# Career/MBA advice please



## gt_23 (Jan 18, 2014)

Hello, I'm relatively new here and looking for some advice. I've recently got into a 12 month mba program in Canada and am having trouble deciding whether to go. I did my undergrad in science and a couple years of research before switching to business, where I have been working in finance/strategy/operations for the last 4 years. I am now 28 and moved to a new company (financial institution) about a year ago and am making $75k + bonus.

I worked extremely hard and made a lot of sacrifices in my mid-20s to pay off my $50k student loans from undergrad. I've managed to buy and rent out 3 rental homes since I was 23 and started a couple small business (one of which was sold). I have about $300k in RE equity and about $70k in investments and cash.

I'm not terribly crazy about my job and have ambitions to do more. The problem is, what I want to do (consulting) is extremely competitive and the odds are not likely that I will make it even with the mba. In the worst case, I end up doing the mba and going back to same job and salary but out the $175k in lost salary and direct costs. I'm also slightly worried about the optics of taking off after only 1 year.

I'm pretty frugal and even though I probably have more assets/net worth than many of my potential future classmates, the financial commitment for the chance at living my dream is causing me a lot anxiety. But at the same time, I also realize that I have been ultra-frugal and saving at the expense of some life experiences.

I think that some people are lucky enough to work at a job they love, but many have to "settle." It appears to me that I'm at the point of deciding whether to settle or keep going after it for a few more years....

I would really appreciate anyone's perspective. Thanks


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## wendi1 (Oct 2, 2013)

I have an MBA, and I got it part time, while working. So, you don't necessarily have to give up your salary. It was a lot of work. If your 12 month MBA doesn't have a part time option, there are other schools that do.

For me, because I usually get government contracts (where they don't even interview you, but hire you "blind" based on your resume and references), the MBA has meant I can apply for, and get better contracts. That is all. And consulting is usually, but not always, something you do after you have some experience.

If I were you, I would ask someone whom I know and respect for advice, not a bunch of miscellaneous strangers on the web. Is there someone at your work who seems a little wiser or more experienced than the rest? Could you buy them some lunch, and ask them for some help? It'll cost some money, sure.... but sometimes it's worth it.


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## slacker (Mar 8, 2010)

Be mindful that the more time you commit to your current career path, the more difficult it will be to shift to another role.

As your salary increase, the opportunity cost of switching career path will also increase.


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## Spudd (Oct 11, 2011)

Your company may have the benefit where they'll pay for you to get your executive MBA (that's where you do it part time, while still working). I know my company does. Check on that, because that would be the best of both worlds.


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## the-royal-mail (Dec 11, 2009)

Since you're already making good coin in the workforce now, I would definitely not advise quitting to take some course. That won't provide you any guarantees but unless you are laid off or do something bad to your company, tomorrow's salary is much more certain. I would stick with that and if you really insist, try to find some place that offers after-hours or web courses to upgrade yourself. 

A bird in the hand...


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## garreTT (Aug 28, 2013)

Good for you for getting into a MBA program. I know the institutions where I'm from offer a 16 month full time course. I'll assume that this will be full time. 

Since you're inside of the finance industry, have you taken a look at a CFA? What do YOU love doing?


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## Janus (Oct 23, 2013)

I completed my MBA in Toronto 2 years ago. If you really want to transition to consulting at this stage in your life, MBA is one of the only ways to pull it off. That being said I don't usually promote the MBA approach for most people - there are usually better ways to get into your dream job that don't cost the $$$ and years of your life.

To be very clear about this, if the school you're thinking of going to isn't Ivey, it probably won't get you where you want in consulting.


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## MasterCard (Aug 2, 2013)

Why can't you do a* part-time MBA*? 
You can keep working and earning money and not have to throw a way a year's worth of salary and what-not.


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## gt_23 (Jan 18, 2014)

wendi1 said:


> If I were you, I would ask someone whom I know and respect for advice, not a bunch of miscellaneous strangers on the web. Is there someone at your work who seems a little wiser or more experienced than the rest? Could you buy them some lunch, and ask them for some help? It'll cost some money, sure.... but sometimes it's worth it.


Yes I have done quite a bit of this over the last year or two. It seems that for everyone whos says go do it for X,Y, and Z, there are as many ppl who say put your head down and get more exp (and maybe do PT) for reasons A,B,C. Also, since I told work about getting in, they have really been sweetening the pot with lots of promises, although IMO many such promises (non-$ ones anyway) seem to get forgotten once the decision is made.


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## gt_23 (Jan 18, 2014)

Spudd said:


> Your company may have the benefit where they'll pay for you to get your executive MBA (that's where you do it part time, while still working). I know my company does. Check on that, because that would be the best of both worlds.


Yep they do have it....but I'm nowhere near EMBA-level yet. The risk is that there would be about 5 years where I'm too old for regular but not experiencd enough for EMBA. But I agree, its certaintly encouraging if your firm is willing to make a 6-figure bet on you.


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## gt_23 (Jan 18, 2014)

Janus said:


> I completed my MBA in Toronto 2 years ago. If you really want to transition to consulting at this stage in your life, MBA is one of the only ways to pull it off. That being said I don't usually promote the MBA approach for most people - there are usually better ways to get into your dream job that don't cost the $$$ and years of your life.
> 
> To be very clear about this, if the school you're thinking of going to isn't Ivey, it probably won't get you where you want in consulting.


