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2009年7月份,我给一个老朋友(Simon FT-MBA,2010春季班)为申请MBA而写的Essay提了几点比较关键的修改建议。后来,她成功拿到Simon的Offer。再后来,她建议我做留学DIY咨询方面的工作,并向我介绍了我的第一个客户。最终,我的第一个客户也成功拿到几个TOP16商学院的面试并顺利拿到Duke Fuqua商学院MBA的录取。 本人毕业于上海复旦大学管理学院国际企业管理系,属于商科科班出身并且做过管理工作、有领导经验的人士。

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留学参考:Why The MBA Beats The MD & The JD  

2017-06-02 02:28:10|  分类: DIY留学综合信息 |  标签: |举报 |字号 订阅

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留学参考:Why The MBA Beats The MD & The JD

 

BY: JOHN A. BYRNE ON MAY 28, 2017

 

 

The cost of getting an MBA degree can be staggering, leaving students with heavy debt burdens after graduation. But the perennial question every new generation of MBA applicants have is, does the degree still pay off in dollars-and-cents terms? A new return-on-investment analysis on graduate education shows that the MBA continues to beat all other degrees when it comes down to value.

The study by San Francisco-based Priceonomics to determine which advanced degrees produced graduates with the most (and least) student debt and how that compared to post-degree income immediately after graduation. The study is based on data supplied by graduates looking to refinance their debt from Earnest, a financial services company. Average student loan debt includes debt acumulated in both college and graduate school.

Researchers crunched the numbers for a wide variety of graduate degrees besides the MBA: MDs (medicine), DDS (dentistry), Pharm D (pharmacy), JDs (law), Masters in Science or Engineering, Masters in Arts, and other masters degrees. They also examined the impact of a university’s brand on a graduate’s earnings.

THE STUDY FOUND THAT MBAS HAD THE LOWEST DEBT-TO-INCOME RATIOS

The winner? MBAs, by a long shot. Dividing a graduate’s average student debt by their self-reported income, Priceonomics calculated a debt-to-income ratio for each group of students. Debt-to-income ratios below one mean these degree-holders make more than they paid for their degree in one year. Values over one mean the degree cost more than what the typical graduate makes in a year.

The study found that MBAs enjoy the lowest debt-to-income ratio, just 0.71. That compares with medical professionals’s debt-to-income ratio of 1.41, master’s of arts at 1.07, or law at 1.0. “These (MBA) degrees are relatively affordable and confer high earning power, the researchers concluded.

Not surprisingly, medical professionals incur the most average debt, a chart-topping $191,200, followed by law graduates at $139,900 (see below table). The average debt for an MBA was $89.900, considerably more than the $62,800 incurred by students who went for the master’s of arts, but substantially more than med and law students who have to go to school for longer periods of time.

MASSIVE DEBT INCURRED BY MDS AND JDS DIMINISH THEIR PAYBACKS ON THE DEGREE

The upshot? Even though medical and law graduates outearn most MBAs starting out, their debt loads are considerably higher, diminishing the immediate payback of their degrees. “Medical professionals take on the most debt – even when their high salaries are accounted for – while MBAs enjoy a low debt burden relative to their income,” the study found.

The analysis, moreover, tends to underestimate the MBA’s value due to a number of factors the study fails to take into account. For one thing, the stated first-year income for MBAs of $127,200 is substantially below the actual figures for graduates of the top schools. Last year, the median total compensation package—including sign-on bonuses and other guaranteed pay— for MBAs at two dozen of the most highly ranked institutions exceeded the reported average in the study. In fact, the total pay for MBAs at Stanford, Harvard, NYU, the University of Virginia, and the University of Michigan topped $150,000, with Stanford GSB grads making a record $163,827.

The analysis also understates the value of an MBA because employment rates out of business school tend to be substantially higher than they are for law school grads and many other master degree holders. Finally, leading business schools tend to be far more generous with scholarship aid than many other graduate schools. At Harvard Business School, for example, roughly half of the school’s MBA students currently receive fellowships, which now cover more half the cost of the annual tuition of $61,225. Last year, HBS doled out $34 million in scholarship aid to not much more than 950 students. While this generosity would lower the debt burdens in Priceonomics calculations, the study wouldn’t capture graduates with full rides or substantial awards who wouldn’t need to borrow any money at all for their education.

MBAs Come With The Least Debt Relative To Income

When it comes to delivering a graduate education delivering value, the MBA continues to kill it, according to a new analysis by Priceonomics. The degree has the lowest debt-to-income ratio of any of the most common graduate degrees.

