So I passed Level 3 in December and need to wait a few months for four years of work experience. I work in Finance for a large bank and was recently offered a full graduate assistantship at a top 25 MBA program. I’ve seen a lot of discussion about CFA versus MBA, but what about CFA plus a free MBA? It seems like an attractive opportunity, but I’ll miss out on lost wages and am not totally sure an MBA will add enough value to my career seeing that I’ll be a CFA charterholder as well.
Just looking for thoughts or advice from the AF community. Cheers
I would also do the MBA for free. Certainly you are missing out on some wages, but the chance to be a full time student without any tuition costs sounds like a great opportunity.
Real Answer? There was never a real question asked… GO FOR THE MBA! I’m glad I have my MBA, but it would be the bee’s knees if I also still had the bank I paid for it.
“It seems like an attractive opportunity, but I’ll miss out on lost wages” - What are you missing, 2 years maybe? Unless you are making CFAvsMBA’s manager’s king of the world salary (see “Deep Thoughts” thread) the future earning potential of the MBA far outweigh two years’ salary. That’s like a kid in high school saying I don’t want to miss out on 4 years of pay by going to college.
“am not totally sure an MBA will add enough value to my career seeing that I’ll be a CFA charterholder as well” -
A universally accepted (meaning non-industry specific) graduate degree from a top-25 program vs. a highly specialized certification that most people outside of finance are oblivious to (and a lot of people IN finance are oblivious to as well). No brainer in my book… while you may not see the MBA add value to your specific career path or current role, it adds volumes to your marketability in all industries god forbid you wake up one day burnt out from the grind and want to pursue other interests.
NO ONE in trading or research at my HF has the charter. I’m only pursuing it because I started it right before I got here, and I want to finish. It’s resume fodder for me at this point. At most 10% of the info (fixed-income and derivatives) has any relation to what I do, and not to toot my own horn, but at this point my knowledge in these areas makes the curriculum look like Dr. Seuss. On the other hand EVERYONE is Master’s degree or higher.
^ Real talk. Look at the opportunity cost of your time. If it were me, I’d go for it. Paying out of pocket was not fun and made me question the true value of my MBA. However, I know would not be in the chair I’m in now without it.
Thanks guys, I appreciate it. I was leaning that way, but after finally paying off undergrad loans recently I was hesitant to go back to school, considering I’ll have no income other than a small stipend and am getting married this year (no income there so need to support two). I’ll probably tough it out for two years and take out some more loans, since it sounds like the payoff is nearly guaranteed.
Hmm…real talk I’m not sure anything below top 10 is worth time or money but given yours is free then it’s time you should consider. How top 25 is it? I’m guessing it’s 20-25 rank or else you would have said top 20, 15, or 10. Personally, none of the 20-25 ranked schools look attractive to me…but that’s just me.
^ Respectfully, I’d disagree. I went to a total hacksaw MBA program as I couldn’t crack that fuggin GMAT. The opportunity cost in time was null so I dove right in. I worked hard, hustled hard, and played hard. It was a fulfilling 2 years of my life which I have big doubts working would have provided.
And I’m doing ok now. Like I said, I wouldn’t have been called back for the chance to interview for this job let alone get an offer without my MBA. CFA, meh, they like it, but don’t trump it around like the MBAs. Face it, outside of strict money management, the CFA ain’t all that.
Agreed. My hacksaw MBA got me on a desk next to Stanford PhDs, Wharton MBA’s, Columbia PhDs… In my interview the CIO actually said “Hacksaw School?.. Where the F–k is that?” The piece of paper may get you in the door (and more doors with a Top Tier piece of paper), but it’s YOU who gets the job.
When we say hacksaw…what exactly do we mean? Some people consider anything below top 5 hacksaw, some anything below top 2. I’m of the top 10 mindset. What’s hacksaw to you?
In my case: MBA from small private university where I got my undergrad. And since I got my undergrad there, I didn’t even have to take the GMAT. I doubt the program would even show up on extensive ranking lists.
But it got me on a desk and I’m rolling with the big boys. It’s fun to joke about people being worthless hacks unless they have top MBAs, but I’m living proof that drive, determination, and talent (and maybe a little luck) can get you into those coveted roles as long as you keep your head up and plow through, regardless of background. (in my case, public education, hacksaw B.S. and MBA).
It’s true the top schools will get you in the door, but I chew these guys up when they interview here and think the school they went to and a shiny pair of Gaziano’s will get them the job.
Now we’re getting some good discussion! Ramos, yes it’s closer to the 20-25 range. Now how about this: free MBA at a 20-25th rank program versus paying full tuition for a MBA program, say 6th-10th in rankings? I mean how much different could a 10th ranked program be versus a 20th ranked program? I understand that if you can get into a top 5, then it’s probably a different discussion. But free isn’t anything to turn down without substantial merit.
And I agree with you villnius, a top school in the long term may not be as important as hard work, experience, and talent; however, there are plenty of people out there (call them fools if you want) who put a school’s reputation at the top of their list.
With no experince, all you can offer is basically where you went to school and certifications; so early in a career the more prestigeous the school the better. But I’ve been in this game for 13 years… its all experience for me.
In December? You mean August? Unless you are one of those rumored fails that got reversed to a pass!
Free MBA for top 25 program seems like a no brainer. I tend to agree with people who say things like, “it has to be a top 10 MBA” but I think that matters more for someone looking to change careers and break into a competitive industry. If you are already in the industry, and have work experience, then a top 25 MBA (especially if free) is great to add to your resume. The only thing is that there may be a commitment required to your employer if they are the ones paying for it.
Get MBA for sure being a CFA charterholder = Good at Finance; MBA makes you appear to be a more well-rounded candidate for a position. From my experience location of MBA only matters for either working West or working East (I’m from Canada).