Yep it is Ivey  I'm assuming you must have been Rotman? I actually was able to land an MBB consulting interview last year outside of their on-campus recruiting and based on experience and recos. I think they hired 2 from about 40 interviews over a couple days. Same goes for Ivey - some years they will take 1 or even 0 out of 100+ class. Hence the comment about settling....it is not impossible, but extremely unlikely based on those odds.


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## gt_23 (Jan 18, 2014)

MasterCard said:


> Why can't you do a* part-time MBA*?
> You can keep working and earning money and not have to throw a way a year's worth of salary and what-not.


Good point. It wasn't something I was seriously considering until I actually got offer into the FT program and realized the true opp cost (even with scholarships). From what I can tell, there are advantages and disadvantages of PT:

_Positives_
- Spread the cost out over a longer period of time, so prob no loans req'd
- If I did need loans, Rotman pays the interest on them
- Stay in Toronto, DT in the heart of the action
- Apparently, most pt mbas get 1-2 promotions while they are in the program

_Negatves_
- The length is 30 mos. Its likely hard to keep motivated thru the entirety. Also, a lot more life can happen during this time
- The FT schools go to great lengths to sell you on the network and bonding experiences. I am relatively to my current industry, so don't have the greatest network yet.
- Harder to get access to campus recruiting and also to switch to a new path you may encounter of the course of the program and events.
- I got a big scholarship to FT, probably would not get same amount for PT


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## gt_23 (Jan 18, 2014)

the-royal-mail said:


> Since you're already making good coin in the workforce now, I would definitely not advise quitting to take some course. That won't provide you any guarantees but unless you are laid off or do something bad to your company, tomorrow's salary is much more certain. I would stick with that and if you really insist, try to find some place that offers after-hours or web courses to upgrade yourself.
> 
> A bird in the hand...



This is really solid advice....something like my grandfather (who I respect a lot) would say. These days though I think its a bit harder to be generally conservative when the majority of my generation is doing stuff like this. Even though I you know something is probably the best choice, its not the best for fitting in. Thanks for your note


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## MasterCard (Aug 2, 2013)

gt_23 said:


> This is really solid advice....something like my grandfather (who I respect a lot) would say. These days though I think its a bit harder to be generally conservative when the majority of my generation is doing stuff like this. Even though I you know something is probably the best choice, its not the best for fitting in. Thanks for your note


So it goes back to what you said a post earlier re: FT vs PT.
What you said about recruitment being different for FT vs PT seems very true, I heard the same from a various MBA program offered in Toronto previously mentioned in this thread. 
However, there's another program that is one year only (also mentioned in this thread) - which I believe is better than the one in Toronto...or so I am told...


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## Janus (Oct 23, 2013)

gt_23 said:


> Yep it is Ivey  I'm assuming you must have been Rotman? I actually was able to land an MBB consulting interview last year outside of their on-campus recruiting and based on experience and recos. I think they hired 2 from about 40 interviews over a couple days. Same goes for Ivey - some years they will take 1 or even 0 out of 100+ class. Hence the comment about settling....it is not impossible, but extremely unlikely based on those odds.


I went to Schulich actually. Honestly if you're getting consulting interviews outside of their normal campus recruiting stream, that's another reason not to do an MBA. 

If you do pursue an MBA, PT sounds like a good idea... I think you've got a very realistic view of the opportunity costs.


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## MasterCard (Aug 2, 2013)

Any updates?
FWIW: I'm 2 years out of university, but doing the GMAT right now - for reals this time hahaha.


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## peterk (May 16, 2010)

I think it's a great idea to stay at your job, do a part time MBA, and begin to consult on the side to get your toes wet with it.

I hear too many young people like myself talking about running their own business or consulting, all with not much experience and no money in the bank. Sure it may work out for 1 in 10 folks, but the other 9 end up failing and broke with some questionable "exerience" on their resume. The HR departments of major employers don't want to see employment gaps nor "ran own business" on a resume. The former makes you look unhireable, the latter is evidence that you will resist being a corporate drone who will do as their told.

A much safer course of action is to work hard in a career for 5-10 years with an eye out to build skills that will make your future business a success. Once you've got 500k+ in the bank, some maturity (who wants to hire a 25 year old consultant?) and respect/contacts in your industry, then jump ship to do your own thing. Even if things crash and burn horribly, you still have all that experience (and all that cash) to fall back on. That's (roughly) my career plan anyways. Just now entering year 2 of the corporate job part...


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## Andrew (May 22, 2009)

This is a tough decision. If you really really really believe that consulting is what you want to do, then go do the MBA as it is likely your best chance to get in. Otherwise, keep doing what you're doing. Continue working at your day job while you build your real estate and consulting business on the side.


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## brad (May 22, 2009)

"Consulting" covers a huge range of possibilities (management consulting, engineering consulting, environmental consulting, and probably 600-700 other types of consulting; there are consultants for just about anything you can imagine). For some types of consulting an MBA carries no advantage at all. I assume you've looked into that, but it's worth investigating what an MBA would gain for you in your particular area of consulting.


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## MasterCard (Aug 2, 2013)

I think the OP is talking about management consulting e.g. the "MBB"


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## MasterCard (Aug 2, 2013)

Nada?


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