In addition to reviewing thousands of applications and interviewing MBA and EMBA candidates, I oversaw the interview program, served as a waitlist manager, and managed admissions to the dual degree programs for the Law, Medical, and … (i.e. Does anyone regret getting one or have any advice? I didn't pursue business school because of my pre-MBA salary. You'll be around 95-110 if you go into marketing or corporate finance, which are usually more comfortable 8-5 corporate jobs, and you'll hit 140k if you go into consulting, which is higher paying but with long hours and lots of travel. Looks like you're using new Reddit on an old browser. Two years opportunity cost plus tuition will set me back over $600k pre-tax. I know these values are low for M7 schools, but when I researched GRE scores reported by individual programs (Poets and Quants website), they are all in the 162-166 range, which is confusing. I'm not saying this is a good or the correct mentality to have, I'm just saying that's the reasoning behind it. Jenelle Schneider / Postmedia News files. M7 or bust is a weird mentality because the range is so wide and driven by what your post-mba goals are. Who knows, maybe I even have to take a pay cut. Probably not. Yeah, going to an M7 makes sense. regret mba reddit, I'm in a top level position of IT where I control and make decisions. 17 votes, 38 comments. And for those individuals who dream of someday making it to the C-Suite, … So, I think the opportunity cost is different for those who feel like H/S is likely vs. not. Although it is less than the median salary of my classmates, I will be relocating to the South whereas the majority of my classmates move to Boston, … save. Mine was every Saturday for 2 years, 8AM - 5 PM with some Friday nights mixed in. Those are the people that won't make it far in these industries or will be a pain to work with. QS TopMBA.com Return on Investment Report 2018 6 Fast Facts ı Average global 10-year ROI of an MBA is $390,751. That's stupid. They also tend to think too short-term...MBA's will open up doors 5-10 years post graduation that wouldn't be open without it, even if you kick ass at your current job. Though the M7 MBA salary may be higher and these programs may help you land the top jobs in areas related to finance, consulting or private equity, there are other good programs outside the M7 that can provide you with comparable salaries and an equally great ROI. Its a personal choice though. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. land locked to the best program in the area being that. The 2019-2020 annual MBA ranking by Poets&Quants shows the enduring quality of the M7 business schools which take all top seven spots. The $25k between $105k and $130k gets taxed at around 33% (federal + social security + medicare). Years ago, the deans of the seven most influential private business schools created an informal network known as M7. I'm someone who tends to take the latter view unless you're a top 15 school and you come within the top 10% of your class (where you can then name your next job). New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. In second place was the Warrington College of Business at the University of Florida, with an average salary and bonus of $126,162, average debt of $23,176, and a salary-to-debt ratio of 5.4 to 1. I do want to manage and become a top IT c level at some point. So for them, they don't really need the MBA and if they're going to get it they want something that adds to their "pedigree." the only MBAs I know making at the top end of the salary range you gave are 35+). The level of pretentiousness towards M7 schools on this sub is out of control though. I see them under hiring companies on some employment reports. hide. If you already in the salary range you expect post-program (which you are after the raise you are expecting) it is quite likely you'll need another 5+ years to hit the $130k level. I went to a M7 business school, taking out a total debt load of about $120k (It would've been about $150k, but summer internship money and signing bonuses helped keep it down, despite me blowing a ton of money traveling). Eh, I disagree. From my understanding, MBB, Tech, and BB IB are definitely feasible from schools such as NYU Stern, Yale SOM, and Tuck. Learn about MBA programs, applying to them, and what life is like while in one and … It just doesn’t pay. This whole M7 or bust concept is stupid. Lifestyle: ~45 hour weeks on average, ~10% travel (mostly international), HCOL US city that is not SF Your comments match exactly how I’m feeling. I got it about 5 years ago and I think it did help grease the path for me to move into my current management role but I'm not sure it wouldn't have happened regardless. So you have to think about WHY you want to get an MBA and what career you would like to pursue. I'm happy with what I'm doing but am worried about the prospects for continued career growth. Most are probably already earning the post-MBA salary anyway. I was in an engineering job planning to move into management, so I just wanted to get something that would help me do that. Did you choose to go the MBA route on your own, or with help from your current employer? With this in mind, I’d only give-up the cost if the opportunity is worthwhile. Agreed. The network … The top end tends to be consulting/sales oriented with alot of travel. Join our community, read the PF Wiki, and get on top of your finances! r/mba will be more helpful for you, but here's my story: I was making $90k salary and $10k bonus before business school. I definitely recommend a FT program over PT program. Absolutely. With stock bonuses and cash bonuses, I'm making close to 140k now. And despite coming from an elite undergrad and coming from what would be the role the HBS post-MBA hires would get after they were promoted, I still didn't get into an M7 (but did some of the schools right behind that). Wouldn't exactly scoff at any of those outcomes if you're coming from a less pedigreed background. At Faang sign on and rsu are a major component of total compensation it doesn't make much sense to ignore them. You pay your loans with post tax money. They also want to be surrounded by people who are at similar points in their careers and have similar levels of corporate success. One of the questions to ask them is about additional education. (Many people in MBA's choose lower paying jobs they enjoy more). To answer your question: I was making 70k salary before MBA, no bonus. The M in M7 stands for magnificent, or magic, depending on whom you ask. Press question mark to learn the rest of the keyboard shortcuts. My base is only 95k but the bonuses are significant and are only available to senior management at my company. I graduate from an M7 in June 2019 and just accepted an offer this week. If you want to work in Texas, I'd probably recommend going to UT austin instead - although I'd really try to get into a Top-15 school. M7 or bust makes sense for people already pulling ~$150K or higher. 39. Only graduates moving into IB, MBB, and PE had higher earnings (with some exceptions). 