Tuesday, March 3, 2009

The MBA: To do or not to do in this economy

It's been on a mind for quite some time now and at first, I hesitated to post anything about the inevitable shadows of doubt that linger in my head regarding my MBA in the midst of a horrid economic downturn, but today, I just couldn't resist after reading Stacy Blackman's post on BNET regarding the arrogance of MBA degree holders and questionable viability of the three letters during this moment in time. The post hit close to home and I had to share my ponderings with you. The other week, I calculated my monetary investments (thus far) in my quest for an MBA and here's what I came up with:

1. MGMAT Prep Course: $1390
2. Estimated Travel Expense to MGMAT/Info Sessions: $475
3. GMAT Exam: $250
4. Bschool Application Fees: $1075

GRAND Total: $3190...yowsers!

I guess this is why most of my friends are not getting MBAs anytime in the near future. Already, the financial investment towards an MBA is a huge hurdle for many of us who work in the education/nonprofit sector, and this is not even calculating the mental fatigue of sleepless nights, stressing, worrying before, during and after the application process. If accepted, I have to submit a deposit and so forth. The potential MBA bill is scary to say the least but even as I type this post, I know that investing in myself is the best and most secure financial decision I will ever make in my life. I hope that once I achieve my own dreams, I can enable those of others who find themselves in a similar situation. I can't help but wonder how many people whose dreams are stunted because of the immense financial obligations they must take care of (mortgage, flood insurance (just got my letter to renew), car payments, food, the list goes on). I am fortunate that somehow my hubby and I have managed to weather the storm and stay afloat even as friends around us are facing foreclosures and bankruptcies (I know, crazy, right?).

Even more, I am thankful that I am chronicling my journey in this blog. Many moons from now when I look back, it will be meaningful to remember all the little steps I had to take (and countless sacrifices my hubby has had to make) for me to realize my MBA aspirations. So, I say: Yes, the dismal economy does take its toll on me, but does it deter me from my original goals? No way, dude! It only makes me that much more determined to go after them. I believe that it is especially during moments such as these, there is so much room for MBAs to do great things with their knowledge and resources. I can't wait to be one of them.

1 comment:

Palo Alto for a While said...

Nice post. I dread doing this exercise. I think I may have you beat because I got some private GMAT tutoring. Big mistake in hindsight - the only thing the tutor really helped me do was organize and prioritize. Ugh... I think I may be looking at >US$5K...