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Re: MBA Starting Salary
Old 08-17-2006, 08:11 PM   #21
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Re: MBA Starting Salary

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Originally Posted by cube_rat
As an IT person making a pretty good salary, working for mega corp, I can tell you that a master's degrees are a dime a dozen. Virtually every person I work with or for have graduate degrees or Phd's. Maybe it's a bay area thing.
The company for which I work in the Midwest hires mostly MS and PHDs for research and development positions.
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I looked at UC Berkeley and Stanford graduate schools last year and weighed the cost against my age and experience level. Net/net would mean not much in a salary boost and the acquistion of fat student loan even after company reimbursement. This is not what I want to insert into my ER plan. However, if you're starting out in your 20's or 30's, then by all means go for it as you still have time to recoup tuition costs and save for ER.
When you are already making a 'good' salary, an advanced degree will not give you a bump in salary. When I recieved an M.B.A (evening program) from a well-known university in my late 30's, I did not get any raise at all. Part of the reason was that I did not get into management.
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Re: MBA Starting Salary
Old 08-17-2006, 08:33 PM   #22
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Re: MBA Starting Salary

What's the likelihood of getting a big banking firm to foot your tuition for one year assuming you sign an agreement to return to the same firm for 2-3 years after the degree? I'm thinking that with my engineering background, I may end up going to a one-year MSCF program after my MBA.

On a somewhat unrelated note, in a previous thread regarding MBA, someone mentioned that CFAs grow on trees in Canada. Now that I'm here, I can confirm that I haven't been hit by falling CFAs as I walk to and fro from school. There are only 30-35,000 of them vs. the 60-70,000 in the U.S., but because Canada's work force is only about 1/10th of that of the U.S., it seems that CFAs grow on trees.
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Re: MBA Starting Salary
Old 08-17-2006, 08:37 PM   #23
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Re: MBA Starting Salary

Quote:
Originally Posted by cube_rat
As an IT person making a pretty good salary, working for mega corp, I can tell you that a master's degrees are a dime a dozen. Virtually every person I work with or for have graduate degrees or Phd's. Maybe it's a bay area thing.

I looked at UC Berkeley and Stanford graduate schools last year and weighed the cost against my age and experience level. Net/net would mean not much in a salary boost and the acquistion of fat student loan even after company reimbursement. This is not what I want to insert into my ER plan. However, if you're starting out in your 20's or 30's, then by all means go for it as you still have time to recoup tuition costs and save for ER.

Stanford, BTW runs about 70K when I last looked and UC Berkeley around 50-55K
Cube, it's not just a Bay Area thing. It's the same everywhere. An M.S. from a top school will not make you any more competitive. It will make your resume stand out a bit when you're going after a new job, but that's about it.

In retrospect, I should have just stopped with a B.S. and then gone full time to a top U.S. business school. Well, hindsight is 20-20.
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Re: MBA Starting Salary
Old 08-17-2006, 09:55 PM   #24
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Re: MBA Starting Salary

I'm a physician who did an MBA. Opportunity cost was ~$100K. Impact on total earnings was neutral because I was starting from a high point. Medical leadership roles don't pay well unless you are the CEO. However, MBA enabled me to develop a new, unique career theme and greatly increased work satisfaction.
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Re: MBA Starting Salary
Old 08-17-2006, 10:44 PM   #25
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Re: MBA Starting Salary

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However, MBA enabled me to develop a new, unique career theme and greatly increased work satisfaction.
That's a heathy way of looking at it.
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Re: MBA Starting Salary
Old 08-18-2006, 06:52 AM   #26
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Re: MBA Starting Salary

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Originally Posted by BunsOfVeal
What's the likelihood of getting a big banking firm to foot your tuition for one year assuming you sign an agreement to return to the same firm for 2-3 years after the degree? I'm thinking that with my engineering background, I may end up going to a one-year MSCF program after my MBA.
Slim chances as I understand it. I got most of my degree paid for by my employer, but they were paying me well under IB levels and we both knew it.
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Re: MBA Starting Salary
Old 08-18-2006, 08:01 AM   #27
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Re: MBA Starting Salary

How do "they" rank MBA schools? And is there a list somewhere. I just wonder where my state university ranks...
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Re: MBA Starting Salary
Old 08-18-2006, 08:12 AM   #28
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Re: MBA Starting Salary

My husband was admitted to Tepper business school at Carnegie. After a lot of thinking, he turned down Tepper. He had already left the PhD program at McCombs a few years earlier.

There was no way that I was going to move up whereever that Carnegie school is (he could go by himself for 2 years though). He already made the money that a newly minted graduate makes working 40 hrs a week. Getting a fat loan and losing pay for two years would only set him back $400K or so. The main reason for getting an MBA for him would have been to start his own business. He realized that listening to the employees at Tepper would probably be less useful than working with some our highly succesful entrepeneur friends. Learning how to work your way up the company was not what he wanted to learn at school. The most convincing reason not to go to that school is when he met the current students and his future fellow MBA classmates at the schools. Those folks were depressing - very young and inexperienced, just going for the piece of paper because of big $$$$. There was nothing he could learn from those folks. I like what a previous poster said that the class ends up as a homogenous product at the end - that is true but not what my husband wanted. Because of our own business and real estate investments he will probably get out of the cube in a few years now.