Graduate Degree Average Debt Average Starting Income Debt-To-Income Ratio
MBA $89,900 $127,200 0.71
MS or Engineering $65,100 $80,000 0.81
Other Master’s $63,400 $73,700 0.86
Law $139,900 $140,400 1.00
Master of Arts $62,800 $58,500 1.07
Medical Professional $191,200 $135,200 1.41

Source: Princeonomics Get the data

 

THERE ARE AVERAGES AND THERE ARE THE MORE LIKELY EXCEPTIONS IN BUSINESS

Of course, overall doctors on average are likely to earn more than typical MBA grads over the course of their careers. But the averages don’t tell the full story because a prestige MBA makes it far more likely for someone to climb the corporate ladder to gain access to higher paying senior leadership positions just as the degree increases the odds that a graduate may someday become an entrepreneur who successfully starts and scales their own companies. Those MBA graduates can easily outearn what the most accomplished doctors or lawyers make over a lifetime.

A study commissioned by Poets&Quants, for example, showed that over a 20-year career a Harvard MBA made $3,233,000 in income, while a Stanford MBA pulled down $3,011,000. At Wharton, the total was $2,989,000 and at UC-Berkeley’s Haas School graduates earned $2,858,000. The higher ranked the school, the more career income MBAs made. Median total compensation for an MBA from the top three schools was $3,011,000 versus $2,759,500 at a top ten, $2,266,000 for a top 50, or $1,771,000 for all MBA degree holders (see The Most Lucrative Seven-Figure MBA Degrees).

The Priceonomics study found that “graduates with all degree types experience a decrease in debt-to-income ratio after graduation, but in some professions, those ratios come down faster than in others. Medical professionals have the highest debt-to-income ratio immediately after graduation. This is likely because MDs begin their careers in residencies, which are essentially low-paid apprenticeships lasting three to six years. Once residents become practicing physicians, they can expect comfortable six-figure salaries and subsequently make fast progress on their debt.

“In contrast, MBAs have the flattest trajectories toward debt freedom. Though they have the lowest debt-to-income ratio across the entire post-graduation time period we considered, they make the least progress between years 1 and 11 after graduation.”

‘SCHOOL REPUTATION MATTERS TO INCOME AND TO DEBT’

How does a school’s prestige factor into the value equation? As the earlier Poets&Quants analysis had shown, the Priceonomics study confirms that degrees from the most highly selective schools come with tangible financial benefits. “School reputation matters,” the researchers said. “For all disciplines except medicine, graduates of top-100 programs enjoy lower debt relative to their income upon graduation. This trend continues after graduation, with the exception of engineering graduate students, where students from less prestigious schools have more favorable debt to income ratios six years after graduation than their counterparts from higher ranked schools.”

Bottom line: “The ‘rich doctor’ stereotype makes medicine look appealing, but it doesn’t do justice to the burden of financing an MD,” according to the study. “Medical professionals take on an average debt near $200,000 to finance their degrees, and early in their careers, their income does little to offset their debt. Attending a more prestigious school doesn’t mitigate their high debt-to-income ratio; graduates of top schools pay just as much relative to their salary as grads from lower-ranked programs.

“In contrast, the average MBA makes six figures after spending one or two years in graduate school. They typically take on around $90,000 in debt, but consistently enjoy a low debt-to-income ratio. This is doubly true for graduates of top-100 business programs, who enjoy the high income that comes with access to a high-powered alumni network.”

THE LESS TANGIBLE BENEFITS THE STUDY FAILS TO ACCOUNT FOR

Of course, this is a pure dollars-and-cents analysis that fails to take into account other important reasons to get an MBA degree, from the likelihood that a graduate would gain entry into jobs and organizations that would otherwise be off limits to the unusual ability of the MBA to allow someone who earlier made a different career choice to reinvent him or herself.

Eric Johnson, dean of Vanderbilt University’s Owen Graduate School of Management, made that latter point in a recent panel discussion of the MBA’s value at Poets&Quants’ CentreCourt event in New York City. “The MBA is a uniquely American invention,” Johnson said. “Where else can you at the age of 28 decide I really don’t like what I am doing. I want to go in another direction and reinvent myself. That is a really unique gift and I think most of the world is still catching up. I still don’t think they understand the American MBA as it has morphed, developed and polished it over the years. It is just an amazing thing. In much of the world, what will happen to you is pretty much determined by the eighth grade, whether you are headed into a factory or the administrative wing.

“We are in a great environment where you can be sitting in your career right now and think it’s going pretty well but it’s not where you would see yourself 15 to 20 years from now,” added Johnson. “So you decide to come back for an MBA and it can change the trajectory of your life. That is the magic of the MBA. If you compare it to almost any other graduate program on campus, it has a high ROI and an amazing potential opportunity creator.”

 

 

 

以上内容摘自:

http://poetsandquants.com/2017/05/28/why-the-mba-beats-the-md-the-jd/

 

 

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