Masters Specialization?

[One Winged Angel]

Mainly directed at the business guys here on Fiffer (looking at you, Rubix)

I've recently been accepted to three of three MBA programs I've applied to in the past couple months or so. I'm 90% sure I know which school I'm going to pick, but all three are reputable schools with AACSB (among other) accreditations and strong co-op programs, so I can't really go wrong between the three. Sadly, my options for applying were rather limited to begin with, as I'm lacking full-time work experience in any of my would-be fields of study during my MBA, but thankfully my GMAT score was able to carry me towards acceptance at these three (I scored higher than the average GMAT accepted for all Canadian graduate business schools in 2012, and most, if not all Ivy schools...despite 80% of my forum posts having to do with fecal matter, I'm somewhat intelligent lol). My father wants me to take a year or two off, find some full-time work experience, and get into an Ivy school, but I've had horrible luck finding a full-time job up until this point, plus tuition would be through the roof compared to what I would be paying now. So I figure getting an MBA sooner would be better since my undergrad alone obviously hasn't been enough to help differentiate myself in the eyes of potential employers thus far. I know this could potentially backfire and I could end up in a position where I'm overqualified for several entry level positions but lack the work experience required for others, but hopefully I'll be able to secure a co-op placement during the program and things will snowball from there.

Here's my problem. I have absolutely no idea what I should specialize in.

Right now, specializing in Accounting and then earning my CMA post-grad seems like a great option, although definitely the one that'll require the most work. The school I'm thinking about going to has a great Accounting program. CMAs are incredibly engaged and involved in all aspects of a business, which is great because I don't want to end up at a job where I'm doing the same stuff over and over again day in and day out. I've heard the CMA Entrance Exam and Case Examinations are absolutely brutal, however. If anyone knows more details about either of these things, or has written either, please let me know.

Finance is my other option, and the one my parents are probably expecting I'll pursue. Although I won't lie, I don't really have much knowledge about other designations I should obtain if I choose this field. I'm very good with numbers, so I'll probably have somewhat of an easy time during my Masters if I go this route. I'm just afraid that if I choose to pursue Finance, I'll never be able to secure a career that's involved with the more creative endeavors of a business. I'm hoping someone here can list some finance-related careers with a wider scope to prove me wrong.

I don't know if I should completely toss the General MBA option off the table. I don't know if future employers would view me as versatile and well-rounded having a General MBA or just completely throw me to the side because I don't specialize in anything. I'm thinking the latter.

Not really considering HR or Marketing. I enjoyed my marketing courses a lot during my undergrad, but the salaries to be earned here just can't compare to those other fields. And unfortunately I'm incredibly materialistic. Plus, as much as I enjoy being creative, I'd be lying if I said I wouldn't perform better working with numbers.

(My dream job [and the reason I went into business in the first place] is to go the entrepreneurial route and open something of my own. But that's a ways away and I'll probably need to throw that on the backburner for the next 10 years or so until I get some $$$ to actually finance something like that.)

So yeah. Any and all help is appreciated. Careers you know others with MBAs have landed post-grad in their respective fields, fields to avoid, info on any CMA stuff or designations in finance, stuff I should be doing prior to starting in September...anything really. Thanks in advance to anyone who takes the time to post.

[One Winged Angel]

Re: Masters Specialization?

bump because I probably shouldn't have posted in the middle of the night

[Bluearrowll]

Re: Masters Specialization?

Right now, specializing in Accounting and then earning my CMA post-grad seems like a great option, although definitely the one that'll require the most work. The school I'm thinking about going to has a great Accounting program. CMAs are incredibly engaged and involved in all aspects of a business, which is great because I don't want to end up at a job where I'm doing the same stuff over and over again day in and day out. I've heard the CMA Entrance Exam and Case Examinations are absolutely brutal, however. If anyone knows more details about either of these things, or has written either, please let me know.

Finance is my other option, and the one my parents are probably expecting I'll pursue. Although I won't lie, I don't really have much knowledge about other designations I should obtain if I choose this field. I'm very good with numbers, so I'll probably have somewhat of an easy time during my Masters if I go this route. I'm just afraid that if I choose to pursue Finance, I'll never be able to secure a career that's involved with the more creative endeavors of a business. I'm hoping someone here can list some finance-related careers with a wider scope to prove me wrong.

