big life decision… why don't you choose.

posted 3 years ago in Career
  • poll: if you were me, which would you choose?
    #1 : (24 votes)
    67 %
    #2 : (12 votes)
    33 %
  • Post # 2
    Member
    9137 posts
    Buzzing Beekeeper
    • Wedding: November 2013 - St. Augustine Beach, FL

    If you already have a Master’s go for the job, especially if they offer tuition reimbursement.  That way you can get them to pay for any additional certificates or degrees you want to obtain.  Just because they promise average starting salaries of $80K doesn’t mean you will get that; there may be a handful of graduates getting two to ten times that driving up the average while many more are likely starting off at $50K or 60K like your current offer.  Remember that big city paychecks also come with big city expenses as well.  If you live in an affordable city, it’s worth serious consideration of the current job offer.  The job opportunity you have now sounds like a decent offer with potential for growth.

    My biggest regret is getting saddled with a massive amount of debt while being promised that my chosen career path would make it easy to pay off.  I am 5 years out of professional school and I have earned more interest than I’ve paid because I can’t afford to make the loan payments (which are around $2K, yes two thousand dollars, per month.)  I have to remain enrolled part time in college courses to keep the loans in forbearance so I can make minimum interest payments to keep them from going into arrears.  It’s unlikely that I will pay them off in 10 years much less ever pay them off before I retire.

    Post # 3
    Hostess
    9919 posts
    Buzzing Beekeeper
    • Wedding: May 2014

    chillinchillin:  Does student debt come with #1?  Ivy League usually equals big tuition and that’s something to consider.

    People who make ‘stupid money’ in corportate America also usually work stupid hours and don’t see their families that often (Or at least that’s the case while you’re trying to get to the giant salary).

    I would personally go with option #2 – it sounds like a great opportunity in a field you’re trained for.  Can you defer your acceptance for a year so if you do hate your job or regret not going you can go to the program?

    Post # 4
    Member
    4834 posts
    Honey bee
    • Wedding: September 2013

    It’s a little hard if we don’t know your field, but I would say choose #1 if you can afford it (is it a master’s program? funded?). While $60K is good, it’s not a huge salary and in a lot of fields you might get stuck without having the degree. I know some people in my field with only a bachelor’s degree and while they were above me right after I finished my PhD, within a year I am already making more money than they are and I have way more opportunities for growth in the future. I think a degree from an ivy league school will most likely pay off well in 5-10 years. Will any of this affect your life outside of school/work? Husband, kids, etc?

    Post # 5
    Member
    4834 posts
    Honey bee
    • Wedding: September 2013

    Oh! Duh I thought you said you did not get a master’s! So you already have a master’s and this would be a PhD? I guess I need more information to make an informed decision, so maybe ignore my previous comment!

    Post # 6
    Member
    2892 posts
    Sugar bee
    • Wedding: May 2015

    chillinchillin: My concern is that #2 is limited, esp. if the person ahead of you ends up not going anywhere. 

    Re: corporate america — if you end up doing it for a few years, find out it’s not for you, you can always go back to not-corporate america but with a deeper perspective.

    Work will always be there. If the Ivy league program is an MBA / MPP / MPA type of program, your ROI will start looking less interesting if you put it off too long. Just my 2 pennies.

    Post # 7
    Member
    1881 posts
    Buzzing bee
    • Wedding: October 2014

    Sounds like your weighing short term pay off (the job) vs long term pay off (ivy league program). The long term plan is always what will ultimately be the best for you. I wouldn’t give up the chance to do an ivy league masters program, the opportunities are just too abundant to say no to.

    Post # 8
    Member
    108 posts
    Blushing bee
    • Wedding: September 2014

    I would pick #2 unless it came with significant student loan debt. While average $80K sounds promising, it’s not guaranteed, while having to pay off thousands in loans is guaranteed if you take out the loans. You will have the rest of your life to work, and I’m sure other jobs paying $60K will come along, but you might not get the same educational opportunity in the future. 

    Post # 10
    Member
    2892 posts
    Sugar bee
    • Wedding: May 2015

    chillinchillin: I dropped out of an Ivy League law program. I regretted leaving it early in my career, but now I don’t regret it so much. 

    However, I do feel like my career path is slightly limited. I didn’t drop out and go to a global consulting firm or F100. I could go back and do an MBA, but the value of that for someone 10 years in her career is pretty questionable, esp. when the salary bump is neglible. 

    I will say that I miss managing 1.2M+ budgets on the regular and fighting for every dollar in a $120k budget is painful. Up to you if you want to see how far you can push yourself. You’ll be successful either way. 

    Post # 11
    Member
    4834 posts
    Honey bee
    • Wedding: September 2013

    bitsybee:  Not to highjack the thread, but my husband is 38 and thinking about doing an MBA but has the same concern you mentioned that it may not pay off. Did you ultimately decide it wasn’t worth it financially? He thinks if you’re not at a top ~30 school, the payoff isn’t there since the damn thing costs like $100K or more. I wonder if it matters what field you are in?

    Post # 12
    Member
    2892 posts
    Sugar bee
    • Wedding: May 2015

    RunnerBride13: Yeah, I decided not to do it because I work in tech, so MBAs are actually seen as a negative. 

    If I wanted to go F100 or MBB, then I would absolutely go back and only to a short list – Harvard, Wharton, Columbia, Stern, Kellogg, Booth, GSB, and a few others. 

    It’s tutition, cost of living for 2 years and forgone income, so I’d estimate the cost to be closer to $400k all in. If I ever became a SAHM (which looks very unlikely) or a mom at all, you have to consider the cost of being mommy-tracked. 

    It definitely matters. If you’re in finance, consulting or global corporations, an MBA is a pretty strong signal / requirement. HTH

     

    Post # 13
    Member
    4834 posts
    Honey bee
    • Wedding: September 2013

    bitsybee:  He’s in tech too actually- software developer, but would like to start his own consulting company or get into higher management. He would do an executive program, so he would keep his job and income, but I’m sure it’s a ton of work for two years and we will likely be having kids in that time frame. It’s still like $120K, but maybe he could make it back in a few years. Honestly, I wouldn’t be heartbroken if he didn’t do it!

    Post # 14
    Member
    5204 posts
    Bee Keeper
    • Wedding: April 2013

    In the vast majority of cases I’d say to go for the job over grad school…but it sounds like you’ll be going into finance and have solid job prospects, so I’m tempted to go the grad school route.

    Assuming that you are pursuing some sort of corporate finance route here’s the question I’d ask myself: am I going be willing to put in the hours and other job sacrafices after school is done?  And for how long? 

    If you can see yourself going for it long term, I say go to grad school.  If you envisioned a life where you had more work/life balance and are the primary care giver to your children, then I’d suggest sticking with the director role.

     

    Post # 15
    Member
    2892 posts
    Sugar bee
    • Wedding: May 2015

    RunnerBride13: Ah. A friend of mine was a software developer, went to GSB, McK for a few years, ran strategy / brand at a large retail company before going back to tech where he’s now an exec in his early 30’s. 

    Unless your DH has ever run revenue, I would encourage it. If he’s already run revenue then <shrug> Either way, good luck!

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