I have been thinking for a while about going back to college to get my Masters in Business Administrator (MBA).

Top Schools

Many people recommend going to a top school. What people consider “top” seems to range from top 10 to top 25 to top 50. However in my case I think a top school is out of the question. The closest top 10 schools to me are in Boston (Harvard, MIT, BC) and New York (NYU) which are all about a 2 1/2 hour drive (in good traffic).

Most do not offer part time MBAs so I would have to leave my job for the 2 years I went back to school (which would also eliminate my employer paying for it), or if they do the schedule with my commute would be almost unworkable. Also the tuition for all these schools is very expensive and I would most likely leave with considerable student loan debt – I figure around $60k. And to be honest, I wasn’t the greatest student in my undergrad studies. I unfortunately slacked a lot there and have a very average GPA to show for it which may prevent me from being accepted to one of those schools.

It seems that the top school MBA is more for if you are looking for an upper management level position at a prestigious company, which at this time I am not.

Business Week Top 30 | US News Top 50

Local Schools

So with top schools eliminated I begin to look at the local choices. There are a few private schools in my area that range from $700 per credit hour to $1250 per credit hour. Unfortunately my work only kicks back $4k so this would barely pay for 1 class at these schools.

There is also a state school in the area, which at $400 a credit hour is a little more affordable. I figure if the schools are not even in the top 100 in the country, then there probably isn’t really a big advantage going to a private school over a public one.

Distance Learning

There are also distance learning options at various schools. Flexo at Consumerism Commentary had a nice series on his decision and experiences at the University of Phoenix Online. I can’t help to feel though that employers look down at this place and see it as not a real university.

No “top” schools offer a distance learning program… well Carnegie Melon does but its only for businesses really and you need 8 people to start a remote site. Syracuse University is in the third tier and offers one, however you have to attend classes on campus for a week every semester then you spend the rest of the time at home. I’m sure that would be very difficult for those with a full time job. Plus its labeled as an EMBA which I’m not sure if employers would look down upon.

Final Thoughts

It seems the most value of an MBA besides bumping up your salary / opening you up to new career paths is the networking and insight you get from your fellow classmates. This is why the best programs in the country are so highly thought of – in theory all the best and brightest will be collaborating and networking together. You may go to school with someone who will be CEO of a large company in a few years and then who remembers you from school and gives you a great opportunity. However at most of these top schools it requires at minumum for you to move near their campus if you aren’t in the area, and most only offer full time studies so you may have to leave your job.

There don’t seem to be many good distance learning programs around, and most of the social atmosphere you get from your classes is gone as well. This may work for some people but I do not think it works for me.

So right now I’m leaning towards a local state school. I still would have to pay some money out of my pocket if I take 6 classes a year but much less than a private school. Plus I think the educational value I will receive there is equal to most of the local private universities.

This Series – Thinking About My M.B.A.

1.) Part I – GMAT
2.) Part II – School Choices
3.) Part II.5 – Distance Learning

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