I don't know if I should completely toss the General MBA option off the table. I don't know if future employers would view me as versatile and well-rounded having a General MBA or just completely throw me to the side because I don't specialize in anything. I'm thinking the latter.
.

Accounting - The big advantage to this is that every company of decent size requires an accountant. The con is just how much work goes into an accounting masters. Certified Managerial Accountants do well, but the program will likely be the hardest thing you do. Once completing the program, where you decide to go is up to you.

Finance - Finance majors are well appreciated, especially in banks and insurance firms. This doesn't necessarily mean you need to be doing something related to Finance - these corporations will appreciate you as someone who knows what they're talking about regardless if you end up doing IT work or some other business related genre. The background will be well appreciated.

General MBA I didn't know there was such a thing, but I think the idea of you being someone who simply took the time to go to Graduate school should be enough to secure you a decent job.

[Netjet!]

Re: Masters Specialization?

I'm not of much help but I just finished my first year of my undergrad for business (yay youngin's!). I'm pretty much set on the same path as you - want to become an entrepreneur but it will take a lot of work and doing something else that's related for a while to rake in the appropriate moolah will have to happen.

Having a general MBA is always a plus regardless of if you specialize or not. Some employers may see you as "overqualified" just because of the MBA attached to your name (as in they may be able to hire, say, someone with a bachelors' for less etc), but the advantages outweigh that a lot. Specializing would probably be a good idea as it broadens your scope of knowledge while specifically targeting one area of the whole business stream (ie. finance or accounting). I'd probably go with specializing in something if I was in your position.

I've read that the two top-paying specializations for a business degree are Finance and Management Information Systems (MIS), so taking the Finance route could do well for you. Going towards accounting is a really good idea too, and since you want to opt for a CMA as opposed to CGA/CA (or CPA I guess) it can let you open up to other areas instead of strictly accounting, since you said you want to go entrepreneurial in your future.

My boss just finished his masters' degree in Finance from the University of California, and he's said that having it opens up his world a lot. He doesn't have to stay strictly finance and can use it to his advantage in a lot of other fields and areas - I don't have any specifics, but you can kind of infer that you aren't stuck to one area. Having a MBA with finance can most likely do wonders for you when you want to open up a venture.

Overall I hope I'm of some help, probably not as much as someone like Rubix. I'd say sticking the course right now would be a good idea, but it wouldn't hurt to look into finance and seeing which one of the two would be better for you personally. They're both great paths and can serve you really well. Good luck!!

[Wayward Vagabond]

Re: Masters Specialization?

Hey I'm going into business myself

I can't help you out though you're waay further along than I am education wise rofl

[blindreper1179]

Re: Masters Specialization?

Though all three have their benefits, sticking to specialization would be a better idea. As pointed out before, Accountants are needed for every business. (If they are not shady whatsoever) Also, if you're doing what you have to until you can do your own thing, take a hit now, and do the one that makes more. Though that's subjective. If you make a little less at one, but work more hours etc. I am also taking a business course in college, though I'm not as far as any of you. With the classes I've taken, you'll basically need to know at least a little of everything to run a business yourself until you can afford employees. As long as you know you'll perform outstandingly at either one you'll pursue, using what you're good at maybe the best route. Sorry if I'm confusing, I'm not the best explainer. =/

[One Winged Angel]

Re: Masters Specialization?

@Terry, the fact that I’d be the one calling the shots after finishing my CMA is what’s most appealing to me about that program, provided I can net some work experience prior to finishing my designation. And I know Finance grads are appreciated, but I also think they’re the most plentiful. I’d much rather compete against fewer applicants for any given position considering how shit the job market is nowadays. Then again, my breadth of jobs to choose from probably increases with a Finance major (like Netjet mentioned), so blah lol.

@Netjet, yup, Finance grads get a pretty damn nice ROI on average post-MBA. Both Finance or streamlining towards my CMA should help with entrepreneurial efforts I’d imagine, I’m just not quite sure which one would benefit me more. I’ll probably need to do more research w/ respect to everything I’d be learning by obtaining my CMA. Glad to know your boss is enjoying the benefits of a Finance grad though.

