You're thinking about going back to school for an MBA. Before you invest tens of thousands of dollars, get clear on why you want it and what you expect it to change. Here's my own experience with grad school, the questions I'd ask yourself first, and the resources I'd point you to.
My Grad School Experience
After earning my undergraduate degree in math and computer science at Boston College, I worked at Deloitte Consulting in DC for four years. Along the way, I decided to get a Master's in Computer Science at Georgetown University, which also let me play three more years of college ultimate frisbee.
Deloitte asked me two questions during that decision, and they've stuck with me ever since:
- What do you want to be able to do in a few years with a master's degree that you can't do now?
- What are you going to learn in school that you can't learn on the internet?
My biggest takeaway from grad school was learning how I learn, a skill that still serves me every day.
3 Questions to Answer Before You Apply
- What specific skills or knowledge do you hope to gain? Name them. "Business knowledge" is too vague to justify the cost.
- Can you get those skills through a less costly path? Books, online courses, a mentor, or a stretch role at work might get you there faster and for far less.
- Will the degree open doors that are closed to you today? Some careers use an MBA as a filter. Others care much more about what you've built and who you know.
What an MBA Gives You (and What It Costs)
An MBA bundles three things: the skills you learn in class, the network you build with classmates and alumni, and the credential itself. Be honest about which of the three you need. If it's mainly the skills, there may be cheaper ways to learn them. If it's the network or the credential, the specific program matters a great deal.
Seth Godin makes a pointed version of this argument in reading 4 below. He suggests that at top-tier schools, the most valuable parts are often getting in and getting out, because the degree works as a selection and certification signal for employers like consulting firms and investment banks. He puts the full price of tuition plus two years of lost income at about $350,000.
6 Resources to Help You Decide
1. The 45-Minute MBA by Scott Mackes A quick read by my former business coach that condenses the essentials of an MBA. It filled gaps for me on the basics of finance and accounting, which I never formally studied. Read The 45-Minute MBA
2. The Tiny MBA by Alex Hillman Bite-sized business insights packed into a short, easy-to-read format. Some of these lessons you may never get in a traditional program. Read The Tiny MBA
3. "Attempting to Give" from A Learning a Day Rohan Rajiv, writing on one of my favorite blogs, reflects on his classmates at the end of business school. The ones who focused on what they could give to the experience seemed happier and more fulfilled than the ones focused only on getting a return on their investment. Read "Attempting to Give"
4. Seth Godin on Getting a Fancy MBA Godin's take on whether the prestige of an elite program is worth the price, and why he'd consider deferring. Note that Godin founded the altMBA, an alternative program he discusses in the post. Read "On Getting a Fancy MBA"
5. A Field Guide for MBAs (Boston College) My undergrad alma mater profiles Al Dea, author of MBA Insider: How to Make the Most of Your MBA Experience. It includes tips from alumni on reflecting before you apply, preparing before day one, and treating the MBA as one step in a longer career. Read A Field Guide for MBAs
6. McSweeney's: "Do You Want to Go to Grad School, or Do You Just Need a Snack?" A satirical quiz by Rima Parikh, because big decisions deserve a little humor. Take the quiz
Final Thought
An MBA is a big investment of time and money. Get clear on what you want to learn, how the degree will change your trajectory, and whether there's a cheaper path to the same skills. Then make an informed choice.
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