Korean Job Discussion Forums

[ratslash]

My Korean wife has the option to study for an MBA at Lancaster University in England (apparently the fourth best MBA in the UK, 28th in the world and number one for value for money, apparently!)

Now, to be perfectly honest, we are broke. I'm just finishing my teacher training course and she isn't working either. Perfectly, I would want us both to get start graduate jobs in September so financially we would be comfortable. However, we could just probably scrape through on my salary... just.

So, the question is, what are the benefits of her studying an MBA? Bear in mind we would have to get a loan to cover some of the cost of the course (approx 18500 pounds), so finanically, lifestyle, her career, etc, what are the benefits, and perhaps, if you could, what are the flaws/problems to her studying this course, excluding the financial implications?

Any thoughts greatly appreciated.

Thanks.

[Sincinnatislink]

(scratches head)

[Sine qua non]

[Fresh Prince]

Companies hire people for different reasons. What type of experience does she have? People typically get MBA's to move up in an organization or for specific reasons. For example, people in the finance industry that have the knowledge will need an MBA to become a consultant.

If she will be competing as an MBA graduate with no relavent experience then she will be looking to get a job in a leadership program at companies that don't require experience. Those companies tend to only hire people from specific universities because they know the program will produce graduates that can do the job well. If she wants to get a job at one of those companies then she will need to identify which universities produce the applicant base for specific companies. There are a lot of people competing for these types of jobs too.

Since you mention that she is not working, I'm assuming that she is not going to be entering the job market as an MBA graduate with any relevant experience. She will be competing with students with backgrounds in finance, leadership, business, etc. Many of those students will have several years of management experience and likely have industry connections which will help them get good positions when they graduate.

The lifestyle of an MBA graduate can be pretty tough. It depends once again on their specific industry though. Typically, they work very long hours at stressful jobs and travel a lot. A typical week for a consultant is going to work early, working through breaks, and staying late.

My suggestion is that you do informational interviews with alumni. Talk to the universities' placement program representatives and talk with them before making the financial commitment. Call up companies where your wife would be potentially working and talk to people about he work- environment and what they suggest that you do. Vist the campus during a vacation and notice how people are there. If she went to a university where she didn't fit in for whatever reason, she will find that the companies that hire people from that university are made up the same type of people and she will likely not fit in there either. It may be worth it to get a couple years of experience in a specific field before getting the MBA.

[Juregen]

[Sine qua non]

[ratslash]

thanks for all your inputs.

certainly six figure salaries are very tempting, but to earn such an amount then you have to earn such an amount, therefore long hours etc etc, and therefore you are looking at a shitty relationship.

however, if we know this before she starts then hopefully we will be able to make it work. possibly.

to answer the exeperience quesiton, she does have three years work experience as a marketing coordinator for samsung heavy industries working in seoul so she is not going to the MBA course with work experience. hopefully this will hold her in good stead.

thanks again for your information. i will have to do more reading around the topic before deciding.

[cdninkorea]

Does anyone know if you can write the GMAT in Seoul? What about dates?

[cubanlord]

[bobbyhanlon]

yeah you can take the GMAT in Seoul. go to mba.com and sign up there. the test itself is taken in an ugly building next to Seoul Finance Centre in Jongno. I took my test there (but screwed it up)

[byunhosa]

The real question is: what does your wife plan to do with an MBA, and how does it square with your family's long-term goals?

An MBA from a top program can certainly more than pay for itself, but there are a glut of programs and many are not worth the tuition and opportunity cost. Whatever starting salary your wife might command would be offset by the loan repayments and the opportunity cost of living a year or two (depending on the length of the program) without a job. I would suggest she scrutinize the employment/career placement stats of the school very carefully.

Does she plan to return to Korea? How well-known is this school here in Korea? It may be a well-regarded program in the UK, but Koreans are notoriously brand conscious and rather snobby. Plus, it may be a challenge to network with Korean employers. If she wants to work in Europe/UK, what is her immi status there? How is her English? Last but not least, what are your plans? Would you stay here while she returns to the UK for study, or would you go with her? Can you find employment there?

I was very pleased with my decision to pursue an MBA in the U.S., despite the very high cost. But I know of many others, especially from less well-known programs, who regretted their decision.

Good luck!

[blynch]

[ratslash]

[Adventurer]

Would an MBA in an average university be all right? I mean some of us don't have the marks to get into the University of Pennsylvania, Harvard, the University of Chicago, or the University of Western Ontario. I wouldn't going back to my alma mater and studying there.
I know it is nor the best university to study in, but I loved it, and it has a relatively new, huge business building and a large engineering building. It has made a ton of improvements over the past few years. But going back would mean more student loans.

[Juregen]