@blindreper, yeah, leaning heavily towards specializing. And what you said makes sense. Since I’m hoping to eventually establish my own thing, might as well try to net as much scrill as possible so I can do it even earlier. Which is why I’m a bit worried about the CMA…will take quite a bit longer to obtain, but the knowledge I’d gain + eventual increase in salary might offset the extra length. I just don't know if I'd earn more (money + knowledge) on average just going with Finance instead.

@Carlos, 8) Hope you’ll enjoy it (probably obvious advice but try to pick up a few economics courses as well, they complement business courses very nicely)

[Wayward Vagabond]

Re: Masters Specialization?

i'll definitely enjoy it. it took me 6 years to figure out that business was my thang.

[Raining Nails]

Re: Masters Specialization?

(My dream job [and the reason I went into business in the first place] is to go the entrepreneurial route and open something of my own. But that's a ways away and I'll probably need to throw that on the backburner for the next 10 years or so until I get some $$$ to actually finance something like that.)

I am not sure how much this will help, but here are my two cents (as a business owner):

If you ever do want to go the entrepreneurial route specialization is the best. Therefore, getting an MBA, while a solid degree, might not teach you what you need to know to actually run a business of your own. A lot of what you will learn will be theories of business, the stock market, microeconomics and the like. I like your idea of studying Accounting as that is a specific field where you could get work learning a (very useful) skill which you could eventually turn into a business of your own.

I've been self-employed as a web developer for 5 years. It is my full-time career and I get to work from home and set my own hours. I have not set foot in a traditional job since 2008 and I earn enough for a pretty decent living now. I also have BA in Psychology, of all things, which did nothing to help me start my business!

I will also say that making this happen is NOT EASY by any stretch. For me, The first three years were difficult, stressed-filled and often financially very tight as I'd put in 60-70 hour weeks, sometimes sitting on my computer until 4am trying to figure out a coding error for a client on a project that was due the next day. I wasn't very good at the business side of things until more recently, as I learned as I went and made a lot of mistakes.

Things are much better now (in the last two years) as I have an established client base and a couple other developers helping me with overflow work, and I LOVE what I do, but it took a lot of hard work and a bit of luck to get here. One of the biggest lessons I learned is that in business having a specialty (and a niche) is everything.

So I do like your idea of going the accounting route as you could use your CMA to land a good job and then work with real-world client situations balancing ledgers/dealing with tax structures and everything else accountants do, eventually gaining your own client base. It is more of a journey than anything else.

Anyway, I don't know if that is helpful to you or not Either way, best of luck to you! Always happy to meet other business-minded/entrepreneurial people.

[JohnRedWolf87]

Re: Masters Specialization?

As someone who has a Bachelors in accounting and an MBA in management, sometimes being overqualified can work in your favor. Although I don't know if I have the job yet, the place I recently interviewed for prides itself on the quality of its service. Therefore, they'd rather hire someone who's overqualified and knows what they're doing than someone who fits the minimum requirements and might not do a good job.

That, and Masters degrees are pretty much becoming the new Bachelors.

[devonin]

Re: Masters Specialization?

I did it like they did it in the 60s and 70s.

I got a job by walking in unannounced to a place with a help wanted sign, and making a good impression on the owner. Now I'm a General Manager without -any- formal education in business, accounting or management.

[Reincarnate]

Re: Masters Specialization?

Work for a few years first, go for MBA later if you need it. Get your firm to pay for it. Anything else is probably negative NPV, imo. Makes little sense to get an MBA if you lack work experience or are paying for it yourself. Places worth working at will raise eyebrows going wtf, if you do that. ie your dad is right.

I majored in finance from an Ivy, my gf majored in accounting and worked at a Big 4. Will elaborate more later when I'm at a kb.

[Choofers]

Re: Masters Specialization?

I did it like they did it in the 60s and 70s.

I got a job by walking in unannounced to a place with a help wanted sign, and making a good impression on the owner. Now I'm a General Manager without -any- formal education in business, accounting or management.

hey man that's really cool and doesn't make you seem like a dick who's trying to draw attention away from rob at all

[One Winged Angel]

Re: Masters Specialization?

