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the cost of education part 1

June 20, 2011 by EssaySnark 5 Comments

We’re big fans of education — obviously, else we wouldn’t be coaching people how to get more of it. But there’s no doubt that an MBA is an expensive degree, perhaps one of the costliest. There’s less “free money” available at most bschools than in other graduate programs (and student loans are remarkably easy to get for most people) because the MBA is considered a safe investment. But is it worth it? What’s the ROI on an MBA?

According to a recent Pew Research Center study, most college graduates expect to increase their income (note that the study only tracks people’s stated beliefs — it did not actually study whether people DO increase their income as a result of their education, though we know that other studies have shown this to be true).

Here’s a very interesting nugget from that Pew study:

While Americans value college, they value character even more. Asked what it takes for a young person to succeed in the world, 61% say a good work ethic is extremely important and 57% say the same about knowing how to get along with people. Just 42% say the same about a college education

 It could be argued, could it not, that the college experience teaches the good work ethic? And it teaches (hopefully) how to get along with people? So there must be some overlap in these characteristics; the way this data is presented is a little off we think.

We agree that education at the best schools is very expensive, probably too expensive. The system perpetuates an elitist world. Those with access are the ones (generally) who make it into the best schools. Graduating from the best school ensures they’ll continue to have access. It perpetuates a class system that is not healthy for the long term of this country, we believe.

Oops. We started getting on a soapbox there.

This topic of “is it worth it?” seems to be bandied about a lot these days. Georgetown released a study of what specific undergrad majors will earn (are worth) over time (interesting, and also pretty intuitive… they really had to do a study on that?? and also — WHAT’S WITH THE VERY DISTURBING GRAPHIC ON THE FRONT COVER OF THAT PDF THING??? eek). The NYTimes offers some interesting points on this one too (without a disturbing graphic).

We’ll be circling back to the main question of whether an MBA — and about $100k+ of debt — is indeed worth it for you. You need to look at these questions before you actually waste all this time and energy (and money) in applying.

Stay tuned.

PART 2 POSTED HERE

Filed Under: tuition

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Here's what others have said about this:

  1. MSP says

    June 20, 2011 at 3:45 pm

    Regarding MBA programs perpetuating a class system, I'm interested to hear your perspective on this subject from your vantage point as an admissions consultant. Do you prefer to work with class elite applicants (Phillips Exeter Acadamy – Princeton – McKinsey/Goldman/KKR/whatever) who probably yield more positive results from an admissions standpoint or do you prefer to work with more "normal" background candidates which allows you to help people break through the class system but likely will result in lower admission rates?

    Reply
  2. essaysnark says

    June 20, 2011 at 4:38 pm

    @MSP, great question – and one that we've given a lot of thought to. Quick answer is we prefer to work with MOTIVATED candidates (and humble ones). Doesn't matter where they're coming from, state school or Ivy League. Matters more what their attitude is. Some of what you termed elite-class applicants are seriously arrogant. Sometimes we even start hoping they *don't* get in, they p!ss us off so much. (JK. We want *all* of our clients to get in!)

    Truth be told, the majority of our clients are "normal" and with the proper positioning, many of them end up at really good schools.

    What we'd really like to do? More volunteering with underrepresented minorities. We've done a little and are looking for ways to do more, possibly through MLT or Consortium or whatever. 'Cuz the next question you'd ask is, doesn't the high cost of admissions consulting mean that only the well off can avail of its advantages?

    Yes, it keeps us up at night.

    Reply
  3. MSP says

    June 20, 2011 at 6:50 pm

    Thanks for the honest and heartfelt response. I think it's great that you are looking to volunteer your skills and services to underrepresented minorities. I definitely hope you're able to make that happen. From a MLT standpoint, doesn't that organization already offer similar services for pre-mba applicants in their program?

    I think it's good to be kept up at night regarding ethical questions related to one's career choice. A personal ethics audit seems like a healthy thing to do to ensure that you're on the right course. I sometimes feel the same way about the work on do and wonder if I really am helping people live become healthier and happier through processed consumer goods.

    For what it's worth, I'm glad that there's admission consultants like you out there.

    Reply
  4. essaysnark says

    June 21, 2011 at 5:14 pm

    One reason we started this blog was to try and even the playing field. Sure, there's lots of info out there for getting into bschool, but a) some of it is just plain wrong (per our post today); and b) nobody else is actually reviewing real essays for people. That's why we are doing this, to give everyone access to admissions consulting.

    And today we faced a new quandry: Would we rather spend time on someone who's really smart, or someone who we know is a good egg but maybe not the quickest horse in the race? Not that these are mutually exclusive… but the latter ones can be timesinks; it takes forever for them to "get" the how-to-write-an-essay thing, and editing their essays can be painful. We decided that it's worthwhile though. Much rather see them get accepted to a great school than another slickster.

    About the CPG thing, and the question of offering real value to society? In our past life, we worked in advertising. And for a bit in health insurance. 'Nuff said. 😉

    Reply
  5. essaysnark says

    July 17, 2011 at 6:38 am

    Relevant article from a law school chap quoting Berkeley-Haas' Dean Lyons about tuition hikes at the bschool: http://www.nontradlaw.net/blog/index.php/archives/288

    Reply

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