Benefits of an MBA

Ok I'm tossing this up and would love opinions. So here's some background:

I'm 43, a well qualified project manager but who doesn't have a uni degree. I am considered 'talented' but often only get recognised through working harder and longer hours than my peers.

I just sold my investment property and am considering putting the little I made out of it into paying for an MBA

I can do it full time in an accelerated course over 12 months but it will mean a commitment of 15 hours a week (over and above working full time) and about $16k.

My question is: would there be a decent return on the money and time invested at my age and this stage of my career??

You have another 20 + years of work ahead of you.
If the course teaches you anything and is of interest to you, then it is always worth doing for its own merits. JMO, but I think that if it is both career-relevant *and* of interest to you, then there will always be a reward.

Studying anything that you are interested in is its own reward.

And a piece of paper still has value to most employers.

I agree with Limey and Zazou. Education is never wasted. Never.

I can't definitively say it will bring you more $$$ as I don't know enough about your sector, but I know tertiary qualifications make a difference in my sector.

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I agree with Limey and Zazou. Education is never wasted. Never.

I can't definitively say it will bring you more $$$ as I don't know enough about your sector, but I know tertiary qualifications make a difference in my sector.

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Yep, exactly that.

I have worked with alot of of IT project managers and there are elements of project manager in my job. If I was a project manager would I do an MBA - no, would I do some other form of education quite possibly.

I wouldn't do an MBA because, I dont believe especially with the amount of time involved and money you do get a return - I think you learn more on the job and the pressure of doing the course detracts from that. ( I did an MSc in Information Management while working when I was far younger and not that much job pressure and while very interesting I often wished I was spending those hours on work projects not study)

If you already had a uni degree would your thoughts be different? Personally I don't think that should come into play - is experience common sense good communication and people skills that makes good project managers not degrees.

Are you looking to change direction at all or do you want to continue in project management/programme management/change management arena. MBA's seem quite broad perhaps more suited to a change than continuing. Are there other courses more suitable for your arena if you want to stay in that - (lean sigma and prince used to be popular among PM's)

I am sure it could be rewarding but depends on your motivation for doing it really.

I hate being torn between things though and would rather not do than not be able to devote as much time to it or job as would like so that does influence my answer.

Thanks for the replies everyone! To be honest in terms of Project Management, I'm pretty well covered. I have Six Sigma (green belt), am a Prince2 Practitioner, have a Cert IV in PMBOK and I'm doing my Practitioner level in MSP now, already having achieved the Foundation level accreditation. This is what I mean by 'well qualified'. In terms of Project Management, I have more than most.

I guess the idea of the MBA came up because my company normally would not hire anyone without a degree, minimum. Yet here I am. I got in for a whole bunch of other reasons that they saw fit to make an exception for, but it has made me wonder how many things I may not be getting a look in for without a degree. And while I like Project Management, I wouldn't mind getting more into the Programme Office Management side of things - I can be a little bit of a methodology freak and enjoy telling people what to do and how to do it. :P

And I can't say I'm terribly interested in the subject matter to be honest. It's a broad enough degree to allow me wiggle room, but again like you point out, wysiwyg, it also comes across as fairly general. "Masters of Business Administration" - what is that anyway?

I can't say that I'm convinced I should do it. I guess I was wondering if I did this, if it would make things a little easier for me in the long run career-wise. If I'm honest, that's my main motivation. I'm not sure it will though.

I think at 43, more organizations will be looking at your experience rather than anything else.

My DH did his MBA at 28, and his employer paid for it. As he hasn't left that employer or looked for work elsewhere, I can't really say if it has helped in that regard, but it has definitely meant that he has been able to work his way up much higher in the company.
He also had a degree, but for some reason, his employer thought an MBA would be very valuable. He's a Project Manager at an IT company.

IMO, if you're paying for it yourself, it's a lot of money (although tax deductible), and a big time commitment. I'd keep going with Certs focusing in the direction you want to go if I were you. As someone said earlier, an MBA is very broad and doesn't focus too much on a particular area.

I'd go for something you're really interested in. Im hearing more and more that the MBA is going down a similar path more like the MCSE has :) Something you love you'll do so much better :)

I think with the certifications you've got under your belt, I don't think the MBA is going to do much more. I know when I've worked with PMOs I never know if they have MBAs or not, but can guarantee you I'm informed or knows one way or another what PM certification they have or what major projects/achievements. Good luck though! :)

I did an MBA over 4 years part time while working full time. I took a year off in between because it was killing me. I think it cost about $40k. We were warned before starting that for men, 1:5 relationships & for women, 1:3 relationships fail by the end of it. Mine ended 6 weeks in.

You can specialise in areas. I wish I had. Whilst it improved my career prospects somewhat, there wasnt much of a return on investment. DH doesnt have a degree but he has 20 years professional experience and earns more than I could.

the best subject I studied included a study tour to northern Italy. That was a great tax deductible expense :)

Can you do a masters without an undergrad degree? Do they recognize your prior learning/study as a degree level qualificAtion?

Not trying to be a downer, just curious.

Yep I've been through the qualification process, Div. It was fairly comprehensive but I qualified based on experience (the number of people I have managed, the level of management required etc and for how long) and some of my prior learning.

I actually am leaning against it now, and I have you ladies to thank. I think you have put into words my own doubts about it. It really is a lot of money and I also worry about my ability to commit to it right now. I think I will continue to get accredited and see how I go for the next 12 - 18 months.

I think study that you have to pay for is similar to home renovations- you need to be careful not to over capitialise. If you were bursting to do it for interests sake and the love of the course material it may be different but it doesn't sound like the best choice for you.

I'd recommend talking to some recruiters. Find out where you stand in terms of employability and what would actually help open more doors.

An MBA almost became ubiquitous at some stage and I don't think it's as highly regarded as it used to be. Unless you've been specifically told by a broad network of senior managers/HR people that it would advance your career, I wouldn't rush into it. We used to say it stood for, "Mediocre But Ambitious".

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I think study that you have to pay for is similar to home renovations- you need to be careful not to over capitialise. If you were bursting to do it for interests sake and the love of the course material it may be different but it doesn't sound like the best choice for you.

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I think this is a good analogy - also if you are interested in PMO and methodology stuff - I think that MBA would not feel detailed enough for you. As Veus said - I wouldn't know the university status of most people I work with - I really think it is irrelevant at this point in your career. I have worked for people before though who didn't have a uni degree and have also always wondered if it is affecting their prospects - so do understand that it does play on peoples minds. However with your level of qualifications in your field - any employer who would overlook you because of lack of degree isn't worth working for IMO.

Look at post grad in PM. I worked with guys who, while didn't have a degree, through RPL and experience got accepted into a post grad degree in PM. That will work better for you than an MBA.