1. If you don’t have post grad and even if you start with well paying job you will eventually have to pursue a higher degree (it becomes a hygiene factor)
2. Also, how well is well paying job in developing country .. will MBA give you a better well paying job.. does it open up doors to various industries.. etc
think long term and your vision (e.g. if you want to be a coder and stay a coder then if you have a job in google or FB.. go ahead.. MBA can come a few years later)
My heart has been dumbed down by brain for the last 8 years. It’s useless and I now have a talent to delude myself into thinking that whatever decision I make, is the one my heart is going for.
If the cambridge MBA is online, then I don’t think it is a wise option. The experience you get from learning face to face at abroad is not same as getting educated through virtual classes.
If you are financially well off (not be too much of a burden to your parents in the long run), then try MBA, so the loan interest can be covered to an extent with your parents support.
If you are looking to settle elsewhere than your home country, look at the opportunities the degree can provide in the preferred country. There are degrees that take 3 years and some just a year, but by the time you finish it should be of value.
Higher degrees from reputable universities are useful and important for many reasons but I am very cynical of MBAs as a rule of thumb given what many of them teach and don’t teach students. The latter of which includes the significance of ethics and why it shouldn’t just be window-dressing, genuine sustainability and not engaging in environmental destruction. Please think carefully before taking on that tuition loan to do an MBA.
Honestly, I see MBA as a summer school for adults.
The only reason why I want to do it, is because it would be an entry in UK market. Considering that their graduates are making on average 70k (which with UK tax is net 42k), I am now wondering whether I will be selling myself in slavery for the next few years just to pay off the debt.
I also am nearly sure, the median salary for post grads is maybe 10k lower than the noted number.
Meanwhile, there’s the old suggestion to just toss a coin. Not that you’ll do what the coin says — because you’ll suddenly know what you are hoping for as soon as the coin is in the air 🙂
Whenever I make a big decision, I think about which will give me more regrets! And then I choose the option where even if it doesn’t go exactly as planned, I won’t regret choosing it.
I would also do the math. I know in the US, doing an MBA and getting into a job puts you at a higher pay bracket and over the period of time it adds up. Not sure how much of financial benefit you get from the MBA. Also factor the job opp/visa situation once you graduate, because you don’t want to be stuck with a huge loan and without a job.
Going to a different country and studying gives you a good perspective and experience. If you can afford it, I think it worth the experience. You also get to experience another country.
I do basically the same. I pretend that I’ve picked one and then think hard about how I feel about it. Then reverse.
Or I pretend the situation is for my best friend and what would I tell her to do?
Good luck! Either way, your life will happen!
(That being said, 14% is a lot)
My local bank wouldn’t give me a grace period & let me finish the studies and would probably go more for 20% interest rate. Thus, I am going for the only international (American really) provider.
Tbh, I am glad y’all are pointing out how high the interest rate is. I am considering whether my reluctance is motivated by fear, but at the same time, there is a fine line between a common sense and irrational fear.
Here in the U. S. we have people who have ruined their lives because they took out student loans, didn’t get a good enough job, are still paying off the loans and can’t afford to even think about kids.
So don’t just think about the upside — what’s the worst case downside?
Or go to Youtube and check out John Oliver’s Last Week Tonight recent bit about student loans.
FWIW, my first job after college was teaching English overseas (in Taiwan). It didn’t pay much and was a waste in terms of long-term job prospects, but I’m still glad I did it because of the experiences & perspective it gave me (and my eventual career change worked out fine).
I can only tell you what I would do or tell my kids.
I would take the job, 14% interest is huge, I would run away from it as fast as I could. If you really want an MBA you will be able to do it later, some companies might pay some of it (my husband’s company paid for half of the tuition much later in his career). Take the job, get the experience and save your money to pay the tuition later if you really want the MBA.
Honestly, that’s what I am thinking about now too. I am only 26 and the UK market is terrible although I desperately wanted to move in there (mostly for theatre, ballet and pretty guys). At the same time, I am worried I might be unable to get such a scholarship down the line. Rejecting Cambridge also feels terribly wrong.
Yeah, UK is great, I will give you that. I know what a name like Cambridge means, my son finished at King’s College after a year at Cornell where he had a scholarship (he wanted to go in London where many of his friends went) . But I made sure that I paid the tuition after my experience with student loans so that he would be free all his life. You are very young and these schools are not all what they are propped up to be. I think that being independently financial when you are young is very important.
