Should I go for my MBA?

Question:

I am 28 years old. I have a good job as an account manager for a commercial lending company. I currently make around $45K. I have a psychology degree and I do enjoy working with people. I have come to a point though where I feel like in order to be very successful I need to take my education to the next level. I want to become more familiar with the ins and outs of business. I am not very familiar with economics, stocks, accounting etc. I have a solid skill set in my job but sometimes I feel like all I am doing is collections. I work with several different accounts that are being Liquidated or Repossessed and my job is to streamline to process to minimize losses. I work with lawyers, manufacturers, and owners. I'm not sure exactly what I want to do in the future but I plan to get into our credit division down the road where I will be reviewing financials to establish dealer strength. I see myself in a leadership role in some capacity. I have thought of consulting only becasue of psych.

Answer:
MBAs are a dime a dozen. They are often offered as a side degree its almost like supersizing a meal. I don't think an MBA will serve your interests because you can learn as much from the interent or maybe even ordering a few books on amazon as you can going back to school and getting the degree. As far as leadership goes it is a much more personal approach. I think that you should just continue your work experience and continuously apply for promotions. If you want to do be e boss you can be but knowing the ins and outs of the company are much more applicable than knowing the ins and outs of business in general.

Do it now dont waste no more time because you will soon regret

Unless your company is willing to pay for the MBA, think seriously about venturing that route. Ironically, a MBA could be held against you, making you overqualified for certain jobs. If you plan on staying with the same company look into in-house educating programs.

Then again, if you go to Ivy, or top ranked schools like Stanford, Duke, MIT, most likely it will pay off in the long run.

There are -- essentially -- three ways to get an MBA -- Full time, Part time, Weekend Program. My opinion is that the weekend or full time programs are only worthwhile if you can get into a top program.

If you can get into a top program, then you will be able to move into any field you like. You will also get a job making more than twice your current salary. The weekend programs at top schools are very expensive & you should only do it if your company pays for it.

If you can't get into a top program & go full time, then you might be able to change fields, but will probably end up making about the same salary you make now. There is no advantage to doing it. However, an MBA in a part time program (that isn't a top 20 school) may allow you to advance in your current company -- so could be worth while.

Should I go for my MBA?

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