@RN, yeah I’ve heard time and time again that the start-up for any business is usually very rough. Good to see things eventually worked out for you over time with effort. And yeah, specialty/differentiation from others in the same industry is not only vital, but mandatory (otherwise there’s really no reason to be in business in the first place if someone else already does everything you can do - unless you can do it cheaper at the same level of quality). Thanks for sharing and good luck to you as well.

@John, I definitely agree Masters are becoming the new Bachelors, which is why I feel I’m going to have to get this degree anyways. Although I haven’t heard many stories about being overqualified for a job working out well, unless you’re willing to take a substantial pay cut compared to what others would be making with the same degree. Did you have a lot of full time work experience prior to doing your Management MBA or were you in a similar position to me (judging by your age and the fact that you’re already done, I’m going to assume the latter, if not maybe a year or so of work exp?)

@Rubix, I’m being given some money by the school for tuition…enough where I’d be paying less than $20,000 myself (probably around 15 or so). I’m not putting $80+k into this or anything. I’ve heard from several professors that unless I’m going to work in the states for sure, getting an MBA from anywhere (i.e. non-Ivy but still reputable) is more than sufficient because Canadian employers just want to see the three letters on my resume (not sure how valid this is, even though they’re profs lol).

I’d be willing to take my dad’s advice if I knew I’d be securing a full-time job sometime within the next couple of months. I’ve had a bunch of interviews over the past eight months or so that have all ended the same – they call me a week or two later saying that I interviewed wonderfully and appeared to be very qualified for the position (would make an excellent addition to the __________ team/organization blah blah etc.), but they decided to either hire someone with previous work experience in the field, or they had to hire internally. And at this point I’m just sick of waiting around. Assuming I could grab a co-op position part-way through my MBA to pick up some work experience, you still think doing my MBA now is a bad idea? Or was that mainly under the assumption I’m paying close to 100k?

[Reincarnate]

Re: Masters Specialization?

@RN, yeah I’ve heard time and time again that the start-up for any business is usually very rough. Good to see things eventually worked out for you over time with effort. And yeah, specialty/differentiation from others in the same industry is not only vital, but mandatory (otherwise there’s really no reason to be in business in the first place if someone else already does everything you can do - unless you can do it cheaper at the same level of quality). Thanks for sharing and good luck to you as well.

@John, I definitely agree Masters are becoming the new Bachelors, which is why I feel I’m going to have to get this degree anyways. Although I haven’t heard many stories about being overqualified for a job working out well, unless you’re willing to take a substantial pay cut compared to what others would be making with the same degree. Did you have a lot of full time work experience prior to doing your Management MBA or were you in a similar position to me (judging by your age and the fact that you’re already done, I’m going to assume the latter, if not maybe a year or so of work exp?)

@Rubix, I’m being given some money by the school for tuition…enough where I’d be paying less than $20,000 myself (probably around 15 or so). I’m not putting $80+k into this or anything. I’ve heard from several professors that unless I’m going to work in the states for sure, getting an MBA from anywhere (i.e. non-Ivy but still reputable) is more than sufficient because Canadian employers just want to see the three letters on my resume (not sure how valid this is, even though they’re profs lol).

I’d be willing to take my dad’s advice if I knew I’d be securing a full-time job sometime within the next couple of months. I’ve had a bunch of interviews over the past eight months or so that have all ended the same – they call me a week or two later saying that I interviewed wonderfully and appeared to be very qualified for the position (would make an excellent addition to the __________ team/organization blah blah etc.), but they decided to either hire someone with previous work experience in the field, or they had to hire internally. And at this point I’m just sick of waiting around. Assuming I could grab a co-op position part-way through my MBA to pick up some work experience, you still think doing my MBA now is a bad idea? Or was that mainly under the assumption I’m paying close to 100k?

no idea what it's like in Canada so I can't really speak to that unfortunately. If top employers in Canada want the MBA and salaries are over 20k offset NPV then go for it. Here in the states it'd be the wrong thing to do. In Canada it may differ.