You have to do the math (without living expenses you will need 70k pounds for a year at Cambridge and living expenses will be 18k). For a 35k loan at 10% you will need to pay around 400 pounds per month if you pay it in 10 years. More at 14%, less if you pay it in 20 years. If you think that it will help you get a better paying job and a secure one for the entire time you will pay the loan, go for it, it’s only one year. But don’t forget that these schools will offer the same scholarships later on also, specially for an MBA. Also, think about the events in the world right now, with latest terror attack in Moscow. Not to scare you but the world is not that stable right now.
I will probably ask for a deferred admit. Doubt the scholarship would move to the next year, but as you said, there are other schools and other years too.
Yeah. I am thinking of doing exactly that. To be honest, even if it is granted, I doubt they would give me the scholarship the next year. On one hand, if they do, paying 12k even with a crazy interest sounds doable with a Cambridge degree.
Are you ready to move to a developing country? If yes, then for now, I would take the job. But only if you feel you can adjust in that country and its work culture.
And here is my reason.
If MBA is what you want, getting it from anywhere will work, including online MBAs or the ones with night/weekend classes. I have tons of friends who have MBA from MIT and Boston College, and then those who have the online ones from say, a State college. combined with experience, they offer you the same job options, minus the tall tuition fees you incur. Networking and creating a good resume that sells your telent the best makes up for lack of brand name. I am speaking completely from my experience. However, if you are considering Masters in a specific field, then in-person degree from a reputed college is best.
I live in a developing country (at this point, I wonder if Georgia should even be considered one tbh), so I would not have to cover any additional costs or adept to the new environment.
The problem is more the low (?) probability of paying the debt with such a high interest rate in already expensive UK.
What do you want to do with the MBA? If it’s Finance, then you’ll make the money back +++. If it’s Fine Arts Administration, then probably not so much 🙁
I graduated with a US MBA from another good / well known program (Duke) in 2022. Also had admits to Northwestern (Kellogg) and Dartmouth (Tuck) with varying amounts of scholarship (these are other good (?) US MBA programs). All this to say, let me know if you want to chat about the MBA, job market and options 🙂 I may not know much about the European situation but I can definitely speak to the MBA and its value and whether it may be right for you. No pressure either way – I’m sure you’ve spoken to multiple folks during the application process already.
Hi! Thank you very much for your offer. I will definitely take you up on it next year, if you’ll allow me (I promise I won’t be annoying and will limit the conversation to only ten minutes).
Given that London has similar living costs but significantly lower salaries, shifting focus to the US seems to be the most sensible option. At the same time, if I apply immediately after getting a new job, it might give the impression that I’m a job hopper.
And though this comes late, congratulations! Even as someone who didn’t plan to apply to US programs, I’ve heard praises of all three.
nerdy
March 25, 2024 at 9:55 AM
Trying to decide between a job that will pay well in a developing country and a Cambridge MBA with 50% tuition fee loan (14% interest).
My headache is hitting its peak and even in dreams I am considering my options.
I have involved nearly everyone I know and I am still at loss.
alasecond
March 25, 2024 at 9:58 AM
mba.. higher degree always helps + brand name..
1. If you don’t have post grad and even if you start with well paying job you will eventually have to pursue a higher degree (it becomes a hygiene factor)
2. Also, how well is well paying job in developing country .. will MBA give you a better well paying job.. does it open up doors to various industries.. etc
think long term and your vision (e.g. if you want to be a coder and stay a coder then if you have a job in google or FB.. go ahead.. MBA can come a few years later)
Ghost of Tim (eccentric observations from a male perspective)
March 25, 2024 at 10:02 AM
Follow your heart.
nerdy
March 25, 2024 at 1:21 PM
My heart has been dumbed down by brain for the last 8 years. It’s useless and I now have a talent to delude myself into thinking that whatever decision I make, is the one my heart is going for.
emsel
March 25, 2024 at 10:50 AM
If the cambridge MBA is online, then I don’t think it is a wise option. The experience you get from learning face to face at abroad is not same as getting educated through virtual classes.
If you are financially well off (not be too much of a burden to your parents in the long run), then try MBA, so the loan interest can be covered to an extent with your parents support.
