|
|
 |
GRADUATE DEGREE COSTS AND BENEFITS
Information and self-appraisal are crucial to making a good decision
By Patricia G. Martinez and Donna Maria Blancero, Ph.D.
Should you get a graduate degree? Regardless of whether you are interested in an MBA or a Ph.D. in Business/Management, you must become an informed consumer. With better information you are more likely to make a good decision. We would like to share with you some thoughts about the costs and benefits of pursuing a graduate business degree. These points are a result of our experience in completing doctoral programs, teaching and advising undergraduate, MBA and Ph.D. students and addressing curriculum issues.
MBA Degree Considerations
Obtaining an MBA degree or a Master's Degree in a specialized business field can open the door for promotions or jump start a successful career. As well, it can provide you with the necessary skills to change careers. We can't possibly cover all areas to consider when making this important decision but we want to be able to provide you with a starting point and some useful websites.
You need to first decide if you can financially afford such a move. Once you decide you can afford an MBA, then you have to decide whether you want to attend full time or part time. Attending full time means that you will not earn any money for two years, and will likely dip into savings and/or take student loans. There is also the lost wages for the two years that you will be in school -- the 'opportunity cost.' Of course, you will likely be earning considerably more income after the MBA, and be more likely to accelerate your career.
For those of you who cannot afford this, or who choose not to attend full time, there are many part time evening programs available. The biggest issue in attending an MBA program in addition to your full time job is that you have two years [or more, depending on the program] where you have little 'balance' in your life, with regard to family and friends. It can be difficult to try to juggle everything, and often you will find that there isn't enough time to do some of the things you want to do. On the other hand, two years goes quickly and the personal and professional growth that you will experience is well worth it.
The vast majority of business schools require 2 years of 'professional' work experience before you will be considered for acceptance. In addition, other criteria include GPA, letters of recommendation, GMAT, and a personal statement. The websites that we recommend provide good information on these and other criteria. As well, virtually all business schools have webpages devoted specifically to their MBA programs. Most include their specific criteria because these criteria may vary across programs
An Advanced Degree Action Plan
Find a program that matches your goals. Decide what area of specialization you are interested in, and then look for programs that have such a specialization.
Apply to more than one school. Give yourself options. The cost is relatively low to apply to more than one school.
Visit the campus[es] and meet faculty, administrators and students. Nothing matches a visit to get a first hand impression of the culture of the school. Most schools will encourage you to sit in on a class or two as well.
Attend the 'best' school you can. Schools accredited by AACSB are typically solid schools. Most of us attend MBA programs just not for the knowledge, but for the career advancement. Looking at the 'top' school ranking in various business publications shows that average salaries are highest for the top ranked schools.
Contact an Hispanic MBA student group at the school you’ve targeted. If it doesn’t have one, find out if there is another Hispanic student group. For many of us, we want to know how many Hispanics have graduated from the program, as well as how many are currently enrolled. This information can usually be obtained from the school administration; however, student groups can also give you a sense of the campus cultural diversity.
Find out if financial assistance is available in the form of scholarships or assistantships? Many Business Schools have specific funds available for Hispanic students. Highly qualified Hispanic students can often attend for two years with free tuition and with a modest living stipend.
Investigate NSHMBA scholarships. In 2001, NSHMBA will provide $600,000 in conjunction with the Hispanic Scholarship Fund for Hispanics pursuing a Master’s degree in business. See the www.nshmba.org for more information.
Helpful Websites
http://www.mbaweb.net/index.htm
A comprehensive guide
http://unicorn.us.com/guide/
Official MBA guide
US News & World Report
http://www.usnews.com/usnews/edu/beyond/bchome.htm
Business Week Guide to Business Schools
http://www.businessweek.com/bschools/
Consortium for Graduate Study in management
http://www.cgsm.org/
Ph.D. Program Considerations
Doctoral programs are not advanced MBAs and most do not require the master’s degree for admission. MBA programs expose you to the range of functional areas (i.e. accounting, marketing, etc...). In contrast, Ph.D. programs provide a depth of knowledge in a specialization that you select, such as Accounting, Finance, Information Systems, Management (Organizational Behavior/Strategy), Marketing, and Operations. Ph.D. programs train students to conduct methodical, systematic, theory-based research.. Completion time generally ranges from four to six years. While requirements vary across programs, their common core includes: 1) coursework in research design and methodology, statistics/econometrics and research seminars in the selected area of specialization, 2) independent research project(s) directed by an advisor or committee, 3) oral and/or written comprehensive exams, and 4) a dissertation proposal and a completed dissertation study.
