Getting an MBA part deux

Many friends have asked me about the difference between an MBA and other graduate degrees like a Masters of Finance or Masters in Real Estate Development.  While I’m a big proponent of any sort of higher education, I also believe that you should research the different programs to see what they have to offer. If you are considering a degree outside of a full-time MBA program, you should be sure that the benefits of the program outweigh the costs. A MF or MRED can be helpful but they are very specific fields. One aspect of MBA programs that many people don’t understand is the track breakouts. Once beginning an MBA program students are highly encouraged to select a track of study, mainly Finance, Marketing, Supply Chain/Operations, and Organizational Behavior/Human Resources. By focusing your studies in one of these areas, you can narrow your job hunt. Also, a few friends have wondered about marketing type jobs coming out the MBA program. From my experience, MBA programs do a great job preparing students for top managerial positions in marketing, HR, finance, and supply chain. If one of these areas of business interest you, I highly recommend looking into an MBA.

Ah the personal network.  An MBA (at the right schools) is great for building your personal network. BYU has a great network. I've already had a ton of opportunities from some major companies because of the BYU brand/network. Our alumni reach out to us and love it when we reach out to them. Other schools have great alumni networks as well, and really it's a BIG part of where you should go. Sometimes “networking” can be seen as a dirty word. However my experience has been different. Networking to me is making connections with like-minded successful people of whom you can draw on for help, support, and learning. Likewise you can help them when they need. I’ve loved my networking experience so far.

The last item is cost. I worked at Cisco this summer with guys from Univ of Chicago who are paying FIVE TIMES the tuition I'm paying at BYU and yet we end up with the same job after school paying the same thing. This was probably my #1 reason why I came to BYU. It's a top 20 school, and it’s by far and away the best return on my money. I’m also a big fan of the mission and aims of BYU.

If anyone wants some personalized advice for their unique situation let me know the reasons why you are considering grad school. I'll throw in any more advice if you want.

Rhett

To Get an MBA or Not to Get an MBA, That is the Question – Part 1

Friends have asked me about getting an MBA or another type of graduate business degree (like a master’s degree in finance or real estate).  Here is some advice I have given them.

The first thing you have to do is ask why you want a graduate degree. If you work for a good company and you just want a raise or job promotion, you might consider an executive MBA (especially if the company is willing to pay for it.) However, if you are considering switching industries, companies, or job function (like from finance to marketing), a full time MBA would be preferable.

Where do you want to work? For example, if you already have a job and you are just going to stay there, I'd say an MBA doesn't help much. However, if you want to get a job with a big name company, an MBA is essential. Also, let’s say you want to own your own company or work for a startup, having an MBA (from the right school) looks good on your company’s bio page. Your MBA network can be a great resource for your new company. Stanford for example has a great entrepreneurial program. At BYU we have great resources for entrepreneurs, like our Business Plan Competition. Conversely, if you want to work at an investment bank, you'd want to go Ivy League - Harvard, Wharton, etc. So really it depends on what you want to do after you're done with school.

Tiers
In my opinion, MBA full time programs are separated in tiers. The first tier contains the elite schools, i.e. Harvard, Wharton, Stanford, Kellogg, and Chicago. This tier has the best recruiting, professors, and that “elite” feel to it. It also has significant cost. If you want an investment banking job, or work for a company that specifically hires from those schools, then you want to do everything you can to get into them.
The 2nd tier is about the next 25 schools. It includes BYU, Texas, UCLA, Berkley, Yale, and others. These schools have great recruiting and alumni networks. The cost can vary and so can the companies that recruit from these schools.

After these tiers, you pretty much have everyone else. Each program might have its unique strength or niche, but Fortune 500 companies typically won’t actively recruit out of the top 50 programs. A state school probably offers and MBA, but it essentially will only get you the MBA designation. It might help distinguish you when applying for a job from other candidates, but the alumni network probably won’t be strong enough to get you a leg up in the recruiting process.

Next week stay tuned for a Part 2 about getting an MBA.

- Rhett

Warren Buffett Visit - "I have to see the Oracle"

Did I get a chance to visit the Oracle of Omaha? Oh you better believe I did!