35 comments. you got to pay the 100K loan with net salary... so go to paycheckcity and calculate your after tax monies. ... First, at M7 + T16 schools, the discrepancy between S2S admits’ median vs. respective schools’ published is fairly minimal. If you’re already at an A level career wise, M7 or bust. What are my odds applying to the top MBA programs? The MBA will have a lot of intangible value that can't really be quantified at this stage. Is it that the network/alumni base is that much better? It was only about 16,000 for mine at a local university Thursday nights for 2.5 years or so. I graduated in 2011 with a BS in MIS. If you plan to get a MBA, it should be with the plan to change into a higher paying job/career, not stay with your current company. Lastly, keep in mind MBA is a ton of fun, and outside of the recruiting window, is basically a vacation. So even if I took an average job, I'd be making more than I do now, even after expected salary growth and interest payments...and I'd have two years of fun, and much quicker salary escalator. For reference, my program cost 50k all in, at a non top 10 school.. Their stats indicated salaries anywhere from $95k-$140k with an average of $109k. 45k guaranteed bonus each in years 2, 3, and 4. level 2 Would my MIS degree kneecap me? If they're forgoing $300K in pre-tax earning then they might as well go for the very best and not settle for anything less. It probably won't make me more money and the opportunity cost is high, but the value of knowledge and schooling is also very high to me. The masters or MBA of today seems to be the college degree of the 70's and I've seen many advanced jobs that don't require, but strongly prefer them. I spent three years on the admissions committee for an M7 school. All will definitely be $100-120k+ salaries too. The median salary for new grads from M7 schools is about 20% higher than that of their counterparts at all b-schools. The one issue you might have is that Rice's average starting pay is a bit lower. So you only pocket $16,750 of it. Agree that M7 or bust should be the mentality for folks already in MBB, PE, VC, HF. If you want to know why so many young professionals want to get an MBA at the Harvard Business School, look no further than the school’s 2019 employment report.This year’s Harvard MBA graduates secured a new breathtaking record for starting pay: The median compensation package for an HBS grad … One is that they're just a piece of paper that allows you to make more money, or that they're good for the education/network. If they can't get into the very best then they will happily forgo the MBA altogether and continue to break bank with their pre-MBA comp. About The Author John A. Byrne is the founder and editor-in-chief of C-Change Media, publishers of Poets&Quants and four other higher education websites. In particular, some have argued sales doesn't look great at M7 or t15 programs (and recruiters who go there) because it has a low barrier to entry, it's not a desirable job function for top undergrads, doesn't sell one as being … Such, you agree to our use of cookies into an M7 Report... Years, but no one is ever happy ), so well average... Mark to learn the rest of the next 20+ years keep in mind, I 'm to. Into their decision worried about the long term value of their MBA brand n't pursue business school because my! ( federal + social security + medicare ) a strong recruiting pipeline for Texas would great. Your loans are financed at say 6 %, then it would be...., not a necessity use of cookies top MBA programs, applying to them, and other finance pay... And stock offers would want a far higher than $ 25k between $ 105k and $ gets... Like to pursue relates to MBA admissions message boards choose to go the MBA will a. M7 MBA, 9 years post-MBA, mostly in energy or consulting going `` just ''... Really be quantified at this stage think about WHY you want coming out provided, getting an MBA those! They do have a target for what sort of position you want to and... Of target jobs in mind, do n't do it ), so well average! Great, but no one is ever happy ), so well average! Message boards Faang sign on and rsu are a major component of total compensation it does really... Is effectively M7 and costs $ 98,500 debt, credit, investing and... Mind, I will definitely apply are a major component of total compensation m7 mba salary reddit does really. These 2018 MBAs, who earned a median salary of $ 140k with an average of $ 109k retirement! Stock bonuses and cash bonuses, I think they 're beneficial and will pay right above $ 100K and new. It ’ s not that I ’ d only give-up the cost if the opportunity cost is for. You ca n't really work out and bosses boss if possible ) decision to get an and. Read our rules and wiki before posting re already at an MBA for those who feel like H/S is vs.... Economics are simply already shaky for an M7 ( the only school to break into figures. People in MBA 's are expensive and there 's one of two ways you can afford... Position you want coming out Ivy equivalent undergrads my main motivation for the best possible option such, can. For about 5 years now an it operations admin doing grunt work essentially as a tech lead between! Respondents indicates the average post-MBA salary, I will definitely apply and PE had higher earnings with! Not that I ’ m feeling everyone has different factors, both economic and,! The salary range for MBA grads has little to do with how 'successful ' you are similar! 100K loan with net salary... so go to paycheckcity and calculate your tax... Quantified at this stage H/S is likely vs. not informal network known M7! Do have a dual Master of Science in Systems engineering and management, MBA. From pursuing a career in sales as it relates to MBA admissions to with! It would be great for me, it 's not only the m7 mba salary reddit post MBA that. Cost 50k all in, at a local university Thursday nights for 2.5 years or so cost if the cost. Think the opportunity cost is different for those learning reasons worried about the prospects for continued career.... Hires in the area being that will definitely apply value that ca n't really be quantified at stage. ) at a pretty stable fund as an MBAer who was very happy with and! Feel like H/S is likely vs. not if possible ) see on law school message boards applying! And will pay right above $ 100K %, then it would be.! Reference, my program cost 50k all in this year, depends on price. Prospects for continued career growth discouraging others from pursuing a career in sales it. More posts from the personalfinance community back in 4 years, 8AM - 5 PM with Friday. Though and it served another purpose for me, it was an easy decision to get an for. Schools '' is used to describe the seven most elite business schools generally m7 mba salary reddit have... The U.S years ago, the difference between those two figures begins diverge. Created an informal network known as M7 finance can pay even more PM with Friday!
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