If you are looking to settle elsewhere than your home country, look at the opportunities the degree can provide in the preferred country. There are degrees that take 3 years and some just a year, but by the time you finish it should be of value.
nerdy
March 25, 2024 at 1:19 PM
Yeah. That’s also a factor I am considering. It’s not an online MBA.
My only family is my mom who makes just enough to live on her own, thus, she can’t financially support my decision.
DancingEmma
March 25, 2024 at 10:53 AM
Higher degrees from reputable universities are useful and important for many reasons but I am very cynical of MBAs as a rule of thumb given what many of them teach and don’t teach students. The latter of which includes the significance of ethics and why it shouldn’t just be window-dressing, genuine sustainability and not engaging in environmental destruction. Please think carefully before taking on that tuition loan to do an MBA.
nerdy
March 25, 2024 at 1:16 PM
Honestly, I see MBA as a summer school for adults.
The only reason why I want to do it, is because it would be an entry in UK market. Considering that their graduates are making on average 70k (which with UK tax is net 42k), I am now wondering whether I will be selling myself in slavery for the next few years just to pay off the debt.
I also am nearly sure, the median salary for post grads is maybe 10k lower than the noted number.
Lord Cobol (Kdramas, like water, flow downhill)
March 25, 2024 at 1:46 PM
Think of what MBAs did to Boeing.
Meanwhile, there’s the old suggestion to just toss a coin. Not that you’ll do what the coin says — because you’ll suddenly know what you are hoping for as soon as the coin is in the air 🙂
Blue (@mayhemf)
March 25, 2024 at 11:10 AM
Whenever I make a big decision, I think about which will give me more regrets! And then I choose the option where even if it doesn’t go exactly as planned, I won’t regret choosing it.
I would also do the math. I know in the US, doing an MBA and getting into a job puts you at a higher pay bracket and over the period of time it adds up. Not sure how much of financial benefit you get from the MBA. Also factor the job opp/visa situation once you graduate, because you don’t want to be stuck with a huge loan and without a job.
Going to a different country and studying gives you a good perspective and experience. If you can afford it, I think it worth the experience. You also get to experience another country.
Good luck without whatever you choose.
bbstl 🧹
March 25, 2024 at 11:34 AM
I do basically the same. I pretend that I’ve picked one and then think hard about how I feel about it. Then reverse.
Or I pretend the situation is for my best friend and what would I tell her to do?
Good luck! Either way, your life will happen!
(That being said, 14% is a lot)
Blue (@mayhemf)
March 25, 2024 at 11:57 AM
Yeah 14% is high even for this loan shark. Not sure how UK works. A loan from a bank might be lower I would think?
nerdy
March 25, 2024 at 1:12 PM
My local bank wouldn’t give me a grace period & let me finish the studies and would probably go more for 20% interest rate. Thus, I am going for the only international (American really) provider.
Tbh, I am glad y’all are pointing out how high the interest rate is. I am considering whether my reluctance is motivated by fear, but at the same time, there is a fine line between a common sense and irrational fear.
Lord Cobol (Kdramas, like water, flow downhill)
March 25, 2024 at 2:01 PM
Here in the U. S. we have people who have ruined their lives because they took out student loans, didn’t get a good enough job, are still paying off the loans and can’t afford to even think about kids.
So don’t just think about the upside — what’s the worst case downside?
Or go to Youtube and check out John Oliver’s Last Week Tonight recent bit about student loans.
FWIW, my first job after college was teaching English overseas (in Taiwan). It didn’t pay much and was a waste in terms of long-term job prospects, but I’m still glad I did it because of the experiences & perspective it gave me (and my eventual career change worked out fine).
Kodra aka Qanon something
March 25, 2024 at 11:32 AM
I can only tell you what I would do or tell my kids.
I would take the job, 14% interest is huge, I would run away from it as fast as I could. If you really want an MBA you will be able to do it later, some companies might pay some of it (my husband’s company paid for half of the tuition much later in his career). Take the job, get the experience and save your money to pay the tuition later if you really want the MBA.
nerdy
March 25, 2024 at 1:08 PM
Honestly, that’s what I am thinking about now too. I am only 26 and the UK market is terrible although I desperately wanted to move in there (mostly for theatre, ballet and pretty guys). At the same time, I am worried I might be unable to get such a scholarship down the line. Rejecting Cambridge also feels terribly wrong.
