Free MBA worth the time investment?

Question

I work 30 hours a week at an excellent, well paying job that covers up to $5k/semester in tuition reimbursement. My background is in science, and although I voraciously read/research specific questions, I feel I am missing some overall background understanding of how to run a business. I have been investing in real estate on the side the past year or so and it has been going very well (2 short term rentals, net profits $1-2k/month each currently). Within roughly 5 years my goal would be to start a real estate investment business (maybe with my Dad). My current rentals are a business already I suppose, but to be honest I feel I may have just lucked/guessed my way into them. I have certainly learned a lot. So the goal would be a more structured/cohesive investment model.  I have minimal education in finance/accounting/operations etc, which is why I feel that an MBA might fill in the gaps in my knowledge. Plus, as stated before, my current company will pay for me to get the degree, as long as I finish within the next 2 years. So in many ways, it is just the time commitment that concerns me. If I am going to invest the time and effort to learn these things, I like the idea of getting credit for it. I am considering a cheaper AACSB accredited school (MBA with emphasis on entrepreneurship, perhaps), so the personal cost to me would be free except for the time commitment. The MBA itself would likely not be beneficial at my current role, but it might open doors in the future. Can anyone tell me whether it would be worth the time commitment to you, if it was mostly just to achieve your personal goals (achieving an overall understanding of how to create and run a business/basic accounting, finance, systems/operations), as opposed to climbing the corporate ladder?

Jennifer S. · Answer

Currently in an inexpensive online MBA program right now. Honestly, it was the best decision I ever made. I've learned so much stuff that has proven useful and has been eye-opening. It has definitely helped me to get out of the "worker bee" mindset and start thinking about long-term strategy both in my job and outside. If you can handle the course load and your employer is willing to pay for it, you should go for it.

Janelle Hicks · Answer

Thanks guys! I think the only options for me would be online programs, but I definitely am leaning towards going for it. I feel like I might as well given the low investment cost and the potential upside!

Nicole Heasley Beitenman · Answer

I would absolutely do it if you can do it without incurring debt. It will NEVER hurt you. @Brett Baginski hit the nail right on the gead--use this opportunity not only to gain new skills but to gain new contacts. The school will likely host free events where they bring in professionals. Take advantage of EVERY opportunity!

Brett B. · Answer

I am currently taking classes towards my MBA now and I think it would be very beneficial for you as well, especially since your job is covering it.  You can probably take 2 classes per semester and 2-3 over the summer.  That should finish you within 2 years and the time commitment will be less than 10 hours a week including class time and homework/studying.  In my experience, the classes are much more laid back than undergraduate.  Professors understand most of their students are working full time and are there because they want to be there.

I love the idea of being on the Entrepreneurship track, or even Management could be helpful.  Use these classes to develop skills that are essential to running a business or any areas you lack in- Accounting, Marketing, Operations etc.  One of my favorite parts of my classes is just talking and working with other professionals in all industries.  It really opens your eyes to what else is out there and different ways to think about things.  Unless you truly hate school and would be forcing yourself to do this, I think it is a great idea.

Jaysen Medhurst · Answer

I'm always a fan of more education, @Janelle Hicks, and the formalized nature of a MBA will give you a foundation of knowledge and credibility in the marketplace.

I don't know anything about AACSB, but reputation matters. MBA from Anderson? Well, come right in. MBA from U. of Phoenix? Eye roll.

One concern I would have is the time commitment. If you have to graduate in 2 years, that means either a full-time program, which probably isn't reasonable, or an EMBA. That is also time intensive, but doable.