ONLY way to get the degree is to have your employer - NOT YOU - pay for it. Remember, student debt is forever. You do not want that millstone around your neck.
I've seen the result of folks who have warehoused themselves in worthless programs, taking on debt in a bet to wait out the economy while having something to "show" for it. It ain't pretty.
In sum, please consider carefully why you are doing this, and in particular, why you are betting on the crap shoot of quitting a full time job and hoping for a part time job to do it.
Good luck to you!
Well I think this might be a little extremist. Student debt isn't forever, quite obviously. And there are other ways to get a degree paid for without paying for it yourself or going into debt. Employer reimbursement programs are not the only way. Scholarships for one--again, quite obviously.
I don't disagree with the sentiment, but there's no need to exaggerate. The reality of graduate school and MBAs in particular speak for themselves without embellishment.
Kodaka, I'm sorry to have alarmed you! As noted, this is my view, and OP is advised to take solicited opinions for what they are worth, lol!
You're right, OP OUGHT to check out scholarships. I think she'll find that in professional schools worth going to, there are none to be had. The schools don't need them to fill their classes, given that aspiring professionals incur debt so eagerly to attend! Little known fact: professional programs are profit centers for their umbrella institutions. Their revenue comes from loans. They are there to grant pieces of paper in exchange for $100K, and the "students" are the patsies in this equation.
In that vein, OP also ought to check out military service and public service programs. This is strictly hearsay, but I am told that "x" number of years of service in the military or in select public service jobs will relieve some portion of student loan debt. These programs should also be researched.
These are uncertain times. A $100K student loan debt load is a burden for your entire adult life, even if legislation is passed that will forgive it after 20 years. Meanwhile, the interest keeps accruing despite periods of forbearance. NOBODY these days can say with certainty that they will have employment that is steady enough to promise a $100K repayment schedule. And, I will repeat, you cannot walk away from a student loan. It's not like doing jingle mail for an inconvenient house that is worth half as much as what you owe.
You CANNOT walk away from student loans - this very feature was what made lenders so eager to issue them to prospects with so few realistic prospects of repayment!
It is a vise that never lets go. Forget having a house and family. Imagine this poor young woman, with $100K in 25 year debt, having little income and $1000/mo in fixed payments per month before she even buys groceries. What marriage prospects will she have? Very few young men will sign up for this deal, regardless of affections. Would you?
All's I'm saying is I have witnessed the downside of student debt playing out, it is not pretty, and if the OP has not thought it through, she should do so VERY carefully.
Kodaka, I'm sorry to have alarmed you! As noted, this is my view, and OP is advised to take solicited opinions for what they are worth, lol!
You're right, OP OUGHT to check out scholarships. I think she'll find that in professional schools worth going to, there are none to be had. The schools don't need them to fill their classes, given that aspiring professionals incur debt so eagerly to attend! Little known fact: professional programs are profit centers for their umbrella institutions. Their revenue comes from loans. They are there to grant pieces of paper in exchange for $100K, and the "students" are the patsies in this equation.
In that vein, OP also ought to check out military service and public service programs. This is strictly hearsay, but I am told that "x" number of years of service in the military or in select public service jobs will relieve some portion of student loan debt. These programs should also be researched.
These are uncertain times. A $100K student loan debt load is a burden for your entire adult life, even if legislation is passed that will forgive it after 20 years. Meanwhile, the interest keeps accruing despite periods of forbearance. NOBODY these days can say with certainty that they will have employment that is steady enough to promise a $100K repayment schedule. And, I will repeat, you cannot walk away from a student loan. It's not like doing jingle mail for an inconvenient house that is worth half as much as what you owe.
You CANNOT walk away from student loans - this very feature was what made lenders so eager to issue them to prospects with so few realistic prospects of repayment!
It is a vise that never lets go. Forget having a house and family. Imagine this poor young woman, with $100K in 25 year debt, having little income and $1000/mo in fixed payments per month before she even buys groceries. What marriage prospects will she have? Very few young men will sign up for this deal, regardless of affections. Would you?
All's I'm saying is I have witnessed the downside of student debt playing out, it is not pretty, and if the OP has not thought it through, she should do so VERY carefully.
Do you even have ANY experience with graduate school?? What graduate school program costs $100k??? Or any school? Even taking out 100% un subsidized loans, wouldn't likely rack up that much debt, unless OP enrolled at one of the pseudo-ivies like GWU or Bennington, playgrounds for the children of the international rich and famous club, unless OP waited ten years to pay loans off.
And as for your remark that good schools don't need to award scholarships--not true. What makes a program good is not the ability of their students to pay cash. Quite the opposite, in fact. A good school recruits the best academic talent, regardless of their ability to pay. By excluding the merely mediocre, they are better able to devote their academic resources and their funds to the best and brightest. In fact, the BEST schools are fully funded.
Having your own opinion doesn't mean abandoning all logic or truth.
Last edited by kodaka; 02-24-2012 at 07:20 PM..
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