tag:blogger.com,1999:blog-24513623.post3247441074699470738..comments2007-09-23T21:21:01.585-07:00Christopher J Adamshttp://www.blogger.com/profile/11865847485054103877noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-24513623.post-54688864582262246872007-09-23T21:21:00.000-07:002007-09-23T21:21:00.000-07:00Readers, I recently had someone ask me some additional questions after she read this post. With her permission, I am posting her questions with my responses here:<BR/><BR/>Question 1: Am I on the right track to pursue an MBA degree? My background is in science and Industrial Engineering. I hope to work in the industry for 2-3 years after my graduation next year, and then come back for an MBA degree. My career goal is to eventually become a management consultant. What kind of working experience will be the best pre-MBA experience? I may think about going to some Manufacturing Engineer or Operations engineer position, and then move to management. Is this the good way to do this? Or I should try to get into some consulting firm now as an analyst, without industrial experiences? I know that some big companies have the management trainee program which has 4 or 5 rotations in 2 years. Will this be a good choice too? Is it very hard to get into?<BR/><BR/>Answer 1: I would say that if you want to continue your education immediately, one option available to you is to get the MBA and try for an internship with a consulting firm. Consultants are probably among the most specialized of MBA's, focusing on one specific area of core competence. I would say that you should try to find a position that most closely matches what you think you want to do in the future. The greatest value may just turn out to be not finding out what you like, but finding out what you don't like and then not pursuing unnecessary education toward it (but only if you decide you don't like it). Competition for the rotation programs at big companies is intense, at least from what I've seen, as slews of MBA's apply for positions like that. For management rotation programs, having at least a semester (or two quarters) of MBA education I would think is very important. <BR/><BR/>Question 2:I do like some research on some problems, but I don't think I like teaching as a professor. If I hope to be very professional, will an MBA degree be sufficient or a PhD degree is more convincing?<BR/><BR/>Answer 2:The Phd would be good if you want to be really specific in a field, but from what I've seen of the PhD's who have taught some of my labs, they can't relate to people as well as the MBA's who have been more polished to present and interact on a team (and companies will really respect those two abilities). <BR/><BR/>Question 3: It seems that more and more people are going to MBA programs. Maybe it is because it is shorter and easier than other advanced degree like phd (maybe you don't agree), will MBA's be less valuable when more people have them? <BR/><BR/>Answer 3: MBA's are a dime a dozen. The real thing that will make you stand apart is your background, but the MBA will help you speak the langauge of business and understand what is motivating the directions coming from the top floor. I swear, having the MBA alone won't make you dangerous. Having your speciality rounded out with the business education would make you more dangerous than your peers with purely the scientific/engineering background. Having the degree can only help, however. <BR/><BR/>Question 4: How do you pay for your MBA education? Do many companies offer assistance?<BR/><BR/>Answer 4: Not as many companies pay for the MBA as some people seem to think. Some will, of course, and those will tend to be the larger companies. Just don't plan to rely on that. Working and studying at the same time can be a beast and sometimes, the fact that you're not giving up as big a salary by doing it now (Because right now you wouldn't be getting paid as much with less work experience) makes up for the fact that you'd be paying for it on your own. There are a variety of financing options available to you. You'll have more that I know of if you're an American Citizen. Here are the layers of things you can do:<BR/><BR/>a) Get tuition assistance, either from scholarships or awards<BR/>b) Subsidized Student Loans from the government (Up to $8000 per year with no interest accruing during your study), supplied by the Gov't for US citizens. Interest rate on graduation is 6.8% per year<BR/>c) Unsubsized Student Loans from the government (Up to $10,000 per year with interest accruing even while your'e studying). Though the interest accrues while you're in school, you don't have to pay any of it until 6 months after you graduate. <BR/>d) Private MBA Loans from Nellie Mae, a division of Sallie Mae. These carry a higher interest rate that can be lower if your parent or someone else co-signs on the debt.<BR/>e) Wealthy relative dies and remembers you in his or her will :-P<BR/><BR/>Question 5: What do you think of your post-MBA plan? Will you have very high expectations when you're looking for a job now, for example, the positions are at least an associate?<BR/><BR/>Answer 5: I need to figure that out, though I would probably shoot for something at least $50K, ideally above $60K (bearing in mind I have little work experience. That salary would increase quickly with more).<BR/><BR/>Question 6: How will you balance life and career? The reason I hope to pursue an MBA is not because I am really that ambitious, but I hope to learn more and meet more intelligent people. I know MBAs have to travel a lot. I would love to do this when I'm in my 20's, however when I'm getting older, it would be hard. How to balance this? Can an MBA say "no" to his/her boss when travel is required? <BR/><BR/>Answer 6: MBA's have access to a wide range of fields with their skills. There are a whole range of different careers you might pursue, some with less balance and more travel than others. Investment Bankers, for example, work ridiculously long 90+ hour weeks, so they really must enjoy what they do. Consultants, I'm sorry to report, have it less balanced than many MBA-related careers because they need to travel to their clients' locations on a regular basis. Someone in a corporate finance or perhaps market research job would maybe be able to stay put more often.<BR/><BR/>Debrief:<BR/>If you have any questions about the MBA degree that you would like answered, or if you have any comments about the posts written here, feel free to add your thoughts!<BR/><BR/>ChrisChristopher J Adamshttp://www.blogger.com/profile/11865847485054103877noreply@blogger.com