Vicky
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Re: MBA Starting Salary
Old 08-18-2006, 08:51 AM   #29
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Re: MBA Starting Salary

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Originally Posted by Bimmerbill
How do "they" rank MBA schools?* And is there a list somewhere.* I just wonder where my state university ranks...
Different publications have different lists, but if it was a top school, they would have drilled that number into your head. What makes me laugh is when you hear statements like, "we are a top 12 university!" Gee, I wonder which one of those 12 you were?
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Re: MBA Starting Salary
Old 08-18-2006, 08:56 AM   #30
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Re: MBA Starting Salary

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Originally Posted by Bimmerbill
How do "they" rank MBA schools? And is there a list somewhere. I just wonder where my state university ranks...
Businessweek, the WSJ, and US News do the big ratings. Its usually based on how hard it is to get in, and the avg starting salary of grads. They also factor in reputation and some other things in the mix

http://www.businessweek.com/bschools/

http://www.usnews.com/usnews/edu/gra...rank_brief.php



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Re: MBA Starting Salary
Old 08-18-2006, 10:18 AM   #31
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Re: MBA Starting Salary

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Don't worry: that will be beaten out of you shortly.
Yes, it will. I miss work. I'm sure that will be beaten out of me after I get a job. Funny how I miss vacations to exotic places, but that never gets beaten out of me. Now if I can look like Brooke Burke, then I have it made.
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Re: MBA Starting Salary
Old 08-18-2006, 10:46 AM   #32
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Re: MBA Starting Salary

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Originally Posted by saluki9
Businessweek, the WSJ, and US News do the big ratings. Its usually based on how hard it is to get in, and the avg starting salary of grads. They also factor in reputation and some other things in the mix

http://www.businessweek.com/bschools/

http://www.usnews.com/usnews/edu/gra...rank_brief.php



The school (that I attened) ranks 23rd by US News and 'Next 20' by Business Week. Apparently, Business Week includes international schools.

The starting salary is only $82,436.
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Re: MBA Starting Salary
Old 08-18-2006, 11:40 AM   #33
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Re: MBA Starting Salary

I just checked out the two "top 20" schools in town (UNC-Chapel Hill and Duke, 20 and 11 respectively). $85000 and $90000 average starting salaries. The average is likely higher than the median due to some percentage of folks going into wall street/Ibank jobs paying well over 6 figures. I think the average student has 5 years experience coming into the programs. It doesn't seem like they would be getting a huge pay boost, given the fact that just about anyone who can get into a top 20 program is a high-acheiving, successful person already. Then there's the number of hours you have to work to actually earn $85000-$90000 a year.

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Re: MBA Starting Salary
Old 08-18-2006, 08:29 PM   #34
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Re: MBA Starting Salary

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I miss work.
This statement being allowed to exist on this board speaks a volume to the extreme ineffetiveness of the moderators. Some harmless profanity......edited out. A non-Liberal political statement.....edited out. Etc., etc. But this outrageous statement is allowed to exist! Sick.
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Re: MBA Starting Salary
Old 08-19-2006, 12:58 AM   #35
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Re: MBA Starting Salary

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This statement being allowed to exist on this board speaks a volume to the extreme ineffetiveness of the moderators.* Some harmless profanity......edited out.* A non-Liberal political statement.....edited out.* Etc., etc.* But this outrageous statement is allowed to exist!* Sick.
I should point out that the statement was only made because the poster was in school at the time.

We can make allowances for being so far down that even bottom looks like up...
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Re: MBA Starting Salary
Old 08-19-2006, 06:56 AM   #36
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Re: MBA Starting Salary

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Originally Posted by youbet
This statement being allowed to exist on this board speaks a volume to the extreme ineffetiveness of the moderators. Some harmless profanity......edited out. A non-Liberal political statement.....edited out. Etc., etc. But this outrageous statement is allowed to exist! Sick.
Yes, at the least, I would expect work to be censored as w**k. Hell, even work spelled as w*rk may remind too many folks of the salt mine right as they are having their mid-morning margarita and retire-early-forum-surfing session.

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Re: MBA Starting Salary
Old 08-19-2006, 06:59 AM   #37
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Re: MBA Starting Salary

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I just checked out the two "top 20" schools in town (UNC-Chapel Hill and Duke, 20 and 11 respectively). $85000 and $90000 average starting salaries. The average is likely higher than the median due to some percentage of folks going into wall street/Ibank jobs paying well over 6 figures. I think the average student has 5 years experience coming into the programs. It doesn't seem like they would be getting a huge pay boost, given the fact that just about anyone who can get into a top 20 program is a high-acheiving, successful person already. Then there's the number of hours you have to work to actually earn $85000-$90000 a year.

I wouldn't work too hard for that amount of money. Hell, a friend of mine made 1.5x that much working for the Fed, and working hard isn't even in his vocabulary.
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Re: MBA Starting Salary
Old 08-19-2006, 09:25 AM   #38
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Re: MBA Starting Salary

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Yes, at the least, I would expect work to be censored as w**k.
You're starting to gain a perspective on how we became moderators, right?
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Re: MBA Starting Salary
Old 08-19-2006, 10:53 AM   #39
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Re: MBA Starting Salary

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even work spelled as w*rk may remind too many folks of the salt mine right as they are having their mid-morning margarita and retire-early-forum-surfing session.
Morning margarita? Whew! However, I do enjoy a shot of Baily's in my morning coffee!
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Re: MBA Starting Salary
Old 08-20-2006, 06:03 PM   #40
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Re: MBA Starting Salary

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I wouldn't work too hard for that amount of money. Hell, a friend of mine made 1.5x that much working for the Fed, and working hard isn't even in his vocabulary.
Exactly. $85000-90000 is the starting salary from the next ten schools after the illustrious "top ten". Not a lot of money for high stress, late nights and long weekends (working). Most of the engineers I know with about 7 years experience are not far behind that salary level for around 40 hrs per week working. And that is with a bachelor's degree in general (with a professional license). Plus the engineers got to earn $60-80k per year for two years while the MBA students were paying $30-40k per year. Think about what the opportunity cost of $180000-$240000 is.

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