– Patrick Edward O’Toole –

Life in the past two years has revolved around my post-graduation destination.  Having abandoned PhD aspirations for the sweet promise of an MBA, the question has been, of course, where to go.  I feel compelled to share my experience, as I believe that 99% of everything I’ve read on the “MBA subject” to be backward in its presentation and misleading in its recommendations.

Advice that seems contexted in a vacuum of idealized circumstances that do not reflect the reality of most people, and as such is a disservice to the average person interested in furthering her education.

My experience researching business schools reminds me of the “what’s the best weapon for the zombie apocalypse” question currently popular on Linkedin; a question asked – and answered- as if there were not financial, legal, regulatory, experiential and training requirements and limitations to the actual reality of procuring any particular item and any given place and time. Regarding the MBA question, the “vacuum of idealized circumstances” I mentioned above operates as follows.

“Ask and answer questions in a context of limitless access and timing” where considerations such as family, money, geography, money, career, money- the many faces of reality- are second shelf variables to the almighty Ranking of Programs and schools.  The big dilemma each pundit offers to solve: “What’s the ROI of an MBA” and “You’ve been accepted to the Marshal School of Business.  Should you leave your job even though it’s only ranked #11?”

Let me tell you how to NOT waste endless hours on this process.  Every business school worth its salt, and the 400 that are not, charge an average of $30K-$40K/year, and most MBA Programs are 2-3 years, especially the EMBA’s for working professionals.  There are “lower-end” programs in the $50K-$70K range, and many “top-shelf” programs that charge an astounding $150K-$200K. You can assume spending in the $75-$100K range for a respectable MBA Program.  Even the U.C. schools charge $100K+; enough to make one yearn for the gentle hand of the Reagan administration.

The first, and ONLY question for you to ask and answer: “How much money can I spend or borrow on a per year basis, and under what conditions?”  Until you are clear about how much money you have available- and if the terms are acceptable- questions of rankings and networks and ROI’s are as meaningless as “Marine Corps Sniper vs Navy Seal” (since we all know the Marine would win), and “what’s the best weapon for the Zombie Apocalypse.”

Until the money question is thoroughly explored, and exact numbers analyzed and considered, nothing else should be of consideration.  If it turns out that your boss offers to pay for an MBA, your work has a large education reimbursement policy, you are wealthy and have the money to spend- go to the highest ranked program you can get accepted to.  But, if you are like most people, there are limits to the quantity of money available, and limits to what terms you can accept.  Knowing what exactly you have to spend has to be the primary consideration before anything else.  

NOTE: In regards to the anecdotal “You’ve been accepted to the Marshal School of Business, should you leave your job even though it’s only ranked #11?” statement at the beginning of my rant.

MBA: $95K tuition + $25K in expected living expenses – EMBA: $127K+

The offering should have been: “You need to borrow $125 thousand dollars and maybe quit your job.  Is this in any way a possibility or a complete waste of your time and thought?”

Prompting people to consider rankings and networks and ROI’s instead of the financial realities of paying for a Program is simply bad advice.

Your next step is an accurate realistic assessment of your personal life-situation. This is in response to my “unlimited money and unlimited time” criticism of most Business school advice I have read in the past few years.  Again, if you have the means and the situation that will support evening and weekend classes, time off, corporate and family support, quitting your job and supporting yourself on your large savings, the ability to travel or close residence to your school of choice, you are fortunate…..it’s just that most of the working adults in the world have a host of logistics and commitments that make up their life.  The idea that the location, time-requirements, current job obligations, sacrifice of personal time, impact on marriage, health, and kids, ect, are not fundamental, primary considerations for most working adults makes me wonder to whom the mass of advice I have read was written for.

NOW: go find out if there’s a Program you can actually afford and realistically manage given your personal situation, and decide if its worth the money.  Yes, of course, ROI and rankings and networks is what this is all about; but the next time you find yourself reading expert advice on “magical hand-forged samurai sword vs titanium battle axe” when you should be looking for “aluminum baseball bat on sale at Target”, take a minute to reorient yourself to the reality of the moment, and remember that the Permanency spell required to manufacture magic items lowers the magic user’s constitution by 1 point; and that’s a lot of ROI to consider, even if you live in a world of wishes.