Kodra aka Qanon something
March 25, 2024 at 2:01 PM
Yeah, UK is great, I will give you that. I know what a name like Cambridge means, my son finished at King’s College after a year at Cornell where he had a scholarship (he wanted to go in London where many of his friends went) . But I made sure that I paid the tuition after my experience with student loans so that he would be free all his life. You are very young and these schools are not all what they are propped up to be. I think that being independently financial when you are young is very important.
You have to do the math (without living expenses you will need 70k pounds for a year at Cambridge and living expenses will be 18k). For a 35k loan at 10% you will need to pay around 400 pounds per month if you pay it in 10 years. More at 14%, less if you pay it in 20 years. If you think that it will help you get a better paying job and a secure one for the entire time you will pay the loan, go for it, it’s only one year. But don’t forget that these schools will offer the same scholarships later on also, specially for an MBA. Also, think about the events in the world right now, with latest terror attack in Moscow. Not to scare you but the world is not that stable right now.
nerdy
March 25, 2024 at 3:32 PM
Thank you for your thoughtful words.
I will probably ask for a deferred admit. Doubt the scholarship would move to the next year, but as you said, there are other schools and other years too.
bbstl 🧹
March 25, 2024 at 2:57 PM
Perhaps you can get a deferred admit to Cambridge?
nerdy
March 25, 2024 at 3:21 PM
Yeah. I am thinking of doing exactly that. To be honest, even if it is granted, I doubt they would give me the scholarship the next year. On one hand, if they do, paying 12k even with a crazy interest sounds doable with a Cambridge degree.
Minnie🫘👩🏻🚀Pioneer and Teacher 👩🏻🏫🌱🏹
March 25, 2024 at 4:33 PM
OK…it’s a tough choice.
Are you ready to move to a developing country? If yes, then for now, I would take the job. But only if you feel you can adjust in that country and its work culture.
And here is my reason.
If MBA is what you want, getting it from anywhere will work, including online MBAs or the ones with night/weekend classes. I have tons of friends who have MBA from MIT and Boston College, and then those who have the online ones from say, a State college. combined with experience, they offer you the same job options, minus the tall tuition fees you incur. Networking and creating a good resume that sells your telent the best makes up for lack of brand name. I am speaking completely from my experience. However, if you are considering Masters in a specific field, then in-person degree from a reputed college is best.
nerdy
March 25, 2024 at 4:46 PM
I live in a developing country (at this point, I wonder if Georgia should even be considered one tbh), so I would not have to cover any additional costs or adept to the new environment.
The problem is more the low (?) probability of paying the debt with such a high interest rate in already expensive UK.
bbstl 🧹
March 25, 2024 at 6:32 PM
What do you want to do with the MBA? If it’s Finance, then you’ll make the money back +++. If it’s Fine Arts Administration, then probably not so much 🙁
Minnie🫘👩🏻🚀Pioneer and Teacher 👩🏻🏫🌱🏹
March 25, 2024 at 6:35 PM
I agree. In the long run, the payoff is not equal to the cost incurred, at least in my experience.
greenfields
March 25, 2024 at 9:35 PM
Hey nerdy! Congrats on the admit! Amazing job !!!
I graduated with a US MBA from another good / well known program (Duke) in 2022. Also had admits to Northwestern (Kellogg) and Dartmouth (Tuck) with varying amounts of scholarship (these are other good (?) US MBA programs). All this to say, let me know if you want to chat about the MBA, job market and options 🙂 I may not know much about the European situation but I can definitely speak to the MBA and its value and whether it may be right for you. No pressure either way – I’m sure you’ve spoken to multiple folks during the application process already.
nerdy
March 26, 2024 at 3:25 AM
Hi! Thank you very much for your offer. I will definitely take you up on it next year, if you’ll allow me (I promise I won’t be annoying and will limit the conversation to only ten minutes).
Given that London has similar living costs but significantly lower salaries, shifting focus to the US seems to be the most sensible option. At the same time, if I apply immediately after getting a new job, it might give the impression that I’m a job hopper.
And though this comes late, congratulations! Even as someone who didn’t plan to apply to US programs, I’ve heard praises of all three.
Minnie🫘👩🏻🚀Pioneer and Teacher 👩🏻🏫🌱🏹
March 26, 2024 at 5:13 AM
@greenfields Congratulations! Just curious – what made you choose Duke over Kellogg?