MBA or ?

[TX_92_Notch]

Since zachary's thread about businesses and such seems to show that we're less of a bunch of slackers than one might think, I'm going to throw this out there for discussion:

I'm 43 and I've been tossing around the idea of getting my MBA. Part of me says I'm insane and part of me says it's a great idea.

I'm a small business owner. I and my 4 full-time employees all work from home and there's currently only one client to manage (subcontracting). That will change in the not-too-distant future. Office, employees and a (hopefully) considerably larger client base.

I have also been pondering ways to generate passive income and many of them come back to things discussed in zachary's thread. Whether it's a laundromat, handfuls of rental properties or whatever, I can't help but think an education in business ownership would be of great benefit.

The trick is time. I have 5 children from 4-13 and am running my small business and looking for ways to grow it but also step out and generate passive income.

I know there are other programs out there that offer single classes as opposed to a full MBA program (and the $30k or higher price tag), but I don't know anyone that has taken either approach.

Thoughts?

[Strychnine]

What's your end goal, and how do you believe an MBA will help you get there?
Is it (the degree and associated "status") actually necessary to get where you're going, or is it only the knowledge you want without caring about the "status", or it it just a personal thing and you want the paper on the wall?



Editing to add:

There's no wrong answer to the questions above, but you should try to answer honestly. Then I'd grab a copy of something like this [ The Personal MBA: Master the Art of Business ] this and read it front to back like a textbook. Highlight, take notes, re-read, etc. Make it all the way through that, then decide two things - 1) are there specific areas you want to learn more about and can you do that on your own? and 2) are you actually passionate about committing your schedule and $30-60k to someone else when you can learn the same basic principles yourself?

No offense here, but at your age, with the anticipated cost you threw out there, the fact that you're already a business owner with likely no interest in consulting... you're not going to an M7 or T25 school. At what point is the juice not worth the squeeze? Pretend you're in a program, put in the same effort in terms of time management and reading/learning, get the knowledge on your own. You're going to come out ahead of your peers and with zero debt / very minimal investment.

[jewozzy]

MBA or any degree for that matter isn't needed unless the piece of paper itself is going to open you up to higher pay (or if it is required for a certain job). Anything you can learn in a school/university can literally be learned through much cheaper
or free courses online.

[dblack1]

I'm associated with four businesses thru direct ownership or(o) status.

I've never once thought more degreed education was the answer to my financial future. I don't imply that in a rude or arrogant way. But, after four years in college I didn't learn many things that made me in my self employment.

[Sean88gt]

Like Matt said, what is your goal and how will this apply/aid/assist in that?

[zachary]

I thought about doing this also a few years ago, although I am younger, 38. Then my thoughts went to taking on 30-50k debt in a 2 year time span - would what I gain be worth that much in debt going forward. To me it was no - i am more of a hands on learn from mistakes and READ A LOT of others stories type guy!

90% of course work would NOT apply to what you are doing or want to do anyway ...IMO

My wife is in a Masters program and I think it is a waste of time again..IMO

[TX_92_Notch]

The end goal is simply knowledge. Hanging another degree on my wall means absolutely nothing to me. In more practical terms, the end goal is to be successful as an entrepreneur. My main source of income will be the field I'm currently in but, as mentioned above, I'm hoping to branch out into other ventures for passive income.

I very much follow the Mike Rowe line of thinking about college - it's just not necessary unless your profession strictly requires it.

If there are books, podcasts, online study materials, etc. that will benefit me as much as an MBA, I'm all ears. Google searches return so many thousands of results that it's hard to even know where to begin.

[TX_92_Notch]

I thought about doing this also a few years ago, although I am younger, 38. Then my thoughts went to taking on 30-50k debt in a 2 year time span - would what I gain be worth that much in debt going forward. To me it was no - i am more of a hands on learn from mistakes and READ A LOT of others stories type guy!

90% of course work would NOT apply to what you are doing or want to do anyway ...IMO

My wife is in a Masters program and I think it is a waste of time again..IMO

I am a licensed architect and I told anyone that would listen that the vast majority of the degree did ZERO to prepare you for life as an architect. I sometimes wonder if all degrees are that way or if something like an MBA would be more of a value, as in more of the material is relevant to the reason you're in school.

[slow99]

In my view, an MBA is for one of two purposes: 1) you need to switch careers; or 2) you need it to further your advancement in your current position/role. In the case of 1, you need to get into the best school/most rigorous program you can to extract value. In the case of 2, pretty much any respectable accredited program will be fine. At your age you are not doing 1. I graduated a top full-time MBA program at 33 and was one of the oldest in my class. Seems like 2 doesn't really fit either though. If you do these right, they can add tremendous value. My MBA cost was big, but I've already had a return of 7x the cost on an NPV basis in the past 10 years.

However, given your goals, I agree with the sentiment here to just take some online basics or find some books. In addition to my MBA, I have also earned the CFA Charter. IMO, it was the most difficult thing I've ever done career/education wise. The vast majority of top 20 MBA programs have a similar first semester class schedule - Economics, Marketing, Accounting, Finance, Statistics. All these except marketing are covered in the CFA level 1 curriculum. Maybe just find a used set of CFA Level 1 books and read through those for a few months.

[Silverback]

I went back and got my MBA 6 years ago, all online, thru Texas A&M Corpus Christi, while I don't know that my MBA taught me anything I couldn't learn on the job, it definitely changed the responses I was getting when applying for new roles in new companies.

as Matt and Sean said, what's the goal of getting it, and what's the trade off personally. For me the time to do it online, after work, wasn't a huge trade off and didn't change my life at the time all that much.

[Shorty]

I don't have much to add as my opinion falls in line with everything above. Guts and Borrowed Money is a good book since you asked for specifics. It was one of the only books I was assigned to read in business school that I kept.

[talisman]

I was looking into MBAs about a month ago. You can do an accredited MBA for under 15k in tuition costs if you look around. As Jody pointed out, your position now doesn't dictate needing a prestige uni. Could you do it all yourself? Perhaps, but taking the classes will be more immersive and you will pick up knowledge from more than just the coursework and you will also have networking opportunities.

I finished my first MS at 43 and now I'm working on a MA at 44 mostly because I didn't want to do a PhD in my first masters subject area, and the MS is usually the terminal degree for my field. Second masters opens up more possibilities, and if that is what an MBA will do for you, you should do it. Never too late to improve your prospects. And remember, it's only money. You can always make more.

[Chili]

Since zachary's thread about businesses and such seems to show that we're less of a bunch of slackers than one might think, I'm going to throw this out there for discussion:

I'm 43 and I've been tossing around the idea of getting my MBA. Part of me says I'm insane and part of me says it's a great idea.

I'm a small business owner. I and my 4 full-time employees all work from home and there's currently only one client to manage (subcontracting). That will change in the not-too-distant future. Office, employees and a (hopefully) considerably larger client base.

I have also been pondering ways to generate passive income and many of them come back to things discussed in zachary's thread. Whether it's a laundromat, handfuls of rental properties or whatever, I can't help but think an education in business ownership would be of great benefit.

The trick is time. I have 5 children from 4-13 and am running my small business and looking for ways to grow it but also step out and generate passive income.

I know there are other programs out there that offer single classes as opposed to a full MBA program (and the $30k or higher price tag), but I don't know anyone that has taken either approach.

Thoughts?

If you need an MBA, just hire one..