Doctoral programs train you for an academic career in research, thus preparing you to teach within your specialization. (Note our subtle yet continuous use of the “R” word-RESEARCH.) Admissions requirements include a strong GPA for undergraduate and/or graduate degrees, and an 80th percentile or higher score on the GMAT or GRE. Some programs may consider a lower score, but top programs will require higher than a 90th percentile. Your letters of recommendation should stress your intelligence, your ability to think critically and to analyze in-depth problems.
A Ph.D. Cost/Benefit Checklist
Costs
Time: Doctoral programs require a full-time commitment of four to six years. Most programs will preclude you from continuing any full-time employment.
Decreased income as a doctoral student: Depending upon fellowships, teaching and research assistantships, monthly income ranges from $1,000-3,000. This means modest lifestyle.
All-encompassing challenge and commitment: The level of intellectual demands is unlike any other we’d experienced. Time is divided between your coursework, independent research, and teaching/research assistantships. Your discretionary time is minimal. Our families and friends will attest to the number of events that we missed as doctoral students.
Support and demands upon family and loved ones: The support of loved ones might require that your relationships at times will not be balanced at 50-50. This is a reality that will make demands on all of you.
Decreased autonomy of an apprenticeship training system: Faculty will closely direct your studies and research. While you will have some decisions on courses or research topics, the faculty will structure much of the program.
Benefits
1) The acquisition of a knowledge base and the tools to produce it. You will become a producer and disseminator of knowledge. You will be able to critically analyze problems, understand how to develop and test theories and then grasp their practical “real world” applications.
2) Financial support: Nearly all programs waive or pay for your tuition during most or all your program. They also offer compensation through research and teaching assistantships. It is not uncommon for new a Ph.D. to carry only $10K-20K of loan debt.
3) Compensation: Nine month starting salaries for business professors range from $60,000-$100,000, with a potential for additional $5,000-$30,000 for summer research or teaching. These salaries vary according to geographic region, discipline, the rank of your university and its teaching and/or research orientation. There are also opportunities for compensation through independent consulting.
4) Flexibility and freedom: Your structured time consists of classroom teaching, faculty meetings and student advisement. The remainder of your work schedule is at your discretion, which provides you with a high degree of flexibility.
5) Career choice: You can choose a research-intensive university, a teaching-oriented college or an institution that blends these two models. This choice will determine your research, teaching and service requirements for performance reviews, salary increases and promotion/tenure.
6) Personal satisfaction and intangible rewards. It is difficult to articulate the satisfaction from participating in students’ visible development and growth. Being called “Professor” or “Dr.” the first time is quite memorable.
7) Development of a more diverse business school and workforce. You impact students, both minority and majority, and their preparation for diverse environments through your presence in the classroom. Being a role model for young Hispanics is very fulfilling.
Here are some final thoughts on pursuing a Ph.D. Do not decide to pursue it simply for the sake of your personal growth or because you believe it will strengthen your qualifications for the business world. The MBA will give you the practical tools and knowledge to make your mark in the business sector. Pursue it if you have an interest in an academic career of research and teaching and focus upon AACSB-accredited business schools.
If you have an interest in researching a doctoral degree in business, visit the PhD Project website at http://www.phdproject.com. The PhD Project is a consortium of doctoral programs, corporations and graduate education associations whose aim is to increase the number of minority professors in business schools. The Project is an excellent source of information and links you with doctoral programs across the country.
Patricia G. Martinez is a Doctoral Candidate at the University of California, Irvine. She is an Assistant Professor at the University of Texas at San Antonio and is an Advisory Board Member for the NSHMBA Orange County Chapter.
Donna Maria Blancero, Ph.D., is a Professor of Management at Arizona State University and is the National Chair, Education for NSHMBA.
|
