About six months ago, I wrote about pursuing my MBA. At that point, I was still undecided. Now, I’m back with an update.
Initially, I wasn’t sure if going back to school was worth it. So I started thinking about it in terms of cost. As an economics major, I decided that maybe I could write an equation to make sense of everything. Sometimes simplifying complicated thoughts can help. So here’s my theory.
I should go back to school if Benefits > Costs.
I had already listed the plausible advantages of going to business school in my last post:
- To get a stronger foundation in my knowledge of business.
- Professional/career development – both in the theoretical and practical sense.
- My personality type – I’m a more risk-averse person, so I would be less interested in blazing a new trail than working my way along a traveled, yet still challenging road.
- Having specialized knowledge in an area of interest to me (a Master’s degree)
- A new engaging and challenging experience.
Now I listed costs:
- Job Experience
One of the first things you learn in an introductory economics course is that time is the ultimate scarcity. So going to school has both the actual cost of tuition, plus the opportunity cost of two years of foregone income and work experience.
So what could I do to decrease that double cost?
Going to business school part-time was my solution. It decreases both the actual cost and the opportunity cost. So I’m now in the application process – wish me luck!
What do you think, do I have it right? Do you have tips for me to make my part-time b-school experience as effective as possible?
Ritu Walia is myGreenlight’s Member Coordinator.