Help a Reader: Advanced Degree Options

Recently received this comment:

I am 33 years old. I've been with the same, Fortune 25, company for nearly ten years. My salary is 49,500. Based on the year, I'll make another 20,000 - 38,000 in sales bonuses. May of 2009 I'll complete my undergrad degree - Business Admin. I've taken night and weekend classes for the last nine years. Currently I am looking into MBA or Masters programs. Today, I assume I'll work another 25-20 years. My goal is to move around and move up within the company I am at now.

I have a number of questions, including:

A) Public or Private (I'm attending a smaller private college now)?
B) MBA vs. a Program like: Master of Business Operational Excellence or Masters of Labor & Human Resources?
C) Is spending more, worth it? I have company tuition aid of 5,500 per year & a MAX of 25,000.

What advice do you have for him?

Comments

First of all, $50k is a pretty good salary for having no degree. You might want to wait a little while and see how far just the undergrad degree can get you. However, if you are certain you want to get a masters, here's my advice.

If you are going to stay at your company (sounds like your plan), the reputation of your business school is not as important as if you were going to be looking for an outside job, and even the type of degree is less important. Your current company already knows your experience and qualifications, they just need a degree to promote you. An MBA is always impressive but if there s a specific business reason to get a different one, then do that. In this case, I would go with the school that is most convenient (closest to your work or home, classes at the best times, cheapest, etc) Also talk to some other people there and see what degrees they have, where they got them, what experience they have.

If you think that you may be looking at another company sometime, I would get an MBA from the school in your area that is the best recognized in business. Doesn't matter if it's public or private in my opinion. An MBA is more marketable and the reputation of the school matters more since the company doesn't have the background of knowing you (although the title at your current position will also help).

And if you plan on getting married, you might want to cut back on classes so you have time to date! (or maybe school is a good way to meet people)

[pink panther]

I've struggled with this issue for 5-7 years... in the end, I've decided that in my field the next level of education is not worth to me what it would cost, and the time. In my particular field, a track record of results is worth more than a paper education. So I think the answer is a big "it depends". If you like sales and are good at selling something that sells well, I doubt you could do better than commission if you're willing to live that life and enjoy it. Later on you can transition into management, but don't waste your prime earning years. Make hay while the sun shines.

[robert]

As an employer, do finish your undergrad degree. You are making better than average money now.
DO NOT go into a Masters/MBA degree Just for the money. You will be disappointed.
as for private/public, five years after the degree 'where' will not matter just what you have done with the knowledge will. How long do u want to keep paying.
as for the company PAYING , take it. simple.
Reality check!!! You will not spend another 20 -25 yrs with that company. Marriages and Companies fail and get divorces.
Got lots of 'mba' 'masters' people from other 'late' companies.
suggest you read 'Forty eight days to work you love'
Dan Miller before your spend years on something you don't/won't love.
An employer of 'mba' 'masters' people being re-educated to reality of business.

A few comments:

1. Check if you can get the MBA paid for by your company for sure. That will help for sure.
2. The MBA is a pretty versital degree. Whereas a more specific degree is not as such.
3. Go to the best bschool you can get into. Most MBAs have a hard time accepting the worth of an MBA from a lesser school. I went to a top 10 bschool and had friends ask by people who went to a slightly higher ranked school why they didn't go to a better school.
4. Even in this economy take a chance or two if you can. On an education, on a new job, on your self.

[Michael]

My wife is finishing her MBA at BYU, in Utah. While she's not seeking a job just yet, her classmates are currently getting offers for $80,000 to $90,000.

Many of her classmates do have strong undergrad degrees (finance, engineering, etc.) and several years of experience though.

[Supereducated Elitist]

Wow. I'm floored by some of the comments left already.

Original poster - take in all the comments, but be sure to give more weight to those consisting of complete sentences and anything resembling English grammar.

My two cents: Harvest what you can now from the time you've put into your undergrad. Make a move or two based on your new qualifications and reap the rewards. Once your momentum at work is slowing up a bit, then pursue the master's degree.

[JimL]

You are making a great income. Just make sure that you do not take an educational load in a master's program that could potential impact your job performance. Follow a slow and steady plan.

[Kate]

I work for a university and have a master's degree. Here are my thoughts on your questions:

(1) Public or private? What is the reputation of each school you are considering? What can you afford? Is there really much of a difference between the cost of the public and prviate schools (sometimes there is a perceived difference that, upon examination, doesn't exist)? In my area, there are two big business schools (and a few smaller ones that don't have very good reputations). Of the big ones, the public one has the better reputation nationally, but the private one has an excellent reputation locally, with some employers (I've never seen stats to see what the percentage is) preferring graduates from the private school over those from the public school. You need to weigh the strengths and weaknesses of your choices, compare them to your goals, and decide based on that.

(2) MBA vs. specialized degree. The MBA has greater name recognition, and as someone already pointed out, more portability. That said, I chose a specialized business degree because I want to stay in a specific area of business, and I felt that I wouldn't hamper my goals by choosing that specialized degree over an MBA. I'm guessing you are most concerned about income potential (and that is fine, but I was more concerned about what I was going to do on the job vs. income potential), so I'd recommend the MBA.

(3) Is spending more worth it? Given your goals, I don't think so; in fact, most of the time, I'd recommend to anyone what I'm recommending to you: choose some place that is covered by your employer's tuition remission. There are lots of good, affordable programs, and the only time spending really matters is if you want to go to a big-name school like Harvard and plan to move around the country and become CEO of a major firm.

[Meg]

Since you want to stay at your same company, these questions should be relatively easy for you to answer. What types of schools does your company (or the dept you want to be in) recruit from? What type of degree would make you most competetive? I would schedule an informational interview with an executive in your company and tell him your goals and point blank ask him/her for advice.