{"id":4043,"date":"2018-05-21T08:00:09","date_gmt":"2018-05-21T14:00:09","guid":{"rendered":"https:\/\/www.petersons.com\/blog\/?p=4043"},"modified":"2018-06-25T15:20:24","modified_gmt":"2018-06-25T21:20:24","slug":"turning-the-cost-of-an-mba-into-a-career-benefit","status":"publish","type":"post","link":"https:\/\/www.petersons.com\/blog\/turning-the-cost-of-an-mba-into-a-career-benefit\/","title":{"rendered":"Turning the cost of an MBA into a career benefit"},"content":{"rendered":"

In the business world, anything can be made into a cost-benefit analysis–even going back to school.<\/p>\n

Some plan on getting a Masters of Business Administration (MBA) their entire academic careers. Others wait until they have more of a footing in their lives and career. No matter when you make the choice, getting ahead in the business world can start with taking the risk of investing in an MBA.<\/p>\n

That\u2019s what Luke Alexander did.<\/p>\n

\u201cI made that decision right after my undergrad, and I mainly made it for a couple of reasons,\u201d he said. \u201cOne is that the job market wasn\u2019t great at the time, and I figured now was the time to do it when I was young and single.\u201d<\/p>\n

And with that, Alexander made the trip across town from Nebraska Wesleyan, where he got a bachelor\u2019s of science in health and human performance, to the University of Nebraska-Lincoln for graduate school. There was no job or specific light at the end of the tunnel, he just knew he wanted to give himself more career options.<\/p>\n

\u201cThere are no guarantees in life, and you\u2019ve go to work hard and earn it,\u201d he said. \u201cYou\u2019re not entitled to anything. At the time, it was more upward mobility and to do better, and maybe a little bit of a cost-benefit analysis.\u201d<\/p>\n

>> READ MORE: How THESE students financed their degrees<\/a><\/span><\/p>\n

Sizing Up the Slope<\/h3>\n

Once he made the decision, it then became time to figure out the logistics. During his undergrad, Alexander was part of the NWU track team. In fact, if you take a quick glance at the Prairie Wolves\u2019 school records<\/a>, you\u2019ll find him with the No. 6 time in the 800 meter (1:53.37) to this day. That meant he had help in the form of a scholarship.<\/p>\n

Graduate school was a much different story. That\u2019s where the \u201ccost\u201d part comes into this story, as Alexander was on his own both in terms of financial aid and family aid.<\/p>\n

And with a program that is basically two professional degrees, that made it practically impossible for Alexander to consider making extra scratch on the side. It was a situation that proved even more difficult than running half-a-mile in less than two minutes.<\/p>\n

\u201cThat\u2019s what kind of sucked, is that I had scholarships and my parents helped me in undergrad. But for grad school, they were like, \u2018you\u2019re a man, figure it out.\u2019 I did the joint law\/MBA program, and just to live and pay bills and to pay tuition I took out the max loan every year.\u201d<\/p>\n

So on top of the funds he had to borrow for tuition and books, that left Alexander to rely on loans to cover all of his living expenses too. All to try and build a career in the business world with an MBA and a law degree.<\/p>\n

\u201cI had at the time about $125,000 or so in student loans, which is kinda scary,\u201d Alexander said. \u201cBut, I looked at it as an investment in myself. No risk, no reward, and hopefully if you work hard and get through it, it will pay off in the long run.\u201d<\/p>\n

>> READ MORE: Best strategies to size up student loans<\/a><\/span><\/p>\n

In For the Long Haul<\/h3>\n

Key words: \u201cLong run.\u201d Because as much as both undergraduate and graduate students like to plan on making a big salary right out of college, that is rarely the reality.<\/p>\n

We\u2019ve reached the \u2018benefit\u2019 portion of this analysis. At this point in Alexander\u2019s story, as is the case for many graduate students, the reality of loan repayment and having to enter the business world came soon after his graduation. Despite some frustrations with the structure and rates of his loans, he had a jump start on making moves in his career.<\/p>\n

In the years following graduation, Alexander turned his planning into hustle, and his LinkedIn page shows the path of someone willing to earn his way: \u201cManager & Director of Marketing at Snap Fitness\u201d, \u201cFinancial Advisor at Wells Fargo\u201d and there\u2019s even a citizens activist group that Alexander helped launch on the side.<\/p>\n

Now, he\u2019s working as a senior vice president at JFC Financial Services, and is designated as a Certified Financial Planner and a Chartered Retirement Planning Counselor.<\/p>\n

Alexander didn\u2019t hold back: It takes time to pay off debt and get a grasp on loan payments. But don\u2019t get it twisted: Alexander also said it\u2019s not something that happens overnight or all at once. Sometimes, it starts by simply getting that first job and taking it step-by-step.<\/p>\n

\u201cThere are going to be ups and downs,\u201d he said. \u201cYou\u2019re not going to maybe land your favorite job or your best job first. As the saying goes: Once you have a job it\u2019s always easier to get a different job; it\u2019s always hardest to get a first job when you don\u2019t have a job.\u201d<\/p>\n

\u201cYou certainly have to have realistic expectations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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