Another MBA question

[steamT]

First off I am new here, but have read many of thread already and have found your experiences, information, and advice very helpful.

I know this has been asked a million times here, but my situation is perhaps a little different. I really enjoy a lot of fields and subjects. (Example- I struggled with picking a major in college. The problem was I liked too many things. I liked mechanical engineering, electrical engineering, economics, accounting, and computer science. I ended up picking ME because I ran out of scholarship money and the debt starting racking up.)

I work as a mechatronics engineer now and love it. However, I think that one day I’d like to start my own business. I think that if I’m going to do anymore schooling I’d like to do it now even though I only have a couple years of engineering experience. I am now married and I don’t want to try going to school when I have kids. Anyways, my company just announced that they will provide tuition reimbursement for people who want to get their MBA from the local college at nights. I could learn business fundamentals on my own but I figure I might as well get the degree if it’s free. My only concern is that it is not top 50 ranked. It is the second or third best MBA program in the state, but there is only one top 50 program in our state. I think that this program will help me get the personal education I seek, but I don’t think it will be very versatile if I ever wanted to go into engineering management when I get older. My scores are such that I could go to a top 10 MBA school so my question is this, should I just go for it or should I consider waiting and going to a top 10 school later? (I have a hard time justifying that financially since I would lose 2 years wages and pay huge tuitions.)

 

[SWhit]

If your ultimate goal is to go into business for yourself, then the content is more important than the school ranking. Only someone who you are trying to get to hire you cares where your MBA came from. Customers would only care if it directly affected what you are doing for them.

 

[RDK]

School rankings are a self fulfilling prophecy.

Good schools get better candidates and therefore they do better and enhance the reputation of the school thus allowing them to get better candidates etc.

The course content is usually pretty much the same at any school but the benefit of a higher ranked school is that you will be in contact with people who will do much better later in life.

These will be your main contacts later and thus be important to your business and future success.

I’d go to the best ranked school that I could get into if I had it all to do over again.

Rick Kitson MBA P.Eng

Construction Project Management
From conception to completion

http://www.kitsonengineering.com

 

[steamT]

Yeah, that was kind of my feeling about it too. If I never get any of my own business ideas off the ground though and end up wanting to go into engineering management when I'm older (don't get me wrong, I love just being technical but sometimes I think that I could do a good job at planning and strategy (I've already seen quite a few bad examples anyways))will an MBA from a non-ranked program help at all?

 

[steamT]

I wrote the previous post before I read Rick's post, sorry about that.

 

[Hoagie]

Ego aside, an MBA isn't necessary or appreciated in our field. If you prefer taking the entrepreneurial route, I suggest finding a school that caters to that need.

An example would be Babson College in Wellesley, MA. They specifically teach undergrad/grad to those whom seeking a self-employed life. So you will get a taste of bookkeeping, tax accounting, marketing, etc… All the tools to help you succeed in business and stay in buisness. Another option would be to grind out a program in Canada for the sake of economy; it won't be HBS, Sloan, or Wharton, more like a US state university program. But enough for your needs.

You may want to hang onto your job until you understand the proposal/contract side of engineering, underwriting, finance, employment law/regs, develop a client base, and get some cash together. You will need to float yourself for a year, say. If you rush to open this business w/out a plan, you doors won’t be open for long.

Good luck

 

[RDK]

Many Canadian schools have gone to the executive MBA route.

Under this scheme you pay full price with no subsidy and attend for usually a full 11 months to get your degree.

Tuition is around $30,000 CDN for the period and you can expect to pay about another $1,200 to $1,500 for living expenses. Expect the grand total to be $50,000 CDN for the degree once you pay out of country medical insurance, travel back and forth books and pocket money etc.

Highest rated school would be Queens in Kingston Ont which is our pretender for US Ivy League but there are many other ones out there including some correspondence ones (NOT RECOMMENDED AT ALL)




Rick Kitson MBA P.Eng

Construction Project Management
From conception to completion

http://www.kitsonengineering.com

 

[steamT]

That would still be a bunch of money and I'd lose the one year of salary. That could pay off over a 7 or 8 year period though I guess if I got a higher salary because of it.

 

[steamT]

BTW Rick, nice jokes on your company website.

 

[SmartEngineer]

I think experience is much worth than studying theories in books.
What I meant that you can study at good MBA schools but should not be on top 10 or 50 even as far as it gives the principles, basics and skills as others and those what you are after as you can practice them and do your own bossiness in the future.
As you eager to study non-MBA majors it gives you the impression that MBA schools should be same as you have used to thinking about. But I guess the case with MBA is different as it gives skills of communications, bossiness development, improvement of thinking...marketing ..etc which can be given by any MBA school.

This what I guess and all the best

cheers
SartEngineer

 

[IRstuff]

While an MBA might be useful, you need to check into whether you'll need a PE license, particularly if you plan on offering your services to the public at large.

While you might be able to get away with not having a license, odds are that someone will eventually rat on you.

TTFN

 

[twix79]

steamT,

I'm in a fairly similar position to you. My company picks up most of the tab for our MBA, so I decided that I might as well go for it prior to having kids as well. I planned on taking classes at the local state school, also nowhere near a top 50 school. But after taking the GMAT, my scores, coupled with my other credentials, put me in decent shape to gain admission into a top 10 school.

Attending an MBA program full time is honestly something that I've never given much thought to, but if I pass the opportunity now, I know that I'll never have another chance. Needless to say, I'm struggling a bit with this decision.

 

[ziggi]

I considered an MBA at a lower ranked school as well, but most MBA program graduates tell me that if given the opportunity to do it all again they would have paid the higher costs to go to a better ranked school. I plan on going back in about 5 years in my early thirties and I plan on attending a top 5 school, however nearly all my savings will be depleted by the time I'm done the program and I will have two kids by then if all goes well.

Am I worried? No, you might as well aim for the top or just not bother is my motto. Besides money doesn't mean much to me, it's the opportunities that an MBA from a school like Harvard creates that I want.