Funding the MBA has always been a critical issue to get right. Whichever way you cut it, this issue affects decisions I will make 2-3 years downstream in terms of amount debt I end up with and consequently the job decision that provides the means to service this debt. I’ve been running around and at times have felt like a ball in a pinball machine trying to come to a conclusion as I beg and try to please different people. In the end it’s been worth it, as it’s an issue too important to rush.
Parental Pressure- job security & a hidden agenda? Family funding was always going to be a huge part, but my father over the last month has been calling for me to balance his contribution with employer contribution almost like a 50:50 split. (God, it sounds like a pension scheme!). This would was the ideal model, with virtually no debt if this deal was achieved. The key benefit here is job security. I have a feeling my father has always thought I was extremely lucky to land the job with my current employer in the first place, and I should hang on to it for dear life! He also fears that I would not get as good a job post MBA, I have been trying hard to re-assure him that I would find a better opportunities, but he has insisted, if anything to cover my tracks and not burn any bridges. I agree to a certain extent, but in the end the MBA is an opportunistic degree, fundamental to it’s purpose is that it opens up so much more- I’m sure he knows this, I feel he as another agenda, most likely he does not want me to be too far away from Tanzania so I can be closer to home and hence, be in the position to become more knowledgeable about the family business. Working in the UK has allowed me to return to Tanzania twice a year, if I were to get a job in the states, I would jeopardise this convenience. I agree with my dad on this issue to some extent, ultimately I do want to return to Tanzania and help out with the family business, the MBA qualification of coures very relevant, but not in the near future. My mid-career plans currently do not agree with what my dad wants.
What about current employer contribution?-The world is your oyster, don’t turn back…:
My employer, although widely touting that they provide assistance to further education, have been reluctant to provide funding simply because 2 years full time does not qualify me to this benefit and they are no special circumstances. If I were doing a part-time course, things would be different. All the senior managers, I have spoken to have stood by this. Additionally, under the "learning agreement", I would have to sign and lock myself with my employer for a minimum of 2 years, with amortized repayment options to re-pay the outstanding should I leave until the time period is up. Not only does the argument not fly in the cost/benefit criteria, but the executive that kindly took time to speak to me last week said, "Why would you want to come back? The MBA would open up so many opportunities, returning to us would be a step backward". I explained my family pressures, yet the executive, who is originally from California has a family home near Stanford, went on to say, "The worst thing that could happen if you were not pro-active whilst as Stanford is that you’ll end up in a management consulting firm". You could tell, as a senior executive would, that he had a low view of management consulting, although the utmost respect for the likes of McKinsey. After offering some valuable career advice to get into "Product Marketing" as a career that would combine the best of my engineering skills and the MBA and fulfilling a much needed role should I return to the UK, he finally addressed my dilemma by offering to have a chat with my father about my situation to re-assure him that I should not return to this organisation so soon post MBA. He also gave me his personal phone number in California, so I will be sure to meet up with him when he visits.
In the final analysis…
I make the final decisions, it’s my MBA, so I should choose- despite family still treating me like a child, I do have to come to terms with what my father says to keep him happy. Yesterday, I spoke to the head of my division and after congratulating me, we got down to business. After I explained my situation, he came to the same conclusion as the executive, but he promised to offer me a job should I not get a better opportunity post MBA. I trust his word; even though maybe I should best get this in writing, the risk of him and the divisional group disappearing in two years is very slim. It’s good enough, more importantly enough to keep my father happy on the job security front.
So, previous employer out of the picture, the funding that looks most probable is "option 2" on my spreadsheet, 60:20:20, family/savings; fellowships (assuming I secure this); & loans.
I’m almost there, I can start to progress funding and visa issues now, but need to hurry up.
On other news:
I’m in a Schwab residential centre, after being on the wait-list for a month. I’m pleased as I will be in the centre of all the MBA action for the 1st year with all the single students and a 2-3 minute walk from class. Additionally, I will be near the tennis courts, my game will develop so well, as for once I will be able to play tennis all year round.
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